In news that came as a surprise to her fans, former talk show host and media mogul Oprah Winfrey last week revealed she only has three close friends. Coming from a woman who has interviewed thousands of people throughout her career, rubbed shoulders with some of the most famous and influential people on the planet, and has the Obamas on speed dial, it's difficult to understand how Winfrey could have so few people she regards as close.
“I don’t have a lot of friends,” she revealed on the Making Space with Hoda Kotb podcast. “There’s Gayle [King], there’s Maria [Shriver], there’s Bob [Greene]. And that’s about it, you know? Gayle and Maria, I met around the same time; Gayle and I have been friends for 42 years.”
Winfrey, 67, isn’t the first celebrity to admit to being able to count their friends on one hand. Oscar-winning actress and humanitarian Angelina Jolie admitted in an interview with CNN: “I don’t have a lot of friends I talk to.”
Victoria Beckham is another. “I don’t have a lot of friends, but I’m surrounded by people I genuinely like to be with,” the Spice Girl-turned-designer told Elle. “I’m very close to my sister and a friend I went to school with. Then maybe three or four others. I think a true friend understands that you can’t see them as much as you might want because they’re busy as well.”
While three close friends might sound small, studies have shown it’s actually about the optimum number for happiness and personal satisfaction in relationships.
“An evolutionary psychologist called Dr Robin Dunbar at Oxford University worked out the maximum number of friends we, as human beings, can have,” says Eleonore Brocq, clinical psychologist at Medcare Camali Mental Health Clinic. “He concluded that our minds can deal with roughly 150 friendships. But typically, we have a core group of five very close friends – something Dr Dunbar refers to as our ‘support clique’. They are our real, deep, meaningful connections.”
Another study, Friendships, Subjective Age and Life Satisfaction of Women in Midlife by Susan Degges-White, found that people with three to five close friends report the highest levels of life satisfaction.
“To summarise, the ideal number is three to five,” says Brocq, “but of course it’s possible to have fewer or more and be living your best life.”
Quality over quantity
Whether on social media or across advertising platforms, a "more is best" approach to friendships has emerged over time as the message pushed to the fore. Fitting in with societal optics centred on popularity and influence, quantity is instantly visual in a way quality is not. Besides, the more people, the more fun, right?
“Quality is more important than quantity,” says Brocq. “You might have an impressive Instagram following and a Facebook feed full of acquaintances, but research has found that quality is more important than quantity when it comes to friendships and their impact on our well-being.
“Shifting your focus from quantity to quality can be a life-changer if you let it. Focusing on quantity rather than quality will encourage nothing except developing the wrong priorities in life. You focus on having more friends, instead of meaningful friends who have your back through ups and downs.”
Friendship stages through the ages
When it comes to the size of friendship groups, for most people, the ones they have in their teens and twenties are far bigger than those they have in their thirties, forties and beyond.
“Our requirements for friendships change over time, depending on where we are in life,” says Tanya Dharamshi, clinical director and counselling psychologist at Priory Wellbeing Centre, Dubai. “At certain times, having many friends is what we need. While at a different stage, a two or three-strong supportive friendship group may significantly outweigh 10 or more acquaintances.
“In order to nurture a true friendship, significant time and commitment is needed, as is the desire to know that a friend will always be there for you when needed,” she says. “The quality of a relationship is what counts most.”
“Our requirements for friendships change over time, depending on where we are in life."
Tanya Dharamshi,
psychologist, Priory Wellbeing Centre, Dubai
Friendships that last tend to be those in which there is give and take as well as a shared understanding on both sides that life will change and the friendship is fluid enough to withstand that.
“As important as friendships are, they are a voluntary relationship. Both friends choosing each other [and] choosing to enter or exit the relationship at a certain time and shape of their lives. They only continue as long as they are enjoying the voluntary process,” says Mirna Iwaza, clinical hypnotherapist and relationship coach at Miracles. “Friendships have no formal or strict structure. This leaves the relationship subject to life’s ups and downs in a way that the more structured relationships, such as marriage, parenthood or siblinghood are not.”
When it comes to forming friendships, it's also important to consider not only where you're at in your life mentally and emotionally, but also physically. Just as youthful relationships are formed through school, university and clubs, friendships as you grow older are often borne out of proximity and necessity.
"Friends are really salient in our adolescence and emerging adulthood, whereas partners, parents and children take priority as we get older," says Dr Sarah Rasmi, psychologist and managing director at Thrive Wellbeing Centre. "Our time becomes more limited as we age, and since our friendships lack a formal structure and consistent expectations we often emphasise other key relationships and responsibilities. We often see that people form friendships with co-workers and their children’s friend’s parents. These types of friendships are based on some common ground and also allow us to be efficient in our time."
The benefits of quality relationships
“An exploratory study done by Ambers and Fowers identifies the characteristics of our friendships based on affinity, utility, pleasure and virtue,” says Dharamshi. “As we move through life, we place value on various characteristics of these relationships.”
The characteristics that constitute a good friendship are subjective. Although we are most likely to cite attributes such as kindness, loyalty and generosity in what we look for in friends, the minutiae of that relationship is personal to those in it.
“Surround yourself with someone who is as happy for your happiness as you are for your happiness,” Winfrey has said of the attributes she looks for. “You need friends that are happy in their own lives so that they can actually be authentically happy for you.”
While looking to others for the benefits they bring to a friendship, it is also important to look at yourself, keeping in mind the changes you personally go through that will affect your friendships.
“An important player is personal growth,” says Iwaza. “Not only do your circumstances change, but those circumstances may also induce in you paradigm shifts and growth in directions other than the ones you were in when the friendship started.”
Brocq says: “Quality friendships show that you are gaining in maturity. The healthiest people manage to hold on to the friendships that nourish them, whilst forming new connections at the same time. New connections that are more in line with their adult personality and goals in life.”
Does having more friends make you happier?
In a word – no. When it comes to friendships, experts universally agree that quality trumps quantity every time. Rather than looking at numbers, we should look at the attributes of others, as well as checking in with what you’re getting from the relationship.
“Healthy, mutual friendships are crucial for our mental health,” says Dharamshi. “They prevent loneliness, allow us to share our worries, and help foster respect and trust. They can also help increase our overall sense of belonging and purpose.”
Iwaza says: “It is the quality of the connection that counts. A friendship can create a space where you can be yourself and be vulnerable; a space where you can bring your wounds to share your healing along your journey; a chance to love yourself, and the other, and to mature in the process. This safe place that friendship provides is personal and unique, and cannot possibly be shared by a big number of acquaintances.”
It's a sentiment with which Rasmi agrees. "It is hard to find these elements in superficial acquaintances," she says. "Yes, we may be able to have fun and enjoy one another, but it’s the close friends who are more likely to be there for us when we need them."
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.”
Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
'Shakuntala Devi'
Starring: Vidya Balan, Sanya Malhotra
Director: Anu Menon
Rating: Three out of five stars
MATCH INFO
UAE Division 1
Abu Dhabi Harlequins 12-24 Abu Dhabi Saracens
Sly%20Cooper%20and%20the%20Thievius%20Raccoonus
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Sucker%20Punch%20Productions%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Sony%20Computer%20Entertainment%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%202%20to%205%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
Read more from Johann Chacko
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
The biog
Prefers vegetables and fish to meat and would choose salad over pizza
Walks daily as part of regular exercise routine
France is her favourite country to visit
Has written books and manuals on women’s education, first aid and health for the family
Family: Husband, three sons and a daughter
Fathiya Nadhari's instructions to her children was to give back to the country
The children worked as young volunteers in social, education and health campaigns
Her motto is to never stop working for the country
COMPANY%20PROFILE%20
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