Dear Ali: What should a businessman from Europe learn about Emirati culture, so he can avoid making major mistakes? MJ, Ras Al Khaimah
Dear MJ: Everything is important, from knowing the cultural codes of values, norms and dos and don'ts, to basics about the dress code, morality, regulations and religious values. However, I would stress more importance on showing respect.
I believe that life priorities determine people’s behaviour. For example, the first priority here for most people is religion and family, and people generally expect others to understand and respect this. Also, prepare to be flexible as things are done here without hurry, hence patience is a good asset.
While building new business relations, newcomers will be tested on trust and on how well they understand and accept our values. For us, reputation is a big deal and always plays a very important role in decision-making. So showcasing how tolerant you are and how flexible and easily you can embrace the differences in the culture and environment are all important.
It is everyone’s responsibility to know the law to avoid legal penalties or fines. When it comes to the cultural aspects, mistakes that embarrass society can ruin reputations and cause difficulties in building business relations here.
My advice is to be yourself, but share your positive view of what you experience about the cultural aspect of living here – people will appreciate it when they meet somebody who shares their love and respect for their homeland. And remember, we do appreciate it when people ask questions to avoid misunderstandings.
Dear Ali: Do all women wear black head scarves here? I noticed some women also wear a coloured shawl and others don't wear any scarf at all. KP, Abu Dhabi
Dear KP: Emirati women cover their heads with a chiffon or cotton scarf, called a shayla. But it does not have to be black. Wearing a scarf is not only for religious reasons, but is also a part of our culture. This head cover is usually black to match the abaya – a loose, cloak-like overgarment that is usually worn when women are outside their homes.
In the past, traditional abayas were designed as a one-piece dress covering the whole body from head to toe, without a separate head cover.
With the country’s development and travel outside the UAE and Gulf, local abaya designers started following international trends, introduced new styles and experimented with colours. Many started assembling the traditional black abaya with colourful headscarves. Yet, a black shayla remains the preferred colour for many Emirati ladies.
Regarding those who wear an abaya without a shayla, it’s their choice. Some women don’t wear a shayla for religious reasons, rather than for comfort and fashion, while others feel more safe and modest when wearing it, especially in public. In all cases, society treats all women, with or without a shayla, with respect and honour
Traditions here are strong, and we try to preserve them by sticking with the traditional abaya and shayla, but it’s an individual choice. No one should judge others because of their look; however, this is the Arab world – what you wear, how you act, and what and how you say things will form an image about you to others.
Ali Al Saloom is a cultural adviser and public speaker from the UAE. Follow @AskAli on Twitter, and visit www.ask-ali.com to ask him a question and to find his guidebooks to the UAE, priced at Dh50.
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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.”
At Eternity’s Gate
Director: Julian Schnabel
Starring: Willem Dafoe, Oscar Isaacs, Mads Mikkelsen
Three stars
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
The drill
Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.
Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”
Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”
Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.”