UMM AL QUWAIN// After moving to a port built and fashioned to promote their industry, fishermen are worried about a lack of basic amenities there, including water and electricity.
Damage to vessels has been reported by fishermen in the two weeks since they moved from Al Khor to Al Naqaa Port in Al Meydan.
Hussein Al Hajri, president of Umm Al Quwain Co-operative Society for Fishermen, said the breakwater was below wave height and caused damage to boats in stormy weather.
“The breakwater does not protect the harbour from the force of waves. And two weeks ago when the weather was stormy, about 15 boats were damaged,” Mr Al Hajri said.
The fisherman of Umm Al Quwain have asked the Government to address the lack of basic amenities such as water, electricity, lighting and storage space.
“After we speak about the troubles we are facing, we hope to reach to a solution and (there will be) action from the Government because the place is not suitable. The old one was much better,” said Emirati Ahmad Youssef, a fisherman for 20 years.
The 50-year-old’s main concern is a lack of storage place which could result in hundreds of thousands of Dirhams worth of damage to fishing equipment.
“We need storage. There are about 25 spaces for more than 200 fishermen. We have no place to put our gear. We have to leave them (nets) on the sidewalk and that damages them because they are placed under the sunlight,” said Mr Youssef.
Faisal Ali, 33, echoed Mr Youssef’s misgivings.
He owns four sets of nets that cost more than Dh200,000 each.
“If these nets get damaged, who will compensate us? As well, there is no quay for loading and unloading the fishing equipment, especially nets, and that has led us to put blankets down and carpets on the rocky barrier in order not to damage our nets,” said Mr Ali, who has been a fisherman for 15 years.
According to Fahad Mohammed, 45, the port entrance is another serious concern.
“It’s too narrow and might cause crashes. Only one boat can go in or out at a time. This causes congestion because all fishermen go for fishing (at once) and come back at the same time, so we are asking for an expansion,” the Emirati fisherman of 20 years said.
Mr Mohammed said that a lack of accommodation for labourers costs boat operators Dh30 for taxis each day.
Saif Salem, a fisherman from UAQ for 20 years, wants a fence around the port, surveillance cameras and security guards to prevent pilfering.
Fishermen also sat they need restrooms, fridges for storing fish, ice stores, and fresh water for cleaning their boats engines.
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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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