Life Lessons: Peter James



Try every-thing in life once. It's been a maxim of mine. Socrates once said: "The unexamined life is not worth living," and I think he could have said, neither is the unexplored life. We all have regrets but I would prefer mine to be over things I had a go at and failed at, rather than never having had a go at all. When something goes wrong and you are feeling terrible about it, ask yourself: "In 1,000 years' time will this have mattered a hill of beans?"

Be nice to people. There is so much anger and hatred in the world. Every smile we give helps to counter that. Find something nice to say to everyone you meet. Pay them a compliment on how they look, or what they are wearing. It costs nothing to be pleasant, and I've learnt that if you pay someone a compliment they will never forget you. People might forget what you said to them, but they will never forget how you made t hem feel.

Ask questions. There is no more boring person than the one you sit next to at a dinner for three hours, who tells you all about themselves, but never bothers to ask you one single question. The most interesting people are those who are themselves interested in other people. Everyone has a story to tell.

And one thing I have truly learned, is that everyone you will ever meet has a story to tell that will amaze you, if you can prise it out of them. And, most importantly, in their hearts they will want

Pity the man who dies with all his music still within him. The most successful people in life are not necessarily the most talented but the most persistent. If you believe you have a unique ability, whether to write books, design buildings or race cars, heal people, run a marathon or whatever, persevere at it, no matter how many obstacles or how many negative people stand in your way.

Treat yourself. I think it is vital to have things to look forward to in life. These are what keep us going. Plan treats for days, weeks and months ahead. Always try to have something you are going to do in the near future that, whenever you think about it, puts a smile on your face.

As told to Helena Frith Powell

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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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.

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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.”