NEW DELHI // For more than 130 years, the old slaughterhouse in one of Delhi's busiest shopping districts has kept the small halal butchers of Chandni Chowk well-stocked.
Now, a shiny new slaughterhouse has opened up on the outskirts of town, and it is spelling death for the dozens of small meat sellers who have plied their trade in this predominantly Muslim quarter for generations.
Last week the Supreme Court ended a 15-day butchers' strike by upholding the Idagh slaughterhouse closure. An appeal is due on November 19, but development of the site into a shopping mall by the telecom giant, Reliance Industries, now seems certain.
The price of meat is rising as costs associated with the new abattoir are factored in, and hundreds of people are being pushed out of work.
Crammed into Old Delhi's ancient maze of narrow alleyways, many of these small butcher families have been in the business for as long as they can remember. "This is an ancestral job," said Shamsad, sitting in an empty shop with no meat to sell. "This is the only work I can do. I am unemployed."
The same story is repeated endlessly as you walk the narrow lanes of walled Shahjahanabad, the city's ancestral heart. Dozens of tiny meat shops were closed, or the butchers were sitting inside on empty shelves, watching the world go by, or whittling idle knives.
The more enterprising are switching to poultry, but even these had full chicken coops late one weekday afternoon. Without any customers, they had plenty of time to talk.
"People here at the 7,000 rupees [Dh550] per month level cannot afford these prices," said Reisuddin, a third generation butcher outside his shop, Mohd Shahid, opposite the Jama Masjid Mosque.
"I have to spend so much to buy the meat now, the shop is not worth it." By some estimates, 10,000 people have lost their jobs, although no butchers' licences have been cancelled yet.
"We have lost the game," said a damp-eyed MA Qureshi, the head of the Delhi Meat and Mutton Association.
"We are disappointed and we don't know how long we will manage in the future." These Old Delhi butchers blame their misfortune on the new Ghazipur slaughterhouse, which has been kitted out with the latest German steel technology and is a vast improvement in sanitation and meat production standards. Refrigeration is available, for one thing. Animals are also shocked before slaughter, and bled on stainless steel tables rather than on the floor.
But these best practices cost money - as does the 20km journey to and from the outskirts of town, which the butchers now have to take to collect their produce.
"It is very difficult for us to use that. It is very far from our houses," said Mr Qureshi. "The small butchers are not allowed there either."
This did not seem backed up by the facts, however, on a visit to the new 70-acre site last week with Mr Qureshi and two of his burly Halal butcher friends.
Along the way out to the new plant, Mr Qureshi outlined his group's complaints, including the redundancies caused by automation, a sharp increase in slaughtering costs, and the new site's location right next to a landfill site and two foul-smelling open drains, which he said were a health risk. The butchers are now having to travel the route twice a day through Delhi's chaotic traffic, often taking two or more buses. They are now paying more for what they buy because of higher meat processing costs in the new plant. But it is clear that standards have risen alongside prices.
MC Ranna, the site manager from the Municipal Corporation of Delhi, worked with Mr Qureshi and his friends for 35 years at the old site.
Asked why the price of meat was rising so sharply, Mr Ranna declined to speculate.
"That I cannot explain. I don't explain the price of anything. The only thing I can say is, the quality will improve."
"We have lost the game," Mr Qureshi kept repeating sadly.
The hardship felt by the butchers and their customers is real.
Butcheries such as Qureshi's Popular Meat Shop in Defence Colony will survive, thanks to an established business built over nearly a century. But his two sons have been pulled out of college to work behind the counters, which now are filled with chicken rather than mutton and buffalo.
Mohammed Mushrafil, another butcher, said he, too, would cut back. But his two children, aged five and nine, will continue to attend a private school at a cost of 1,000 rupees per month each.
"Somehow we will manage," he said. "I want them to do a different job."
foreign.desk@thenational.ae
In Search of Mary Shelley: The Girl Who Wrote Frankenstein
By Fiona Sampson
Profile
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.
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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
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.”
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
RoboCop%3A%20Rogue%20City
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COMPANY%20PROFILE
%3Cp%3ECompany%20name%3A%20CarbonSifr%3Cbr%3EStarted%3A%202022%3Cbr%3EBased%3A%20Dubai%3Cbr%3EFounders%3A%20Onur%20Elgun%2C%20Mustafa%20Bosca%20and%20Muhammed%20Yildirim%3Cbr%3ESector%3A%20Climate%20tech%3Cbr%3EInvestment%20stage%3A%20%241%20million%20raised%20in%20seed%20funding%3Cbr%3E%3C%2Fp%3E%0A
Read more from Johann Chacko
The specs
Engine: 5.2-litre twin-turbo V12
Transmission: eight-speed automatic
Power: 715bhp
Torque: 900Nm
Price: Dh1,289,376
On sale: now
Bareilly Ki Barfi
Directed by: Ashwiny Iyer Tiwari
Starring: Kriti Sanon, Ayushmann Khurrana, Rajkummar Rao
Three and a half stars
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Korean Film Festival 2019 line-up
Innocent Witness, June 26 at 7pm
On Your Wedding Day, June 27 at 7pm
The Great Battle, June 27 at 9pm
The Witch: Part 1. The Subversion, June 28 at 4pm
Romang, June 28 at 6pm
Mal Mo E: The Secret Mission, June 28 at 8pm
Underdog, June 29 at 2pm
Nearby Sky, June 29 at 4pm
A Resistance, June 29 at 6pm