The restoration of Château de Fontainebleau's Imperial Theatre - The Sheikh Khalifa bin Zayed Al Nahyan Theatre - enters its final phase. Courtesy TCA Abu Dhabi
The restoration of Château de Fontainebleau's Imperial Theatre - The Sheikh Khalifa bin Zayed Al Nahyan Theatre - enters its final phase. Courtesy TCA Abu Dhabi

Why my travel broadens other minds



I am aware that I run the risk of making myself deeply unpopular by saying this, but I will let you into a secret.

Although I am at work, I am not sat typing at my desk on the outer rim of The National's frantic newsroom, but on a damp but pleasantly sunny terrace overlooking the grounds of the Palace of Fontainebleau, about 75 kilometres as the crow flies to the south of Paris.

To my left is Europe's largest formal garden. Replete with white classical statues, immaculately-cut lawns, a central water feature and fountain and beds full of late summer flowers in pastel shades of pink, mauve, grey and purple that look just like a watercolourist's rheumy palette.

To my right is the modern town of Fontainebleau, a warren of streets overlooking the rambling, buff-coloured palace that are filled with bakeries and bistros, boutiques and florists and an exquisite, double-decker carousel that rotates like a giant musical box as it raises and lowers carefully colour co-ordinated stallions, seahorses and mares.

The reason for my visit? The latest phase of the restoration of the Sheikh Khalifa bin Zayed Al Nahyan Theatre, a rare gem of silk and candle-lit Second Empire design whose restoration has been made possible thanks to donations from Abu Dhabi.

Rather than feeling delightfully overwhelmed at the very Gallic charms of the situation however, I find myself reflecting on a regrettable and seemingly unavoidable episode that's made this foreign trip all too similar to the others I've made recently, whether to London or Tokyo, Milan or Paris.

"How can you live in such a place?" I am invariably asked, most often by highly-educated individuals who consider themselves not only knowledgeable in matters of the world but culturally sophisticated and politically liberal. "What does your wife say about having to cover up whenever she goes out and how does she cope without driving?"

Over the course of the last seven years I have heard these questions from fellow journalists, interpreters, tour leaders and academics, photographers, friends-of-friends, bankers and executives, proof – if any were needed – that there is no correlation between income and educational attainment and prejudice and
downright ignorance.

Even when I politely point out that the country I live in is defined by none of these characteristics, or that the UAE has female fighter soldiers, fighter pilots, politicians and diplomats or that 65 per cent of the university graduates in the UAE are women, my corrections are met with a look of disbelief and suspicion.

"Then what about all of those workers," a particularly aggrieved art critic once spat, simultaneously revealing their ignorance of geography and grammar, "who have died building all of those unnecessary World Cup football stadiums?"

Sadly, a survey was published this week that supports my personal experience with statistics that make for very unsurprising but far from cheerful reading.

Carried out by the pollsters YouGov and commissioned by the London-based newspaper, Arab News, and the Council for Arab-British Understanding, the survey of 1,200 British voters conducted in August set out to discover attitudes towards Arabs in the UK, 81 per cent of whom admitted to knowing little or nothing about the Arab world.

As well as revealing that most of the voters surveyed believe the number of Iraqi and Syrian refugees entering the UK has been too high, the survey also discovered the characteristics British people most associate with Arabs: gender segregation, wealth and Islam.

At the same time, only 15 per cent of those surveyed thought that the UK's foreign policy in the Arab world had helped human rights and security and even fewer, 13 per cent, believe that the UK's foreign policy has been a force for stability.

As a British citizen, I find this snapshot of fear and ignorance profoundly distressing, not least because my personal experience suggests that it extends far beyond my home to the rest of Europe, Asia and North America, a fear seemingly confirmed by the results of a similar poll that was conducted in May.

After surveying 2,057 US respondents, not only did this earlier YouGov poll find that 65 per cent of respondents admit to knowing little or nothing about the Arab world, but that more than one-fifth identified the fictional Sultanate of Agrabah as being part of the region and that 38 per cent would approve of a travel ban on its residents if the sultanate proved to be a menace.

The next time somebody asks me where I live, at least I now know what I will tell them. Agrabah, I will say, and then I'll sit back and wait to see if their ignorance is really as deep as it is shameless.

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Read more of Nick's columns:

A chance meeting with an old friend allows us to reflect on our lives

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Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

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.”

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Director: Anu Menon

Rating: Three out of five stars

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The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Profile of RentSher

Started: October 2015 in India, November 2016 in UAE

Founders: Harsh Dhand; Vaibhav and Purvashi Doshi

Based: Bangalore, India and Dubai, UAE

Sector: Online rental marketplace

Size: 40 employees

Investment: $2 million

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

Our House, Louise Candlish,
Simon & Schuster

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Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

The specs: 2018 Opel Mokka X

Price, as tested: Dh84,000

Engine: 1.4L, four-cylinder turbo

Transmission: Six-speed auto

Power: 142hp at 4,900rpm

Torque: 200Nm at 1,850rpm

Fuel economy, combined: 6.5L / 100km