Dear Ali: Ever since I first visited the UAE, I was amazed at how many Emiratis can combine their religious traditions with a modern lifestyle. How do they manage that? BN, Abu Dhabi
Dear BN: Not many people are aware that we combine our traditions with a modern lifestyle. To answer your question, thank God that our late president Sheikh Zayed set such a great example by embracing both our tribal past and the modern lifestyle as part of our culture. During the time he led our country, he was aware of our abilities as a nation and the challenges we would face.
At the same time, the government continues to support our nation in a positive way by enforcing many initiatives to make sure we always keep in mind how important it is to stick to our traditions; for example, with cultural projects such as the recent Qasr Al Hosn Festival. The modern lifestyle, on the other hand, is embodied in all the skyscrapers that you see in our cities, the multiple technology devices that we use and the cars we drive. We didn't have all of these things 40 years ago. I've said this before and I enjoy saying it again: we might have left the desert but we didn't leave behind the values of the desert and the lessons we learnt from living there. We only engaged ourselves into learning things from modernisation as well.
Dear Ali: I recently had a discussion about Arab countries with one of my Arab friends, and it turns out that apparently there are many disagreements on the terminology concerning the names of the countries belonging to the Gulf region. Why can't everyone just say Middle East? TA, Dubai
Dear TA: That is a very good and important question. You are absolutely right, there are disagreements concerning the terminology. Especially, the well-known term Middle East, or MENA (Middle East - North Africa) is often used in the Western media but it is quite broad, confusing and inconsistent. Why? The reason is that the term Middle East indicates that all Arab countries are the same and homogeneous.
Instead of saying Middle East, I recommend you to say the Arab world and if you are talking about an Arab country or city, in particular, then just refer to them by their name. Another reason why it is important to pay attention to the terminology of the countries is because it can cause you many difficulties when doing business in the regions of the Arab world.
In order for you to understand this issue better, let me clarify. See, the Arab world contains 22 Arab League countries. All of these countries share the same language and most of them share the religion: Arabic and Islam. However, they are also divided into certain groups due to the differences that exist among them, such as geography, population, dialect, size and wealth.
You have the large Maghreb in the north-west part of Africa that includes the countries Morocco, Algeria, Tunisia, Libya and Mauritania, with French as their second language through the impact of colonialism. The Levantine region (Bilad Al Shaam) refers to Syria, Palestine, Jordan and Lebanon, while the Gulf countries such as the Kingdom of Saudi Arabia, Kuwait, Bahrain, Qatar, the Sultanate of Oman and UAE and, arguably, Yemen and Iraq can be found in the Arabian Peninsula region. Turkey, Iran and Israel, on the other hand, are non-Arab countries and therefore aren't included in the list of Arab League countries. I hope this helps. Hence, when people call us Middle Eastern, I don't get it at all.
Ali Al Saloom is a cultural adviser and public speaker from the UAE. Follow www.ask-ali.com to ask him a question and to find his guidebooks to the UAE, priced at Dh50.
The Bio
Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”
Holiday destination: “I like Paris very much, it’s a city very close to my heart.”
Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”
Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”
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%3Cp%3E%3Cstrong%3EAuthor%3A%3C%2Fstrong%3E%20Eric%20Broug%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Thames%20%26amp%3B%20Hudson%3Cbr%3E%3Cstrong%3EPages%3A%3C%2Fstrong%3E%20336%3Cbr%3E%3Cstrong%3EAvailable%3A%3C%2Fstrong%3E%20September%3C%2Fp%3E%0A
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
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
The%20specs
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COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
UAE currency: the story behind the money in your pockets
Company%20Profile
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The Year Earth Changed
Directed by:Tom Beard
Narrated by: Sir David Attenborough
Stars: 4
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
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COMPANY%20PROFILE
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Who are the Soroptimists?
The first Soroptimists club was founded in Oakland, California in 1921. The name comes from the Latin word soror which means sister, combined with optima, meaning the best.
The organisation said its name is best interpreted as ‘the best for women’.
Since then the group has grown exponentially around the world and is officially affiliated with the United Nations. The organisation also counts Queen Mathilde of Belgium among its ranks.
Drishyam 2
Directed by: Jeethu Joseph
Starring: Mohanlal, Meena, Ansiba, Murali Gopy
Rating: 4 stars
The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
World Cup final
Who: France v Croatia
When: Sunday, July 15, 7pm (UAE)
TV: Game will be shown live on BeIN Sports for viewers in the Mena region
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Generation Start-up: Awok company profile
Started: 2013
Founder: Ulugbek Yuldashev
Sector: e-commerce
Size: 600 plus
Stage: still in talks with VCs
Principal Investors: self-financed by founder
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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.”