Conditions at Sharjah animal market are focus of customer complaints. Courtesy Dominic Pottek
Conditions at Sharjah animal market are focus of customer complaints. Courtesy Dominic Pottek

Animal market in Sharjah faces welfare complaints



SHARJAH // Animal lovers have vented anger and frustration at the conditions in which hundreds of dogs, cats and birds, as well as more exotic creatures such as ostriches and skunks, are kept at a market in Sharjah.

Animals in small cages often stacked on top of each other, with no air conditioning and a lack of proper hygiene that makes for a foul smell are among the complaints raised by visitors to the Sharjah animal market in Al Jubeil.

“You see a lot of types of animals being sold there,” said Dominic Pottek. “In my last visit I saw raccoons, spiders, scorpions and skunks to name a few. I even saw an ostrich with her neck looped from the small cage it was in.

“Some of the shops have air conditioning units and some don’t. The animals are kept in tiny cages. It’s just awful.”

Despite the poor conditions, the market on Corniche Street is busy with people, particularly on Fridays when the dozens of stores that line its long corridors do a brisk trade.

Shocked at what he saw, Mr Pottek posted a photograph online of kittens for sale and discovered they were stolen.

“I was able to reunite them with their owners.”

The 29-year-old airline employee, who lives in Dubai, urged Sharjah Municipality and police to conduct regular inspections of the market to make sure the animals are cared for and kept in safe, clean conditions.

Officials from Sharjah Municipality were not available for comment.

Natasha Parvaresh said many of the animals on sale appear to have been abandoned by their owners.

“I saw a large number of cats that had been dumped. The cats had mated with strays and the shopowners were selling the kittens with good qualities,” said the 27-year-old Ajman resident. A Pakistani worker at a pet shop in the market said that, on occasion, they do find pure-bred cats dumped nearby.

“We take them in and breed them with other kinds, once the female gives birth we take the kittens and put them up for sale.”

Amira Juma visited the market and was shocked by the conditions.

“I went there to buy a kitten,” said the 24-year old from Sharjah. “Once inside I couldn’t handle the bad smell and the sights of the animals locked up in cages.”

tzriqat@thenational.ae

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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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