Well-heeled diners around the world may soon be savouring caviar produced in Abu Dhabi.
Yesterday marked the official launch in the emirate of what has been billed as the world’s largest and most technologically advanced aquaculture farm.
The 56,000-square metre Emirates AquaTech Caviar Farm will produce premium Siberian caviar and sturgeon fish meat.
“Abu Dhabi is not usually synonymous with caviar production, but we at Emirates AquaTech have taken the first and important step of changing that,” said Mohammed Al Dhaheri, the company’s chairman. “Yasa Caviar is made in Abu Dhabi and we aim for it to carry our flag proudly to the world.”
For the past four years, the company has been focused on building the state-of-the-art farm in Mussafah, as well as breeding, transporting and nurturing sturgeon fish. The total cost of the project has reached US$115 million.
Renowned as a delicacy around the world, caviar is a product made from the salt-cured eggs of sturgeon fish.
Caviar produced using aquaculture or fish farming has grown in popularity after a ban on sturgeon fishing in the Caspian Sea, one of the biggest natural habitats for the fish.
The farm in Abu Dhabi will have a maximum annual production capacity of 35 tonnes of caviar and 700 tonnes of sturgeon meat.
Emirates AquaTech, formerly known as The Royal Caviar Company, says its fish-breeding technology is a cost-effective, environmentally-friendly and sustainable production method.
The caviar facility is the second boost to the UAE’s fish farming market in recent days. On Sunday, Asmak, or International Fish Farming Holding, said it planned to start land-based salmon farming in Abu Dhabi’s Western Region, the first such facility in the GCC.
Mr Al Dhaheri said Emirates AquaTech’s aim was to contribute to the emirate’s plan to diversify its economy, as set out by the Abu Dhabi Economic Vision 2030.
Yasa Caviar and the firm’s other products will be marketed globally by the Spanish marketing firm Garamond International.
Sara Morales, Garamond International’s general manager, voiced optimism about sales of the product.
“From its wonderful grey-brown shiny colour, to its light salt flavour with a creamy sensation that leaves a long-lasting taste of walnuts, Yasa Caviar will be enjoyed by many demanding consumers around the world,” she said.
The caviar will be priced in line with international rates for farmed caviar, which range from €100 (Dh500) to €115 per 50 grams.
tarnold@thenational.ae
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
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.”
Afghanistan fixtures
- v Australia, today
- v Sri Lanka, Tuesday
- v New Zealand, Saturday,
- v South Africa, June 15
- v England, June 18
- v India, June 22
- v Bangladesh, June 24
- v Pakistan, June 29
- v West Indies, July 4
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THE LOWDOWN
Photograph
Rating: 4/5
Produced by: Poetic License Motion Pictures; RSVP Movies
Director: Ritesh Batra
Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz
Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
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