Le Monde brings to mind the Gallic warblings of Edith Piaf over screeching accordions. AFP
Le Monde brings to mind the Gallic warblings of Edith Piaf over screeching accordions. AFP
Le Monde brings to mind the Gallic warblings of Edith Piaf over screeching accordions. AFP
Le Monde brings to mind the Gallic warblings of Edith Piaf over screeching accordions. AFP

From the desk of Rupert Wright: Steve Jobs and musical papers


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The more one thinks about Steve Jobs, the more staggering his achievements appear.

I wouldn't go as far as some commentators by comparing him with Leonardo da Vinci or Thomas Edison, but you cannot argue with his genius.

His gift wasn't just building beautiful objects that any fool could use, nor was it persuading people to pay for music that they might otherwise have downloaded for free.

He was also a marketer, a huckster in the great American tradition of selling via showmanship. But his greatest achievement was this: since returning to the company in 1997 he was right, every single time.

He was willing to bet the farm on the iPod, iPhone and iPad - and each time he came up trumps. Luck, or just good judgement?

In comparison, Bill Gates's achievement of coming up with an operating system and encouraging everybody to use it looks mundane, even if it did make him the richest person in the world.

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A journalist who works at the FT recently described the newspaper to a mutual friend as "like a jazz band".

I think his intention was to portray it as a Miles Davis affair, with different people riffing different tunes, all finally coming together in a harmonious whole, although the analogy does carry the unfortunate image of boring, bearded balding blokes blowing their own trumpets.

But if the FT is a jazz band, what are the other papers?

The Wall Street Journal is clearly a heavy metal band, banging on about a brand of capitalism that is out of date and not very palatable, while The Economist is like a reggae band, repetitive but sometimes likeable.

Germany's Handellsblatt is obviously an oompah band, nationalistic, rousing but never fashionable; Le Monde brings to mind the Gallic warblings of Edith Piaf over screeching accordions while The News of the World is like classical Greek music - nobody hears it any more.

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.”

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
if you go

The flights
The closest international airport to the TMB trail is Geneva (just over an hour’s drive from the French ski town of Chamonix where most people start and end the walk). Direct flights from the UAE to Geneva are available with Etihad and Emirates from about Dh2,790 including taxes.

The trek
The Tour du Mont Blanc takes about 10 to 14 days to complete if walked in its entirety, but by using the services of a tour operator such as Raw Travel, a shorter “highlights” version allows you to complete the best of the route in a week, from Dh6,750 per person. The trails are blocked by snow from about late October to early May. Most people walk in July and August, but be warned that trails are often uncomfortably busy at this time and it can be very hot. The prime months are June and September.

 

 

What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

THREE
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Our Time Has Come
Alyssa Ayres, Oxford University Press