Illustration by Gary Clement
Illustration by Gary Clement

Are you part of the repair revolution?



I’m a card-carrying member of the repair revolution. At its heart is my right to repair rather than being forced to buy a new, pricey replacement or be prevented from finding out how to fix things. Which is how we brought Joey back to life.

“1.36 kilograms," the woman said as she noted it down. It was the weight of the robot that no longer came to life. Joey is his name. We’ve had him for eight years. He dances, walks, plays and responds to various commands - when he works. You could say he’s given us years of joy and his time is up. But we’d rather not give up on him just yet. Much tinkering later, Joey is back.

When’s the last time you repaired something? My desire to fix things could be viewed as being too mean to part with money. The fact is, it’s often less expensive, and a lot easier, to buy a replacement – with ever cheaper goods being manufactured thanks to globalisation, coupled with the reduced lifespan of products.

As for knowing how to fix things – that’s another story. My son learnt how to sew at the age of seven, can crochet with the finest and is a whiz with screwdrivers and glue. But judging by the clicks on a ‘how to sew a button on’ video tutorial, he seems to be an exception.

His new tech is old tech. Coveted items are my vintage collection of defunct dictaphones and handheld camcorders – they use tape, and need fixing. And it’s been a struggle finding out how. You could say we’re being prevented from fixing them – with parts difficult to get hold of, and not knowing people with the skill to get these obsolete gadgets working.

We’re trained to throw things like this away. It’s not good for the planet or your pocket. But it’s good for business. When I created UAE Saves Week - a grass-roots initiative getting us to think about how we behave with money on a daily basis, with the aim of enabling each other to live beneath our means, and put money aside - I was told repeatedly by the business community that it was a bad thing because it would harm the economy - propped up by consumer spend - if people stopped spending so much.

Which is one of the reasons things aren’t built to last these days.

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Read more from Nima Abu Wardeh:

The obsession with bonds misses the complexity

Buying experiences, as opposed to buying stuff, doesn't make you happier

Could you live without spending for a year?

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Thankfully, there’s a backlash against throwaway culture. People are grouping together to repair things for free. In doing so, they save the planet from tons of goods that can, once fixed, live on and be useful for years. Like Joey.

A repair cafe I know saved us from one tonne of landfill. It has a higher than average success rate with 64 per cent of things taken in being fixed - most such entities manage 50 per cent. These are items that are back doing daily duties instead of piled in a heap poisoning our water and food.

In an attempt to deal with what’s holding us back from repairing and re-using, next month marks the world’s first international fixfest. It’ll be in London over the first weekend in October.

Restart parties worldwide state they’ve saved the planet from 5 tonnes of electrical items being thrown away. Unfortunately it’s projected that we’ll generate 50 million tonens of waste from electrical goods in 2018.

It’s not just broken electronics that fill the land. It’s everything we use. And it’s not only because it’s broken. It could be that we just don’t like, want, use, need it anymore.

A friend told me the zip on her son’s fave jacket is broken. The person with sewing machine at the repair cafe told her it’s a difficult type to fix and suggested she unpick the zip, buy an easier one to repair in future, and go back for her to sew it on. My friend reckons it’ll take her an hour to unpick the fiddly thing. She can’t bring herself to do it. And she’s the one who weighed Joey – she volunteers at her local monthly repair cafe. She is one of the converted, but cannot bring herself to give up an hour of life for something that can be ordered online in a minute.

What’s the oldest thing you own and still use?

I wear dresses bought when I was a teen. Various things I own and use are older than my 10-year-old.

They each have a story, memories, and are precious to me.

It’s not always about saving money, or loving something and keeping it. It’s also about not killing our planet with wanton waste, and keeping skills alive that enable us to fix and fiddle with things.

Back to my little world. The seal around my washing machine door is leaking. I have been on the web to find a new one - seal that is, not machine - and cannot find what I’m looking for. When and if I do, I then need to find, and pay, someone to install it. I will try to do it myself first, but gosh, yes, I am concerned about how long it’ll take and whether I’ll end up doing more harm than good.

It would be easier for me to order a new machine online and have it delivered. But there’s a freedom that comes with knowing how to do these things. Plus that would be one weighty bit of rubbish being dumped if I don’t.

Nima Abu Wardeh is a broadcast journalist, columnist and blogger. Share her journey on finding-nima.com

LIST OF INVITEES

Shergo Kurdi (am) 
Rayhan Thomas
Saud Al Sharee (am)
Min Woo Lee
Todd Clements
Matthew Jordan
AbdulRahman Al Mansour (am)
Matteo Manassero
Alfie Plant
Othman Al Mulla
Shaun Norris

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

ROUTE TO TITLE

Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

The Specs

Engine: 1.6-litre 4-cylinder petrol
Power: 118hp
Torque: 149Nm
Transmission: Six-speed automatic
Price: From Dh61,500
On sale: Now

Monday's results
  • UAE beat Bahrain by 51 runs
  • Qatar beat Maldives by 44 runs
  • Saudi Arabia beat Kuwait by seven wickets
SPECS

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

Herc's Adventures

Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5

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.”

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.

He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

Western Region Asia Cup T20 Qualifier

Sun Feb 23 – Thu Feb 27, Al Amerat, Oman

The two finalists advance to the Asia qualifier in Malaysia in August

 

Group A

Bahrain, Maldives, Oman, Qatar

Group B

UAE, Iran, Kuwait, Saudi Arabia

 

UAE group fixtures

Sunday Feb 23, 9.30am, v Iran

Monday Feb 25, 1pm, v Kuwait

Tuesday Feb 26, 9.30am, v Saudi

 

UAE squad

Ahmed Raza, Rohan Mustafa, Alishan Sharafu, Ansh Tandon, Vriitya Aravind, Junaid Siddique, Waheed Ahmed, Karthik Meiyappan, Basil Hameed, Mohammed Usman, Mohammed Ayaz, Zahoor Khan, Chirag Suri, Sultan Ahmed

The five pillars of Islam

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