The majlis: Reading can help to build a country



What can we do to live a fuller life? For me, it all begins with awareness and cultivating a sense of gratitude – the tool that helps us build happiness and abundance.

I believe we’re here to break moulds and create new goals that will help us progress and accomplish our life’s purpose.

Sheikh Khalifa bin Zayed, President of the UAE, has declared 2016 the Year of Reading to create a generation of book lovers, to consolidate the country’s position as a global centre for knowledge and culture, and to develop a national framework to ensure the creation of a new generation of readers.

This came shortly after Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, announced the Arab Reading Challenge, which aims to get children to read 50 Arabic books each.

Reading is a great tool for cultural and knowledge exchange; it opens a door to better understanding. Reading is one of the main pillars of the UAE’s progress and development.

It grants people the knowledge, experience and expertise that helps them to succeed in their careers, socially and in business. The first book a child reads opens a door to a brighter future, and the first word a child reads enables him to view the world.

Reading is one of the greatest hobbies because it brings a sense of enjoyment and fun to those who do it often, and it satisfies people’s curiosity; it’s fuel for the spirit and mind.

The author Napoleon Hill once stated that “more gold has been mined from the mind of men than from the Earth itself”.

Reading helps us analyse, synthesise and become critical thinkers. It also helps generate and brainstorm ideas that enable young people to become problem-solvers, decision-­makers and creatives. It’s a tool of learning, and learning doesn’t occur without reading and understanding what you’re reading.

Read books, listen to the news, and spend time with wise people. Whether it’s someone else’s idea or something you come up with yourself, put it in writing, and keep it somewhere to stimulate your thoughts.

It’s difficult in today’s world to be active and successful in international business, politics, scholarships or science without considerable competence in reading and high literacy skills. A weakness in reading comprehension can impede students’ learning abilities, and may have a negative effect on their future careers.

Reading isn’t only a means of learning but an important part of our identity. Our children and everyone around us needs to respond to all calls and initiatives to start the journey of reading – to create a new generation, a new hope and a prosperous country.

Saif Al Manei is a budding poet and writer.

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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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Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
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Rating: 1/5

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Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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.

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More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions