ERBIL, IRAQ // Sara took the hours-long bus ride from Baghdad to Korek Mountain in northern Iraq to do something she had never done before.
She wanted to see snow.
“It’s fun and it’s nice,” said Sara, 26, an engineer, who visited the semi-autonomous region in early March with her husband Amjad and their one-year-old daughter, Zahra. “But it’s very cold,” she said, shivering as she clutched a bundled up Zahra tightly in her arms.
Developing a tourism industry is important to the local Kurdistan Regional Government, which aims to diversify its economy to rely less on oil and natural gas. The goal is also important for broader Kurdish aspirations to be less beholden to the central government in Baghdad.
“There are many, many projects being implemented and tourism is a key target for our government,” said Nadir Rwsty, the spokesman for the regional government’s tourism board.
“We don’t want to be relying on the single resource of oil because it won’t last for ever, and tourism can bring direct benefit to the people.”
Korek Mountain Resort is a place that the regional government hopes will put the region on the international tourist map.
Korek Mountain itself is 2,120 metres at its peak, while the resort stands at around 1,800 metres. A rough and rocky dirt road is one way up, but a new cable car offers a smoother ride.
The glass cars travel 1,000 metres in a matter of minutes and as the trees and buildings beneath begin to blur, an enormous panorama unfolds, revealing a stunning view out across the fields and the rolling mountains.
“I can’t think of another teleferic like this in the Middle East, or of somewhere where you can go from one season to another in a matter of minutes,” said Robert Zogbi, the Lebanese chief executive of Innovationz, a Dubai-based Hospitality group that manages the resort for its Kurdish owners.
“We believe a lot of people will want to come here, not just to ski, but also for the scenery and the fresh air.”
So far Korek just has two small ski slopes, one for novice skiers and one for people who can ski at an intermediate level, though there are discussions about adding more slopes for more seasoned skiiers.
Mr Zogbi, whose company also runs the Marjan Island Resort and Spa in Ras Al Khaimah, said he was confident that Korek would be a big pull for all sorts of tourists: Iraqis and foreigners, including those from the Gulf.
“The UAE is definitely a target market for us. At the moment people are going to Jordan or Oman for cultural tourism, but we also think Kurdistan has a lot to offer for those looking for something beyond beach and sun.”
The Kurdistan Regional Government recently launched a $3 million (Dh11 million) marketing campaign targeting a global customer base including the UAE, United States, Europe and Turkey.
“When people think of Iraq, they think it’s a danger zone, but it’s not like that here in Kurdistan,” said Balin Zrar, a project manager with The Other Iraq Tours, one of the first companies to offer guided tours around Kurdistan.
“Many foreigners work here and visit here, and we have a lot of people coming here from abroad.”
When Saddam Hussein was in power, Iraqi Kurdistan suffered as the regime imposed an economic blockade on the region in response to an uprising.
“We do still have a lot of work to do because we were under Saddam for a long time, and we were closed off from the outside world,” Mr Zrar said.
“Even today many people here haven’t been outside of Kurdistan so they don’t necessarily know what tourism is about, so we do need more training and education for people to work in the sector.”
Mr Rwsty said a high school focusing on tourism and hospitality had just opened in Erbil, and regional training centres were also under construction.
About two thirds of Kurdistan’s visitors are middle-class Iraqis like Sara and Amjad, who travel north for a weekend to picnic by a waterfall or window shop in one of Erbil’s new malls.
And beyond that, with the exception of those attending tours led by Mr Zrar and others, the rest are mostly businessmen linked to the energy and construction industries.
While Iraqi Kurdistan is booming, with estimated oil reserves of 45 billion barrels and protected output of one million barrels per day by 2015, some have questioned the massive increase in hotel construction that has seen international brands such as Kempinski, Marriot, and Hilton, as well as smaller luxury chains like Greece's Civitel, prepare to open five-star facilities in Erbil.
“I do have concerns that there is overdevelopment, or will be when all these announced hotels have been built,” said Paul Bailey, a former oil and gas lawyer and now managing director of Erbil-based Definitus, an international consulting and private equity firm.
“Tourist numbers are growing but it is questionable whether many of the domestic tourists have the means to enjoy five star hotels,” said Mr Bailey. “I also remain to be convinced that people in the wider Middle East looking for a skiing holiday are going to choose Korek when they can go to established resorts in Lebanon or Turkey, which are only one more hour away on a plane.”
Back on Korek Mountain, the day-trippers from Baghdad were whirred down the mountain in the teleferic to their waiting minibus as the sunset created a warm pink glow in the sky.
“It’s quite beautiful here and a very unique setting,” said Mr Zogbi. “I think people will want to come.”
foreign.desk@thenational.ae
Killing of Qassem Suleimani
Killing of Qassem Suleimani
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
MATCH INFO
Sheffield United 2 Bournemouth 1
United: Sharp (45 2'), Lundstram (84')
Bournemouth: C Wilson (13')
Man of the Match: Jack O’Connell (Sheffield United)
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)
UAE currency: the story behind the money in your pockets
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Russia's Muslim Heartlands
Dominic Rubin, Oxford
WHAT%20ARE%20THE%20PRODUCTS%20WITHIN%20THE%20THREE%20MAJOR%20CATEGORIES%3F
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The%20Iron%20Claw
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What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
MATCH INFO
Uefa Champions League semi-final, second leg
Roma 4
Milner (15' OG), Dzeko (52'), Nainggolan (86', 90 4')
Liverpool 2
Mane (9'), Wijnaldum (25')
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The Limehouse Golem
Director: Juan Carlos Medina
Cast: Olivia Cooke, Bill Nighy, Douglas Booth
Three stars
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Story%20behind%20the%20UAE%20flag
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The specs
Engine: 1.5-litre 4-cyl turbo
Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania
Verdict: 4 Stars
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Terminator: Dark Fate
Director: Tim Miller
Starring: Arnold Schwarzenegger, Linda Hamilton, Mackenzie Davis
Rating: 3/5
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.”
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
BOSH!'s pantry essentials
Nutritional yeast
This is Firth's pick and an ingredient he says, "gives you an instant cheesy flavour". He advises making your own cream cheese with it or simply using it to whip up a mac and cheese or wholesome lasagne. It's available in organic and specialist grocery stores across the UAE.
Seeds
"We've got a big jar of mixed seeds in our kitchen," Theasby explains. "That's what you use to make a bolognese or pie or salad: just grab a handful of seeds and sprinkle them over the top. It's a really good way to make sure you're getting your omegas."
Umami flavours
"I could say soya sauce, but I'll say all umami-makers and have them in the same batch," says Firth. He suggests having items such as Marmite, balsamic vinegar and other general, dark, umami-tasting products in your cupboard "to make your bolognese a little bit more 'umptious'".
Onions and garlic
"If you've got them, you can cook basically anything from that base," says Theasby. "These ingredients are so prevalent in every world cuisine and if you've got them in your cupboard, then you know you've got the foundation of a really nice meal."
Your grain of choice
Whether rice, quinoa, pasta or buckwheat, Firth advises always having a stock of your favourite grains in the cupboard. "That you, you have an instant meal and all you have to do is just chuck a bit of veg in."
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
COMPANY%20PROFILE
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Zayed Sustainability Prize