Bagan is the largest area of Buddhist temples in the world.
Bagan is the largest area of Buddhist temples in the world.

If you decide to go to Myanmar, do so with care and concern



Studded with Buddhist temples as well as luxury hotels and private guesthouses, Myanmar (also known as Burma) is a surprisingly easy country to negotiate as a traveller. The cities of Yangon and Mandalay, Bagan (a funeral complex similar to Angkor Wat), Lake Inle and its pristine beaches are connected by a reliable airline service and receive a fraction of the tourists crowding neighboring Thailand and Cambodia.

While Aung San Suu Kyi, the leader of the country's democracy party (who is under house arrest), and her supporters still call for a tourist boycott of the country; others feel that if you are careful where you spend hard currency, foreign travellers can do good simply by talking to local people and demonstrating that the world has not forgotten their plight. Citizens are surprisingly eager to talk to foreigners and to hear how Myanmar is perceived abroad. Such conversations, however, may have unintended consequences. Thanks to an Orwellian atmosphere of surveillance, heightened by the 2007 crackdown by the military regime after Buddhist monks protested for better living conditions, citizens may be suspicious and fearful of one another. So, you must be aware of your surroundings and let local people take the lead in bringing up politics.

For example, monks may feel uncomfortable talking in the presence of licensed tourist guides, who are government employees. In turn, guides may express discontent against the regime to clients in private and warn you that monasteries harbour monks who are so-called saffron-robed spies and who inform on locals and foreigners alike. As a foreigner though, you are far more likely to get into trouble for trying to smuggle a black market ruby out of the country - airport scanners actively look for unlicensed gemstones - than for stoking dissent, unless you are caught participating in a political demonstration.

Rather than bluntly asking someone what he or she thinks of Myanmar's military leader, Senior General Than Shwe, if you inquire about everyday living conditions such as the availability and price of fuel, your curiosity will be appreciated and reciprocated. For local people, watching pirate DVDs of foreign movies and TV shows at generator-powered coffeehouses is a popular evening pastime, and questions about favourite singers or films may open the door to the issue of sanctions and Myanmar's isolation.

You may be disturbed by the answer but a more subtle approach to political debate is to ask,"have you had to volunteer for anything lately?". Volunteering is a euphemism for the military junta's practice of conscripting citizens to work without pay to build civil and military infrastructure across the country; an abuse that has been well-documented by Amnesty International and the UN International Labour Organisation. Forced labour on airports, archaeological sites and other tourist infrastructure in the late 1990s originally led to Myanmar being singled out for a travel boycott by campaign groups such as Tourism Concern, which still advocates such a boycott. "Volunteers" including teenagers are called on to clear forests, and build roads and military barracks even though Myanmar officially outlawed forced labour in 2000.

Travellers should be aware however, that Myanmar has a long tradition of collectivism and that not all projects are evidence of human rights' abuses. For example, during my last visit to the country in 2007, I witnessed Eng villagers near the trekking centre of Keng Tong dragging huge teak logs to build a monastery, while a longboat builder on Lake Inle told me how he and his wife had been "volunteered" for three days to install electrical wiring in the village. You may also see monks and nuns engaged in hard physical work using simple tools such as hoes to build access roads to monasteries.

One of the best ways to get a handle on Myanmar's many ironies, tragedies and contradictions is to attend a performance by the Moustache Brothers Satiric Troupe in Mandalay. Their nightly show of monologues, skits and traditional dance, simultaneously translated into English by a former black-market cigarette and whiskey dealer, amounts to an impassioned and hilarious anti-government diatribe. Most tour guides are afraid to take clients to see the Moustache Brothers, who are banned from performing for locals, but you can find taxi drivers outside the Sedona Hotel willing to drop you off at the house on 39th street between 80th and 81st streets where they perform. Tickets for the 8pm performance costs US$5 (Dh18).

The team

Photographer: Mateusz Stefanowski at Art Factory 
Videographer: Jear Valasquez 
Fashion director: Sarah Maisey
Make-up: Gulum Erzincan at Art Factory 
Model: Randa at Art Factory Videographer’s assistant: Zanong Magat 
Photographer’s assistant: Sophia Shlykova 
With thanks to Jubail Mangrove Park, Jubail Island, Abu Dhabi 

 
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Director: Simon Curtis

 

Cast: Hugh Bonneville, Elizabeth McGovern, Maggie Smith, Michelle Dockery, Laura Carmichael, Jim Carter and Phyllis Logan

 

Rating: 4/5

 
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Name: HyperSpace
 
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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.”