Spare me the 'VIP' treatment


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Perhaps I'm not old enough to have been around then, but there must have once been a time when VIP actually meant VIP. When a "Very Important Person" was exactly that: someone with such immense intelligence or of such stature that their decisions and actions could have wide-reaching consequences and, as such, they should be looked after quite nicely.

At what point these people started singing, selling wedding photos and making rubbish reality television shows, I'm not entirely sure, but the term VIP came to - supposedly - mean "luxury" and was heartily adopted by any company wanting to make such an impression. And, just like poor Che's face or the CND peace symbol, over the years this image has been spread so thinly that it now bears absolutely no resemblance to its original meaning. The term VIP is shoehorned so regularly beside the names of products and services that it now has about as much meaning as "new", "improved" or "customer helpline".

I recall, with a sharp intake of breath, travelling across Thailand, where the general rule of thumb was to avoid any form of transport that had VIP in the title. There, the VIP in VIP Bus (a contradiction in terms, surely) meant "broken air-conditioning" and "semi-conscious driver", where the VIPs in question turned out to be hordes of hideous, fisherman-trousered backpackers loudly strumming guitars.

Here in the UAE, the term is also used rather too liberally. Firstly, it seems like almost anyone has access. The only prerequisite seems to be a bigger wallet. Secondly, it's plastered on things far beyond the usual VIP line-up of comfier seating arrangements and more elaborate buffet options.

Imagine if you can, the VIP Medical Package. For a princely sum, patients can experience the full delights of a medical check-up, but with VIP treatment. The VIP in this case doesn't mean swan sandwiches on entry, panda fur-lined chaise longues or a Natalie Portman look-alike taking samples via a crystal-laden syringe. In fact, you don't even get a seat, as all VIPs are still expected to wait in a badly lit corridor, clutching their paperwork. No, the VIP element to this service is that you get your results back quicker. What luxury!

Naturally, with the term 'VIP' becoming about as ubiquitous as towels, companies have had to up their game to differentiate themselves. So we now have "VVIP", "gold class", "diamond" and various other ridiculous categories deemed to signify some sort of higher status. Soon VIP will be the lowest option available and we'll all be wandering around drinking VIP tea, eating VIP crisps and complaining because our VIP water heater has broken for the fourth time in a month. Hopefully by then I'll have upgraded to the Super Platinum package.

ESSENTIALS

The flights

Emirates flies direct from Dubai to Rio de Janeiro from Dh7,000 return including taxes. Avianca fliles from Rio to Cusco via Lima from $399 (Dhxx) return including taxes. 

The trip

From US$1,830 per deluxe cabin, twin share, for the one-night Spirit of the Water itinerary and US$4,630 per deluxe cabin for the Peruvian Highlands itinerary, inclusive of meals, and beverages. Surcharges apply for some excursions.

EA Sports FC 26

Publisher: EA Sports

Consoles: PC, PlayStation 4/5, Xbox Series X/S

Rating: 3/5

MATCH INFO

Manchester City 3
Danilo (16'), Bernardo Silva (34'), Fernandinho (72')

Brighton & Hove Albion 1
Ulloa (20')

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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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The Byblos iftar in numbers

29 or 30 days – the number of iftar services held during the holy month

50 staff members required to prepare an iftar

200 to 350 the number of people served iftar nightly

160 litres of the traditional Ramadan drink, jalab, is served in total

500 litres of soup is served during the holy month

200 kilograms of meat is used for various dishes

350 kilograms of onion is used in dishes

5 minutes – the average time that staff have to eat
 

UAE currency: the story behind the money in your pockets
WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

The specs

Engine: 4 liquid-cooled permanent magnet synchronous electric motors placed at each wheel

Battery: Rimac 120kWh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry

Power: 1877bhp

Torque: 2300Nm

Price: Dh7,500,00

On sale: Now

 

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