The Hor Al Anz neighbourhood in Dubai.
The Hor Al Anz neighbourhood in Dubai.

On location: Hor al Anz



Wrapped in flowing pink and yellow robes, Umm Ahmed, 53, sits on a chair outside the one-storey house in the neighbourhood where she spent her childhood.

Colourful pieces of fabric for sale are laid out on a mat in front of her, alongside a table of perfumes at the main entrance to her family home in the area of Hor al Anz, where her elderly mother still lived until recently.

While there has been an influx of people into Hor al Anz in recent years taking advantage of cheaper accommodation close to the heart of Deira, many of those who grew up in the area, like Umm Ahmed, have moved to other parts of Dubai.

"Before it was a very nice place. There was no traffic, just families," says the mother of four, who now lives with her husband and mother in Rashidiya. "It was a simple and beautiful life."

Where there are now hundreds of houses built along winding, narrow streets, once was a slight valley where horses and camels would graze not far from Dubai's coast, said Dawoud al Hajiri, the director of planning at Dubai Municipality.

Homes like the one belonging to Umm Ahmed's family sprang up in the 1970s when local authorities built government housing for Emiratis in the area named after Al Anz - a famous horse that belonged by Sheikh Saeed bin Maktoum, a former ruler of Dubai.

When Umm Ahmed was growing up, more people started to move into the neighbourhood. She recalls families sharing meals together, with the children running between each other's homes.

"All the ladies used to come together at one house and some would bring tea and another would bring coffee and fruit," she says, as a couple from Tanzania stop by her makeshift stall. "Now everyone is separate - not like before. Now, at 9 o'clock, you close your door and you go to sleep."

Nabil Saif, 50, another longtime resident of Hor al Anz, strolls past Umm Ahmed, waving as he passes.

"The atmosphere and everything has changed now. Everyone used to be together," he said. "We're still happy here, but before was much better."

Over the last decade, rows of beit shaabi, or traditional one-storey, government-issued homes, have given way to converted villas to accommodate the single men - many from Bangladesh, Pakistan, the Philippines and India - and small families moving into the area.

To reflect the changing face of the community, Dubai Municipality rezoned Hor al Anz about two years ago, Mr al Hajiri said, to allow for more commercial activity in the neighbourhood that is dotted with small tailor shops, groceries stores and restaurants.

"Many nationals have moved on to areas like Rashidiyah, some moved to places like Mirdif - it was a natural migration," he said.

Sitting on a ledge outside the main gate to the villa where his family have lived for three decades, Bader Mohammed, 18, said many of the relatives and friends he spent his childhood with have moved to places such as Al Warqa.

"This is still home for us," said Mr Mohammed's brother Haitham, 26. "I like this area, it's between everywhere. Sharjah, Deira, the city centre - everywhere is close."

Not far away from the Mohammed family home, a group of friends play football on a sand-pitch at a recreation area. Taking a break from the game, Rubel Ahmed, 24, from Bangladesh, explains that he has worked as a mechanic in Dubai for three years. "It is so nice here. It's a clean area and the people are good," he said of Hor al Anz, where he lives with friends in a villa.

Just around the corner from the football pitch, young boys take their dogs for a walk, as a woman in a burqa face-cover and bright yellow jalabiya walks out of her front gate to pour water into a tray for her chickens.

On a large, open gravel area close by, a group of men in shalwar kameez played a game of cricket on a cement pitch with bricks for makeshift stumps, while spectators gathered on the edge of the the field.

As the game got underway, on a street nearby Umm Ahmed remained seated outside her family home watching as residents returned home to Hor al Anz for the evening.

"Of course I miss the old days, but this is still a quiet place and there are no problems," she said.

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.

Six pitfalls to avoid when trading company stocks

Following fashion

Investing is cyclical, buying last year's winners often means holding this year's losers.

Losing your balance

You end up with too much exposure to an individual company or sector that has taken your fancy.

Being over active

If you chop and change your portfolio too often, dealing charges will eat up your gains.

Running your losers

Investors hate admitting mistakes and hold onto bad stocks hoping they will come good.

Selling in a panic

If you sell up when the market drops, you have locked yourself out of the recovery.

Timing the market

Even the best investor in the world cannot consistently call market movements.

MATCH INFO

Uefa Champions League semi-final, first leg

Bayern Munich 1
Kimmich (27')

Real Madrid 2
Marcelo (43'), Asensio (56')

COMPANY%20PROFILE%20
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SPEC SHEET

Display: 10.9" Liquid Retina IPS, 2360 x 1640, 264ppi, wide colour, True Tone, Apple Pencil support

Chip: Apple M1, 8-core CPU, 8-core GPU, 16-core Neural Engine

Memory: 64/256GB storage; 8GB RAM

Main camera: 12MP wide, f/1.8, Smart HDR

Video: 4K @ 25/25/30/60fps, full HD @ 25/30/60fps, slo-mo @ 120/240fps

Front camera: 12MP ultra-wide, f/2.4, Smart HDR, Centre Stage; full HD @ 25/30/60fps

Audio: Stereo speakers

Biometrics: Touch ID

I/O: USB-C, smart connector (for folio/keyboard)

Battery: Up to 10 hours on Wi-Fi; up to 9 hours on cellular

Finish: Space grey, starlight, pink, purple, blue

Price: Wi-Fi – Dh2,499 (64GB) / Dh3,099 (256GB); cellular – Dh3,099 (64GB) / Dh3,699 (256GB)

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Two-litre%20four-cylinder%20turbo%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E235hp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E350Nm%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20Nine-speed%20automatic%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh167%2C500%20(%2445%2C000)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
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'My Son'

Director: Christian Carion

Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis

Rating: 2/5

Company%20Profile
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The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

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
 
 
 
 
 
 
 
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What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

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Seemar’s top six for the Dubai World Cup Carnival:

1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition

THE BIO

Favourite book: ‘Purpose Driven Life’ by Rick Warren

Favourite travel destination: Switzerland

Hobbies: Travelling and following motivational speeches and speakers

Favourite place in UAE: Dubai Museum

SPECS

Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now

if you go

The flights

Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.

The hotel

Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.

The tour

Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg

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UAE currency: the story behind the money in your pockets

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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