The makeshift open-air market has everything from food to watches to footwear.
The makeshift open-air market has everything from food to watches to footwear.

Musaffah's one-day bargain hunt



ABU DHABI // Like thousands of other men in Musaffah, Karim Ahmed knows where to go for a good deal - at least for 24 hours. The unpaved, desolate car park behind the Tabliq mosque comes alive every Thursday evening and does not let up until the following night. The impromptu open-air market brings the area to life. The prices are cheap, the variety endless and the stalls are packed with men like Mr Ahmed, who bring their best bargaining skills and endless hours of patience on hot, humid evenings.

While inspecting a watch from China, Mr Ahmed mulls over the Dh15 price tag. He will challenge that. "This is not waterproof," he tells the vendor, who is trying to sell him the watch by virtue of its gold paint job. "We have to be careful about what we buy." Fresh fruit and vegetables, blankets and bedsheets, watches, clocks, homemade desserts, shoes, perfume, mobile phones, books, boiled eggs and even live chickens find their way to the market. They are sold to shoppers who travel from as far as Shabiya, Sanaiya and Dubai.

Next to a stall selling embroidered prayer caps from Karachi, Ali Mohammed says the watches he is peddling come from Dubai, China and Germany. He drives to Musaffah from Dubai every week. The average price for his wares is Dh15 per piece, the most expensive is Dh25. "All the top-notch ones are gone," he says. Most workers shop on Friday mornings for groceries and return in the evening to repair their electronics and stroll the market for other household essentials.

"The fruit is much cheaper here than anywhere else in Abu Dhabi," says Khan Saada, a shopper in his early 40s. The sellers say they buy produce for wholesale prices from the fruit and vegetable market in Mina Zayed, then sell them in Musaffah. At first, the market seems a chaotic display of wares, but it soon becomes clear that there are invisible lines demarcating what is sold where. Ready-made food is next to electronics, then housewares, then shoes, then fruit and vegetables.

Mohammed Azad offers a service outside all those categories. He sits in front of a scale that is balanced on plywood to make it level. He charges Dh1 to people wanting to know their weight. "The fattest man that ever stood in front me?" he says. "He weighed 136 kilos. I was afraid he would break my machine." In the ready-made food area, men sell watermelon for Dh2 a plate; Sohan halva, a dessert, for Dh3 to Dh5 a plate; boiled eggs for Dh1; and cold drinks made from watermelon or cumin and lemon for Dh2 a glass.

Mahmoud Saada, a perfume seller, sits isolated from the rest of the market. His most popular scent is "Darling France" for Dh20 per "tola", or 11.66 grams, a measurement used in the subcontinent to weigh gold. He says some of his best products come from Saudi Arabia, India and Abu Dhabi. Wandering through it all are groups of men who stand out. The others explain why - these shoppers will soon be returning home. They are easily distinguished from the others because they crowd around the section of market that sells wool blankets and neon-coloured sheets. The blankets sell for Dh120 to Dh130 each.

"That area is of happiness," says Karim Ahmed, a shopper. "They are buying for their families. Everywhere else, men are buying for themselves." The market may soon dissolve into the constantly changing landscape of labour accommodation. Workers who live in Mohammed bin Zayed City, near Musaffah, are being moved further away. Mohammed Azad, who sells watermelons, says he will not be able to follow the workers once they leave the area, because his goods are too perishable.

"When they leave, I will be gone too," he says. @Email:sbhattacharya@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.”

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

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Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

SCHEDULE

Saturday, April 20: 11am to 7pm - Abu Dhabi World Jiu-Jitsu Festival and Para jiu-jitsu.

Sunday, April 21: 11am to 6pm - Abu Dhabi World Youth (female) Jiu-Jitsu Championship.

Monday, April 22: 11am to 6pm - Abu Dhabi World Youth (male) Jiu-Jitsu Championship.

Tuesday, April 23: 11am-6pm Abu Dhabi World Masters Jiu-Jitsu Championship.

Wednesday, April 24: 11am-6pm Abu Dhabi World Professional Jiu-Jitsu Championship.

Thursday, April 25: 11am-5pm Abu Dhabi World Professional Jiu-Jitsu Championship.

Friday, April 26: 3pm to 6pm Finals of the Abu Dhabi World Professional Jiu-Jitsu Championship.

Saturday, April 27: 4pm and 8pm awards ceremony.

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat