ABU DHABI // Business graduates from Zayed University have put their years of learning to the test by designing entertainment, retail and hospitality attractions for Yas Island.
The Yas Island Breakthrough Challenge drew more than 150 students, who presented 33 projects for Miral Asset Management’s consideration.
The company, which manages Ferrari World Abu Dhabi and Yas Waterworld, is developing the US$1 billion (Dh3.67bn) Warner Bros theme park in the capital, which is expected to open in 2018.
The students’ ideas included a theme park on water and a virtual reality facility where visitors could view famous global destinations on headsets and restaurants that serve exotic food from those countries.
A team of women won the competition with their proposal for a market.
“The Yas Market would have restaurants, booths, shops and some venues for hosting special events,” said Sheikha Al Kharji, 21. Everything – from the building’s facade to the food on offer – would reflect Emirati culture, she said.
“To give Yas Island something unique, while incorporating local culture, we incorporated characters from Emirati cartoons,” said Ms Al Kharji.
The marketplace would have Disney-like parades featuring beloved Emirati cartoon characters such as Shaabiat Al Cartoon, Shahfan, Hamdoon, Majed, Mansoor, and Khosa Bossa.
“That’s the theme and it would attract locals and foreigners,” she said. “It’s something interesting that you won’t find anywhere else in the world.”
Dr Osama El-Temtamy, associate dean of the university’s business college, said students spent the entire semester working on their projects as part of their strategic management class.
The challenge enabled the students to experience the application of business theory in the real world.
“This is something that is a godsend for us because we always want to offer our students something that is related to real life,” he said.
“There’s a lot of benefits from them. The students learnt project management, they learnt communication, the importance of planning, exposure and networking.”
Mohammed Al Zaabi, chief executive of Miral Asset Management, said he was very impressed with the quality of the students’ ideas.
“I’m very proud and amazed with what they have done,” he said.
As to whether The Yas Market would be turned into reality, Mr Al Zaabi said: “Why not?”
He said his firm would study the proposal and other ideas from students.
“We have a number of steps. Step one is to get the idea, we have that now,” said Mr Al Zaabi. “Step two is to go through more than 33 criteria. And then if it passes these, then it goes to the next step which is concept design and the feasibility study.”
Each member of the winning team was awarded Dh3,000, an annual pass to Yas Waterworld, a tour of Yas Marina Circuit and one night’s stay at Yas Viceroy. Participants in the four groups that were shortlisted also received cash and Yas Island prizes.
Mr Al Zaabi said the Yas Island Breakthrough Challenge for Zayed University business students would return next year.
“This time it was about innovation. Next time it might be about efficiency or about how to improve business,” he said.
“Next time we might ask them, ‘let’s focus on one asset, how can we change, how can we add to that asset from a customer experience?’”
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UAE currency: the story behind the money in your pockets
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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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1. Jasper Philipsen (Bel) Alpecin-Fenix 4:42:34
2. Sam Bennett (Irl) Bora-Hansgrohe
3. Elia Viviani (Ita) Ineos Grenadiers
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5. Emils Liepins (Lat) Trek-Segafredo
6. Arnaud Demare (Fra) Groupama-FDJ
7. Max Kanter (Ger) Movistar Team
8. Olav Kooij (Ned) Jumbo-Visma
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10. Pascal Ackermann (Ger) UAE Team Emirate
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
