SHARJAH // It is 8pm on the Buhairah Corniche and Yassir, aged nine, carries a box packed with bags of nuts he is attempting to sell to those enjoying an evening walk. He and his brother are among a legion of young street vendors trying to help their families survive.
Yassir and Mohammed, 11, also peddle bottled water and chewing gum in the hope of earning a few dirhams.
While local authorities take a dim view of minors who are hawkers, dozens more like them, some in the company of parents and others not, can be found in Sharjah and Ajman plying the same trade. The vendors are a recent and dangerous development that lends itself to child exploitation and abuse, officials have said.
Alarmed by the trend, they are clamping down to prevent the practice expanding or becoming accepted in the eyes of the public.
"We are very strict in trying to find these children and help them in any way we can, so that this illegal practice of forcing children to work does not spread," said Brig Dr Abdullah bin Sahoo, the director general of Sharjah's Department of Naturalisation and Foreign Affairs. "We have in the past had several crackdowns on illegals and found that the children were mostly found working as beggars or rubbish collectors and were children of illegal parents who couldn't find work."
He urged the public to call the department's toll-free number, 80080, if they should find any child working. The same number can be used to report illegals found in their neighbourhoods, he said.
A spokesman for Sharjah Police said they were not aware of the practice and were taking the matter seriously. "If there are any kids doing these sales it is illegal and their parents would be held answerable," he said.
Yassir and Mohammed attend a local charitable school and can work only in the evenings, mostly on Thursdays, Fridays and Saturdays. The money they earn goes toward the next meal.
"Sometimes if we have no food at home mum asks us to come on Tuesday or Monday and sell something for food," Mohammed said.
"The good thing is we are earning our food and not begging."
Their bags of nuts are made by their mother while they are at school and she also shops for the rest of what they sell.
When asked about their father, Yassir replies like he is guessing. "He died. No, he went back to our country," he said. His brother is equally mystified, saying "we don't know".
Their earnings are meagre and fluctuate. On a weekend, each of the boys can earn up to Dh60 a day. That can fall as low as Dh20 on a weekday, Mohammed said.
Their plight has not gone unnoticed by passers-by on the corniche. Ali al Khalawaji, a local resident who picked a bottle of water from Mohammed, said he preferred to buy from the young children as a charitable act because they are poor.
"It's not them to blame," he said. "In this world no one has his fate in his hands, not even their parents. The parents and the kids are both not happy about this, but they have no choice."
Imad Mohammed, another resident, would like to see the parents prosecuted. "This is child labour, in black and white," he said. "How dare the parents sit at home and the children work for them. It's not wisdom. They should be taken to court."
The UAE has taken measures against the practice of child labour. It signed the UN Convention on the Rights of the Child in 1997 and presents periodic reports to the UN detailing the measures taken to protect child rights. The Emirates also ratified the International Labour Organisation Convention No 182 on the Prohibition and Immediate Action for the elimination of all forms of child labour in 2002.
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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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Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The specs
Engine: 4.0-litre, six-cylinder
Transmission: six-speed manual
Power: 395bhp
Torque: 420Nm
Price: from Dh321,200
On sale: now
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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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
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Company%20Profile
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
UAE jiu-jitsu squad
Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
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