1,500 business cards and counting - you can never have too many


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  • Arabic

Just think about business cards. We accept them without question, we give them out with abandon. They are the universal and indispensable currency of business throughout the world, and can often say more about you than money ever can.
But in the digital age, how quaint and archaic they seem. When all other forms of business communication are conducted largely through electronic means, they are a throwback to the old technology of print and paper, a bit like newspapers in fact.
You might think the days of the card are coming to an end, but I've detected no such trend. In fact, they seem to be rapidly spreading throughout different business segments.
A humble Dubai taxi driver will flourish a card, as will a maintenance man or maid. The front desk security man in my apartment block has a business card similar in design to my own, and no doubt to the one held by the chief executive of a multibillion-dollar multinational.
Because the basic concept is so limited, business cards are great levellers, performing the same function anywhere in the world - the transmission of essential personal information in an accessible and durable form.
Of course, there is scope for confusion when you go global. In a previous life I was the business editor of The Observer, a British newspaper, and remember running out of cards on a trip to China.
The business-savvy Beijing hotel I was staying in had a two-hour service to print 500 copies of my card, for which I was grateful. When I was offered the chance to have Mandarin translation on the back for free, I readily accepted.
It wasn't until I began handing the cards out that I realised something must be wrong. Chinese contacts looked at the Mandarin and began to snigger.
It seems the Mandarin for "observer" also translates as "voyeur", so I was presenting myself as a senior journalist from that august British organ "The Peeping Tom".
But that is more the fault of language than of the simple business card. On the whole, they do the job asked of them admirably - and often more than that in the world of journalism.
I've seen hardened hacks delirious with joy to be given the card of a prominent businessman after an interview or at a forum of some kind. "I've got him", is the message, as if possession of the little piece of cardboard means the "source" is in your pocket forever.
This joy is often short-lived when, on closer inspection, you realise the card doesn't have the precious mobile phone number on it. The "source" has two sets, and saves the mobile-inclusive ones for people he really wants to talk to.
If there is a flaw in the business card concept, it is storage and retrieval. Some people file them conscientiously in those little laminated folders, others feed them through readers and store them electronically.
These techniques require a self-discipline I do not possess. I usually store mine in a little column on my desk, which grows and eventually topples over, to be replaced by another and another until the desk is a mound of cards, unsorted and effectively irretrievable. Then I store them in a carrier bag in the bottom of the cupboard, with my shoes.
I decided the other day it was time to get a grip on the carrier bag, which was bursting at the seams. I went through them and threw away a few, not many, and counted the rest: 1,514 cards, or roughly four for each week of the seven years I've been in the UAE.
Not enough. I'll have to go out and get some more.
 
fkane@thenational.ae

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States of Passion by Nihad Sirees,
Pushkin Press

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Tamkeen's offering
  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
  • Option 2: 50% across three years
  • Option 3: 30% across five years 
The specs

Engine: 3.8-litre twin-turbo V8

Power: 611bhp

Torque: 620Nm

Transmission: seven-speed automatic

Price: upon application

On sale: now

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.”

What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

If you go

The flights

There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.

The trip

Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.

The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.

 

Yahya Al Ghassani's bio

Date of birth: April 18, 1998

Playing position: Winger

Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda

Jetour T1 specs

Engine: 2-litre turbocharged

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Adele: The Stories Behind The Songs
Caroline Sullivan
Carlton Books

Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes

'The Lost Daughter'

Director: Maggie Gyllenhaal

Starring: Olivia Colman, Jessie Buckley, Dakota Johnson

Rating: 4/5

UAE currency: the story behind the money in your pockets