Festive lights on Regent Street, London. PA Wire
Festive lights on Regent Street, London. PA Wire
Festive lights on Regent Street, London. PA Wire
Festive lights on Regent Street, London. PA Wire


Yes, it's been a difficult year but not without a few upsides


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December 30, 2022

My 7-year-old daughter this week was building a time capsule for people in the future. "What should they know about 2022? Cost of living crisis, climate change, war in Ukraine..." she wrote despondently in her missive for human beings yet to come.

"Is there anything good I can include?" she asked in despair.

I felt stumped. It feels hard not to be sensitised to all the terrible things that happen around us. But this year is the first time in my life I’ve seen the phrase "rolling polycrisis". It seems to be everywhere and it has put a name to the sense of multiple calamities.

Ever more mass shootings in the US, inflation rising, wildfires and floods, protests and strikes, heatwaves, droughts, flooding, it’s a list of perpetual doom. And that’s just the new stuff which eclipses ongoing horrors to which we have become inured, from Afghanistan, Sudan, Yemen, Syria, Somalia, Myanmar, Ukraine – it’s a catalogue that could fill this entire column.

So in search of happier news, my optimistic daughter and I spread our net across social media. It’s curious how what has just happened can cast a positive glow on events. Plenty of people quoted Morocco reaching the semi-final of the World Cup, the first Arab country to do so. The Lionesses brought football home to the UK. And a lettuce outlasted a prime minister, which was funny fleetingly, if not really "good" news.

And there were leaps forward. We have the possibility of a vaccine for malaria. A new drug that has the potential to slow down Alzheimer’s disease. Climate reparations were put on the global agenda. Nuclear fusion gives us hope for a clean energy future. As my 7-year old is a huge space fan, the James Webb telescope was firmly on her list of positives.

Nasa broadcasts the first images from the James Webb Space Telescope, the world's most advanced space telescope on the Piccadilly Lights screen in London, on July 12. PA Wire
Nasa broadcasts the first images from the James Webb Space Telescope, the world's most advanced space telescope on the Piccadilly Lights screen in London, on July 12. PA Wire

Many people added the emergence from the lockdowns and ongoing restrictions from the Covid-19 pandemic as the biggest bright spot. And while the surrealness of 2020 and 2021 already seems hard to recollect, the long shadow of the pandemic can still be felt. Rates of Covid-19 infections in some parts of the world are rising again. And while many argue it’s good we are unshackling ourselves from the fear of those years, it is hard because many of our loved ones remain at high risk.

In fact, that one of the reasons that this has been a very tough year for me personally, perhaps the toughest year of my life, given the loss of my mother. It was not easy balancing primary care for my parents during lockdowns earlier in the year while caring for my children, not to mention holding an intense job. Several hours each day caring for the elderly is no walk in the park, accompanied by several serious hospitalisations and my mental health challenges.

It seems like when it comes to this feeling of heaviness, I am not alone. The New York Times had a report headlined “The Rising Tide of Global Sadness”, building on a book and research from Gallup called “Blind Spot: The Global Rise of Unhappiness and How Leaders Missed It.”

Anger, stress, sadness, physical pain and worry seemed to have reached a global high. Given the backdrop of the pandemic, this was no surprise. But the trajectory was rising for over a decade.

In the periods of graveness over the past year, there has been immense personal growth.

Studies have looked at whether generation z is the most depressed generation in human history. And who could blame them? It is a world of widening emotional inequality. As the top 20 per cent of the world experiences the highest levels of happiness since Gallup began measuring happiness and well-being, the bottom 20 per cent has been experiencing the worst.

And yet, while I have felt like a microcosm of the terrible 12 months of 2022, there have also been incredible personal highlights. The first of its kind book for girls was published tackling the challenges of body image at ages 8+. I launched a two year project identifying "consumer inequality" and how brands should engage with minority ethnic consumers. I won some awards. I wrote this column and from the feedback, I know it touched many. My kids said I did a great job as a mum, and they are very thankful.

In the periods of graveness over the past year, there has been immense personal growth. And this has emerged from extraordinary pain and challenges. In reality, maybe it could not have been any other way.

Perhaps the same can be said of 2022 and for the world more generally. We are living through a tough time but there are highlights sprinkled throughout. Let's hope that 2023 brings a period of growth from which we can emerge stronger and happier. At least that is what I am wishing for.

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.”

Karwaan

Producer: Ronnie Screwvala

Director: Akarsh Khurana

Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar

Rating: 4/5

IF YOU GO

The flights

FlyDubai flies direct from Dubai to Skopje in five hours from Dh1,314 return including taxes. Hourly buses from Skopje to Ohrid take three hours.

The tours

English-speaking guided tours of Ohrid town and the surrounding area are organised by Cultura 365; these cost €90 (Dh386) for a one-day trip including driver and guide and €100 a day (Dh429) for two people. 

The hotels

Villa St Sofija in the old town of Ohrid, twin room from $54 (Dh198) a night.

St Naum Monastery, on the lake 30km south of Ohrid town, has updated its pilgrims' quarters into a modern 3-star hotel, with rooms overlooking the monastery courtyard and lake. Double room from $60 (Dh 220) a night.

 

'Manmarziyaan' (Colour Yellow Productions, Phantom Films)
Director: Anurag Kashyap​​​​​​​
Cast: Abhishek Bachchan, Taapsee Pannu, Vicky Kaushal​​​​​​​
Rating: 3.5/5

UAE currency: the story behind the money in your pockets
What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
  • Data-driven supply chain management professional: Dh30,000 to Dh50,000 
  • HR leader: Dh40,000 to Dh60,000 
  • Engineering leader: Dh30,000 to Dh55,000 
  • Project manager: Dh55,000 to Dh65,000 
  • Senior reservoir engineer: Dh40,000 to Dh55,000 
  • Senior drilling engineer: Dh38,000 to Dh46,000 
  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
  • Field engineer: Dh6,500 to Dh7,500
  • Field supervisor: Dh9,000 to Dh12,000
  • Field operator: Dh5,000 to Dh7,000

Frankenstein in Baghdad
Ahmed Saadawi
​​​​​​​Penguin Press

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."
From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

Roll of honour: Who won what in 2018/19?

West Asia Premiership: Winners – Bahrain; Runners-up – Dubai Exiles

UAE Premiership: Winners – Abu Dhabi Harlequins; Runners-up  Jebel Ali Dragons

Dubai Rugby Sevens: Winners – Dubai Hurricanes; Runners-up – Abu Dhabi Harlequins

UAE Conference: Winners  Dubai Tigers; Runners-up  Al Ain Amblers

The biog

Name: Abeer Al Shahi

Emirate: Sharjah – Khor Fakkan

Education: Master’s degree in special education, preparing for a PhD in philosophy.

Favourite activities: Bungee jumping

Favourite quote: “My people and I will not settle for anything less than first place” – Sheikh Mohammed bin Rashid.

Updated: December 30, 2022, 9:00 AM