My Life: The New York pace is out of step in the Emirates


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  • Arabic

There is one question I always get when I'm out with family or friends in the Emirates: "Why are you running?"

I am not running. I just like to get to where I am going.

I suppose this is my New York state of mind. Whenever I leave my house it is because I have somewhere specific I have to be at a certain time. Even when I tell myself that I am going for a leisurely stroll, I find myself rushing through the park, missing the whole point of a relaxing walk. Or I find myself resisting the urge to push barricades of tourists off of the sidewalk as they slow down my rapid window-shopping experience. When I'm back in the Emirates, despite the less stressful pace of life, I can't help but find it jarring to walk slowly and take my time.

It's not only walking slowly that drives me insane, but also driving. I love nothing more than to leave my apartment building and have the option to walk to my destination, to flag down a cab or to take the subway. I love not having to need a car.

Interestingly enough, most recent data about health in cities versus health in suburban areas have demonstrated that contrary to popular belief, people in cities are healthier. Some of this is attributed to the fact that people in cities walk more. Even if you don't particularly make an effort to exercise, there often is enough walking involved in your everyday commerce to get your recommended daily dosage of physical activity.

More importantly, having the option to walk is always good, from getting to know your neighborhood better to saving money on transportation to simply being away from a computer or a television screen and to breathe some fresh air.

I never really notice how much of a blessing it is to be able to go for a walk until I'm somewhere where the very concept is rare. While there has been a trend in the Emirates to encourage walking and a more active lifestyle, for the most part, walking is still associated with leisure rather than a mode of transportation. In Abu Dhabi, the Corniche has been expanded, more and more beaches have been cleaned up and parks are everywhere, but people still tend to rely mostly on cars for transportation. This is, of course, partly because of all the new residential areas opening up away from downtown Abu Dhabi, but also because somehow the culture has evolved in a way in which it isn't normal to just walk somewhere, especially for Emiratis.

You don't walk in order to run your errands or to commute. You walk for leisure. When people go for a walk it's more to see and be seen. Walking around is also a break from the stresses of everyday life. So, people walk slowly. They take their time.

In the same way that long meals and conversation are the norm in the Emirates, taking a nice, relaxed stroll is cultural. I am all for long meals and sitting with friends and family for hours just enjoying some banter. I find it gets stressful to be constantly compartmentalising people into hour blocks for coffee dates or lunch dates when I am in New York. But ask me to mosey through the mall at snail's pace and I'll tell you that I have better ways to spend my time.

Perhaps I am slightly bitter that I still have to get my driver's licence, though being in New York means my lack of it doesn't make me feel disadvantaged. But until I can turn my scenic Mario Kart drives into reality, I will continue to vouch for walking – and walking fast, for that matter – as the best way to get anywhere.

Fatima Al Shamsi is an Emirati studying for her master's in global affairs at NYU in New York.

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Creator: Jenna Lamia

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World Sevens Series standing after Dubai

1. South Africa
2. New Zealand
3. England
4. Fiji
5. Australia
6. Samoa
7. Kenya
8. Scotland
9. France
10. Spain
11. Argentina
12. Canada
13. Wales
14. Uganda
15. United States
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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.”

Abu Dhabi World Pro 2019 remaining schedule:

Wednesday April 24: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-6pm

Thursday April 25:  Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-5pm

Friday April 26: Finals, 3-6pm

Saturday April 27: Awards ceremony, 4pm and 8pm

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W.
Wael Kfoury
(Rotana)

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

Who has lived at The Bishops Avenue?
  • George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
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6.30pm: Baniyas Group 2 (PA) Dh 97,500 (Dirt) 1,400m.

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7.40pm Maiden (TB) Dh 82,500 (D) 1,400m

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8.50pm Rated Conditions (TB) Dh 120,000 (D) 1,600m

9.25pm Handicap (TB) Dh 95,000 (D) 1,200m

10pm Handicap (TB) Dh 85,000 (D) 2,000m

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