Sheikh Mohammed meets camel trekkers in Dubai after 550km desert journey

Camel riders from 16 countries have concluded a 550km journey across the UAE desert.

Organised by the Hamdan bin Mohammed Heritage Centre, this year's trek, the 10th annual event, involved the largest group of participants in the event's history.

Over 12 days, the 37 participants undertook the journey from Arada in Abu Dhabi to Global Village in Dubai, arriving on Saturday evening.

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, later met the participants in the Seih Al Salam area of Al Marmoom Desert Conservation Reserve in Dubai.

A group of 37 camel riders hailing from 16 different countries successfully concluded a 550km journey across the UAE desert. Photo: Hamdan bin Mohammed Heritage Centre

Reflecting on the trek, Abdullah bin Dalmook told The National: “The initiative was launched after the directives of Sheikh Mohammed bin Rashid to spread the values of tolerance among all residents.

“Sheikh Mohammed supported the initiative by meeting with the participants.”

Mado Alexandra, who shared the 12-day journey with her daughter, Liza Charline Jaspard, 10, added: “I wanted to take Liza with me during this challenging journey during Christmas and New Year to have a new experience.

“I wanted her to know that life isn’t easy and to see the difficult journey Emiratis made while building their country.”

The route included landmarks such as Tal Mera’b and the Qasr Al Sarab reserve area.

A high level of fitness is required and participants trained three times a day for two months to prepare for the event.

They learnt how to ride a camel, travel in a convoy and survive in the desert.

Abdullah bin Dalmook, chief executive of the heritage centre, praised the efforts of the riders, despite the challenges due to weather and tough terrain.

“This year’s edition is different as it witnessed a bigger group than previous years. We had to increase the time of travel and did not reach our camping stations until after sunset,” Mr bin Dalmook said.

“The journey represents the march of our ancestors in the old days and part of our vision to preserve our traditions.”

Emirati Mariam Saeed, who participated in the trek, said she was fully prepared, both mentally and physically, for this trip.

“I consider myself as an ambassador for my country on this trip as we have different nationalities. We were well prepared for a journey full of challenges,” she said.

Abdullaziz Al Serkal, another UAE citizen, said the trip allowed them to experience how people lived in the past throughout the Emirates.

“It was wonderful and full of challenges that showed us the difficulties of life in the past. It is an unforgettable experience,” he said.

The annual trek is open to people above 18 and aims to teach them the survival skills the Bedouin relied on during challenging desert voyages.

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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.”