Fujairah puts family fun at heart of its parks policy



FUJAIRAH // A family park has been opened in Al Tayybah, near Masafi, and there are plans for two more to open this year in Al Tawyeen and Siji. Fujairah public works department and Fujairah and Dibba municipalities started working on the project last year.

“In line with the municipality strategy to increase green spaces in the emirate and provide the residents with more recreation areas, we planned to design and construct three new family parks in rural areas of Fujairah,” said Salem Al Mukasah, manager of the public works department.

The parks will serve about 5,000 residents in total in Al Tayybah, Al Tawyeen and Siji, and the parks will be about 8,000 square metres each.

“The parks will include kids’ playgrounds, green landscape, public utilities and parking spots,” he added.

“Al Tayybah park was opened last week and work is still in progress to add a kids play areas,” said Mr Al Mukasah.

Residents of Al Tayybah were excited to see the park open and look forward to keeping their children entertained there.

“One of our main demands was to have a family park in the area and we are glad to see it accomplished,” said Umm Hamad, a 37-year-old Emirati mother-of-three.

“It’s not that big and still no kids games have been installed but at least they heard our demands and achieved something – we look forward to seeing it ready.”

Ahmad Bin Dawoud, 40, added: “We appreciate the efforts of the municipality and the public works department in constructing this park. It’s a safe place for our kids away from the roads.”

rhaza@thenational.ae

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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.”