Revellers get in the mood on the Corniche where the UAE band Dahab played a set as part of Yasalam's Beats on the Beach programme.
Revellers get in the mood on the Corniche where the UAE band Dahab played a set as part of Yasalam's Beats on the Beach programme.

Yasalam: Everybody wins in race to have a good time



The Formula One Grand Prix maybe widely known as a high-speed race, but in Abu Dhabi the event also brings with it music festivals, exclusive balls and glamorous after-parties.

Books: The National Reads

Book reviews, festivals and all things literary

From last Wednesday till the parting of Paul McCartney's concert in Yas Arena last night, the capital's music lovers, residents and just plain curious have been treated to an eclectic array of artists spanning genres and cultures with the Beats on the Beach music festival at the Corniche and the Formula One concerts occurring on Yas Island after each day.

Some performers had to work harder than others to win the crowd's favour. South Korea's Seo In Young may be a bona fide pop star in her homeland, but she received a cool reception with her opening salvo of songs.

Dressed in a skimpy, sequinned outfit and surrounded by five red-leather-clad dancers, In Young struggled early on to gain the crowd's attention - with the exception of the small pockets of cheering South Korean fans - before resorting to the desperate, yet most effective tool in a performer's arsenal: flattery.

"This is my first time in the UAE and after watching Sex and the City I really wanted to come here," she said, through an interpreter, to cheers.

Backstage, the sweating singer was consoled for her inconsistent performance by running into her glamorous compatriots, 9 Muses. The supersized girl band were due to perform the following day and decided to come early and check out the festivities. The shrieks and laughter as both sets of performers met each other was akin to the first day of high school.

Meanwhile, inside one of the artist tents, Wyclef Jean was wrestling with a questionnaire supplied to him by The National, (to be published in a forthcoming issue). But it wasn't the esoteric, Marcel Proust-style questions that troubled the performer and Haiti presidential candidate.

"How do you spell McLaren?" he asked. "Can you check it on your phone, I wanted to get it right."

Satisfied with his answer, Jean returned the questionnaire triumphantly - only to realise he had misspelt the word "swimming".

Friday night's festivities kicked off in earnest with the city hosting the triple bill of Beats on the Beach, the Britney Spears concert and the Skybar late-night parties. All of it proved to be too much for an overwhelmed taxi driver named Mohammed.

"You can't believe it, sir, too much crowded," he said on the way to the Formula One Grand Chequered Ball at St Regis on Saadiyat Island. "Sometimes I must close my door because people rush and they hit the windows!"

In a spooky scene resembling The Shining, Ferraris and limousines carefully drove down a pitch-black driveway - no lights have been erected on the in-progress island - in an attempt to find the ballroom.

Already stressed, Mohammed's nerves were further frayed as the path to the venue included dodging ushers in reflector suits.

"What is this?" he shouted. "Are you sure this is the place, sir?"

While the ball was a fun affair, it was hard to shake off the feeling it was being held in a half-built mansion. The pre-ceremony drinks at the terrace compounded the surreal nature of the event; the laughter and chatter of VIPs were nearly drowned out by three huge generators powering equipment for a team of labourers working in the dark.

It was a slicker affair back on Yas Island at Skybar; with the bold and the beautiful sashaying their way into the purpose-built super-club. However, Jonathan, an American visitor, seemed to be having trouble stumping up the Dh600 entry fee.

The fact that he carried a plastic bag full of clothes also alerted security guards that he might not be up to the standard of the club's exclusive clientele.

Jonathan explained he was no mere reveller, but an asylum seeker as well. "I am escaping Belgium," he said, deadpan.

"The problem was, dress too well and if you just bling-out like I do, people down there just attack you and steal your money. But if you are tourist they will protect you, they seem to know the difference … Belgium is a wild place, I hope the UAE will accept me."

While he has his work cut out for him in seeking sanctuary, Jonathan apparently did somehow gain entry to the club without payment.

"I talked them into it," he beamed. "But they did say to leave the bag outside."

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Jigra
Director: Vasan Bala
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Rated: 3.5/5
Company%20Profile
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Company profile

Date started: January, 2014

Founders: Mike Dawson, Varuna Singh, and Benita Rowe

Based: Dubai

Sector: Education technology

Size: Five employees

Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.

Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)

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How to get exposure to gold

Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.

A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.

Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.

Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.

London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long

However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
 
 
 
 
 
 
 
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Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

COMPANY%20PROFILE
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
ADCC AFC Women’s Champions League Group A fixtures

October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA

The specs
Engine: 2.4-litre 4-cylinder

Transmission: CVT auto

Power: 181bhp

Torque: 244Nm

Price: Dh122,900 

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

UAE central contracts

Full time contracts

Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid

Part time contracts

Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma

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Teri%20Baaton%20Mein%20Aisa%20Uljha%20Jiya
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Dhadak

Director: Shashank Khaitan

Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana

Stars: 3