From having nothing to wanting everything



It has happened. And faster than I thought. A 180-degree shift from scarcity to abundance is now firmly rooted, and with it has come a total change in behaviour regarding "stuff". This isn't new age "be happy with what you have and change your mindset". No, I'm referring to my little one going from having nothing to having too much.
First there was the birth of choice. This is the person who, having never been to a supermarket, confidently walked out of Union Coop - his little trolley so full it was spilling over - bypassing the tills. He had no idea we needed to pay for his goods. He had been enjoying learning about the options on offer, and reading the numbers written on the boards next to them - to him they were not related. We're talking fruit and vegetables with bits of packaged food thrown in for good measure.
He had come from scarcity, and knew the value of having something that was his alone. I still remember the very first time we met - when it was time to go back to the orphanage, he very carefully put away the things we'd been making together in their plastic packaging, complete with the cardboard label that was once used to hold it all together with staples. That was less than a year ago. Many months later, he joined our family and would put every single thing away meticulously and with great diligence. It took time for him to trust that there was no need to hide his possessions - they really would be there in the morning.
Now things are abandoned. Left wherever they were last used. No biggie you might think, but with it is a disregard for what was once coveted.
He's not unique. We all do this; become numb to things we once aspired to owning or having in our life. It's just that with him it has happened quickly.
There are all sorts of studies of human behaviour and responses. Like our concept of pleasure and when we actually experience it - is it in the run-up to the event? It could be owning or doing something, or the simple matter of tasting a certain combination of food that you thoroughly enjoy.
Let me distil the findings: anticipation is often the best bit. Once we consume; eat, do, own, we hit a sweet spot of "enoughness". After that, it's downhill.
I'm calling this the law of diminishing marginal pleasure: the more we have, the less pleasure we get from things. The more we eat, the less cov­eted and yummy the treat. There is a magical point in this that is called the point of "enough" or "just right".
My little boy has tipped over that point, as so many of us do.
It smacked me in the face a few weeks ago when I had asked for toys to be separated into things that he'd use and things that we were going to give away. My older one had already done his bit.
I had been through this exercise a few times already over the course of weeks, going through every single item. The boys were given two trays each to fill with what they wanted to keep. This time I left him to it. A few minutes later he came to me and said he didn't want any of it, that I can give it away. All of it.
All of it? I asked, bewildered.
Then I twigged. "Are you saying you don't want anything because you don't want to choose and put things away?" - big eyes looked back. "Remember, whatever we give away is gone, forever, I am not buying any of it again."
Basically he'd decided it was better to be rid of every single thing rather than spend time choosing a few things. Every time we'd done this previously he'd rediscovered things, and had a great time playing.
Wow. What a transition. He's already told me that we need a bigger house and "we can buy it" is the solution to all things.
My little one is a sponge, still taking it all in - he'll figure out how to navigate all things consumery with time. He is also a ­giant mirror reflecting social values around him. He was a virtual consumer long before I met him - TV meant that he knew certain brands way before he ever saw them in real life.
He reminds me of so many people. I'm sure you know fellow expats who, having moved to the UAE have gone through versions of what my six-year-old has. Wanting things just because they're on offer, not looking after or using - let alone needing - what they own and wanting more as a solution to various issues.
I hope for and look forward to my son's next shift - another 180-degree shift to scarcity once again. Not because he'd lack or need for anything, but because he'd have realised what his "enough" is, and be able to leave it at that. Can you?
Nima Abu Wardeh describes herself using three words: Person. Parent. Pupil. Each day she works out which one gets priority, sharing her journey on finding-nima.com.
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Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

Director: Nag Ashwin

Starring: Prabhas, Saswata Chatterjee, Deepika Padukone, Amitabh Bachchan, Shobhana

Rating: ★★★★

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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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Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
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Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
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1799 - First small pox vaccine administered

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1895 - Discovery of x-rays

1923 - Heart valve surgery performed successfully for first time

1928 - Alexander Fleming discovers penicillin

1953 - Structure of DNA discovered

1952 - First organ transplant - a kidney - takes place 

1954 - Clinical trials of birth control pill

1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.

1998 - The first adult live-donor liver transplant is carried out

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Uefa Champions League semi-finals, first leg
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Safia Al Sayegh (women's road race).

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Maryam Mohammed Al Farsi (women's 100 metres).

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3/5 stars

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Based: UAE
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Industry: Education technology
Funding size: $2 million
Investors: Enterprise Ireland, Egypt venture, Plus VC, HBAN, Falak Startups

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Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

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Round 1: Beat Leolia Jeanjean 6-1, 6-2
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Founder: Mo Ibrahim
Based: Dubai International Financial Centre
Sector: FinTech
Funds raised: $1.6 million
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Investors: GCC-based angel investors