When I moved to the UAE at the age of 27, it had been more than six years since I lived at home with my mum. But still, the thought of me changing countries was a lot for her to take: she was more than supportive of my decision, but I knew deep down she didn't want me to go, a feeling largely driven by worry.
You see, my mum isn't a global traveller. She's explored the British Isles and has hopped across to Paris on the Eurostar. But somewhere like the UAE? That was so far beyond her comprehension that she was unable to picture what it would be like, or why I would want to go.
But last week, I met her at the arrivals hall at DXB, and spent a week watching the UAE broaden her horizons and win her over, and it was honestly priceless. From the moment we left the terminal, her face was struck with a look of awe, and it never really left.
As we cruised along Sheikh Zayed Road towards the towering skyline of Downtown Dubai, I watched as she gasped, excitedly pointing out the rapidly emerging spike of Burj Khalifa, as if I might miss it.
But the truth is, I probably would have: I'm often so absorbed by my phone in the back of a taxi, or concentrating on the road ahead, that I don't take the time to glance up at the world's tallest building any more. I did this time, though, thanks to my mum. And I thought back to my home town in north Devon where she had come from, a place where the tallest building stands only 10 storeys high, and I let that look of awe creep back on to my face, too.
From the moment we left the terminal at DXB, my mum's face was struck with a look of awe, and it never really left
I had been putting off having Mum to visit because, in truth, I didn't think she would like the UAE. Not because of the place itself, but because she is not a beach person, or someone who enjoys the heat. But when it came to it, I found I could easily fill a warm February week without her having to don a swimsuit or shelter from the sun. We went to the desert, spent a morning strolling around old Dubai, visited the Grand Mosque, wandered through Abu Dhabi's new Mangrove Park and tackled The Dubai Mall, topped off with an evening fountain show. Every day was completely different.
The thing that struck me the most, though, was how much she "loved the feel of the place", as she kept telling me. Of course, I shouldn't have been so shocked, as that feeling is what keeps us all here, building lives away from our families and home countries, but for someone who has never travelled, and was fairly dubious to do so, for her to pick up on this feeling so quickly was truly heartening to see.
Over dinner one evening, I asked whether the UAE was what she had expected. “Truthfully, I expected to feel really intimidated,” she told me.
She was scared of the unknown, of the distance, of the preconceptions she had. But a few days here was enough to see that all melt away. Instead, she found a place full of friendly people ready to give her a warm welcome, full of natural beauty and varied landscapes, and a place with just the right mix of history and forward thinking.
Seeing the UAE through her eyes made me feel even prouder to call it my home. Despite my nerves over whether or not she would like it, the Emirates turned out to be the perfect place in which to ease her into travel and open her eyes to the world. I am so glad that this country was able to do that for her.
She left with a new-found hunger to explore and a promise to come back at the next possible opportunity. As for me, I was left with an even deeper appreciation for my adopted home. Not only has it given me so many new opportunities, but it's enabled me to pass a fresh view of the world on to my family, too.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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.”
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
UPI facts
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
