Peter Hellyer's opinion article A rich cultural oasis has become the new normal (November 24) was excellent. We are truly blessed and grateful to the leadership of the UAE for enabling the development of a diversified arts and culture scene in the capital. Sadly, I have attended my last such performance for the time being.
I attended the magnificent performance of Giselle by the highly-esteemed Moscow City Ballet recently. I was annoyed when a goodly number of expatriates arrived long after the performance started and were seated. This practice is an affront to the performers and fellow patrons and, in my view, not in keeping with the capital’s aspirations to be an internationally recognised centre for the arts.
To the organisers of these premier events, I implore you to adopt international best practices and refuse to seat late arrivals until intermission.
To the patrons who saw fit to arrive a full 20 to 40 minutes after the performance started, shame, shame, shame.
Elizabeth Lane, Abu Dhabi
Qatar’s mall plan is unpleasant
Qatar's plan to introduce family-only days at major shopping malls is disgusting (Qatar council mulls family-only mall days, November 26). For many single men, malls may be their only place for entertainment. If you notice, you will find that those who enjoy shows at the malls the most, apart from children, are the labourers.
It’s sad that they are considered good for building skyscrapers, but not good enough to be in public with. They are men whom I have respect for and my children too love them.
Emma Bryan, US
So the very people who built the malls will not be able to enter? It’s a pathetic proposal. I’m sure if I, a white European male, entered the mall on a family day, nobody would stop me.
Mike Bruski, US
Many of these “single” men have left their own families behind. They miss their children and wives and just need a distraction from their lives. They are good decent people.
You can be ogled by married men too while their wives have their noses in the Prada store. Worst harassment I’ve ever received in the Middle East was from a 13-year-old boy. Unrepeatable.
Dinky Dani Lapin, Dubai
Children should learn social skills
Your editorial Coding skills prepare pupils for the future (November 24) brought to mind civic consciousness and morals. Young children are sorely lacking in these basic things. They first need to learn how to interact in society. Teach them mindfulness. Teach them how to practise and live organic lifestyles.
Most children today probably know their way around an iPad better than any adult anyway. Computer skills come easy to children. They can teach the US how to use technology, not the other way around.
Jean Francoise Ng Lewis, Dubai
Should buildings have insurance?
Regarding the Deira fire incident (Residents seen running into burning Dubai building to save belongings, witnesses say, November 25), apparently the building owners did not purchase insurance. Shouldn't this be required by law? Perhaps it's worth finding out how many other apartment buildings are without insurance.
Jeffrey Martin, Dubai
Avoid borrowing from banks
Don't borrow from banks unless you intend to pay off in full every month (UAE residents sucked into a cycle of debt, November 15).
Believe me, it’s the banks that lose when they can’t lend. Unfortunately they prey on the poor and the economically infirm while you hand over your freedom, security and possible future.
Giles Heaton, Dubai
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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Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
