Dubai shoppers were out in droves to take advantage of special Eid Al Fitr offers.
Eid Al Fitr is traditionally a major date for shoppers in the Gulf hoping to catch a deal or two and make the most of indoor concerts and family entertainment.
This year was no different at Dubai Mall as bargain hunters were on the look-out for seasonal offers from retailers. Eid shoppers were at Dubai Mall early on Saturday morning to beat the crowds and be first in line for Eid bargains.
Indian expat Dan Thapa made sure he arrived at Dubai Mall early to avail of Eid discounts and get a special present for his girlfriend’s birthday.
“I came here today because of the Eid offers, it is the perfect time to go shopping for a present,” he said. “There are a number of offers that you would not get any other time so I want to take advantage of that.”
Restaurants and cafes were especially busy as they were once again free to entice shoppers with their products now that Ramadan was over.
Some retailers pulled out all the stops. At Hamley’s Toy Store, crowds stopped to watch the staff performing a song and dance routine, much to the delight of families.
“I want to take this chance to refresh my wardrobe for work,” said Marwa Abdelaziz, an Egyptian who works in Dubai. “It’s not often you get time off to relax so it’s the perfect opportunity to shop.”
While Eid is usually synonymous with time spent at home, cross-country road trips to UAE malls during the Eid sales season have become an annual ritual for many in other Gulf states.
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“I am not after anything in particular in terms of shopping but if I see a good offer I will consider it,” said Hasan Ahmed, who drove from Oman to enjoy Eid in Dubai. “Eid is such an important time of the year and I wanted to spend it in a special place like Dubai.”
Maria Qassem came from Saudi Arabia specifically for Eid shopping. “There a lot of great offers on for Eid which will make shoppers happy,” she said.
She was one of many to travel great distances for Eid sales. Toni Usman came all the way from the border with Saudi Arabia to spend Eid shopping with his family. “We came down specially to pick up bargains and special offers," he said.
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Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
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Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
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Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
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- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
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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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What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
The line up
Friday: Giggs, Sho Madjozi and Masego
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Sole DXB runs from December 6 to 8 at Dubai Design District. Weekend pass is Dh295 while a one day pass is Dh195. Tickets are available from www.soledxb.com
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How to report a beggar
Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
Fujairah - Call 092051100 or 092224411
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
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Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
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