Christmas comes early to Dubai

DUBAI // Christmas celebrations in the emirate this year promise to be the most spectacular yet, with a host of fun activities the whole family can enjoy – including a guarantee of snow.

A bouncy castle, reindeer rodeo and penguin bowling will be among the attractions that residents and visitors to the city will be able to enjoy during the three-day Dubai Christmas Fest.

The event takes place at Dubai Media City Amphitheatre from December 11 to 13 and even promises regular snow fall on the hour every hour at the snowball fight zone.

“This year’s show is going to be the most festive yet,” said Chris Fountain, managing director of event organiser Turret Media. “I’m looking forward to the performances on the main stage which will include interactive games and giveaways, as well as hearing Christmas carols from five different local schools.”

Visitors will be treated to daily Christmas tree illuminations from 6pm and there will be regular appearances from Santa Claus, as well as a performance by Dubai-based band the Boxtones, fresh from shows in Abu Dhabi as part of the F1 celebrations.

The amphitheatre will host more than 15 attractions including a Crate and Barrel festive store, Aladdin and Genie’s Christmas Pantomime, a newly designed Santa’s Grotto. Family favourite the funfair also returns for another year.

Visitors will also be able to make Christmas gift purchases from the more than 100 brands, retailers and restaurants already confirmed for the show.

Young and old alike will be able to get into the creative flow at the new Christmas Craft Theatre.

People can add a personal touch to the celebrations this year by decorating snow globes, spin Ts, tree decorations as well as making gifts for friends and family.

Those in need of a little inspiration to find the perfect gift will be able to find it at the Christmas Market. Visitors can also pick up a Christmas tree at the The Tree Lot.

Some of Dubai’s most popular restaurants, such as The Gramercy, Sumo Sushi, Pizza Express and London Fish & Chips, will deliver food.

Tickets are now on sale, with early bird offers running until November 26.

Two child entry passes are currently available for Dh35, while a gold adult pass (two for Dh160) will provide fast-track entry, two drinks vouchers, a mince pie and a Santa hat, as well as access to all festive features.

Dubai Christmas Fest will run on Thursday, December 11, from 4pm to 10pm. On both Friday, December 12 and Saturday, December 13 doors open from 3pm to 10pm.

Aladdin and Genie’s Christmas Adventure will be from 3pm to 3.45pm, on Thursday and from 2pm to 2.45pm and 5.05pm to 5.50pm the following two days.

Santa’s Grotto opens from 4pm to 10pm daily.

For more information visit dubaichristmasfestival.com

nhanif@thenational.ae

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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