One of the words of the decade undoubtedly is "pandemic". But I’m going to suggest another word that has proved much more positive and just as significant. The word is "resilient".
I am spending quite a bit of time this spring and summer in two of the loveliest buildings in Western Europe, Canterbury Cathedral and Rochester Cathedral, both in Kent in south-eastern England.
I’m chancellor of the University of Kent, which means that every summer I preside over degree ceremonies where some of the best and brightest young people from all over the world come to the cathedrals formally to be awarded their degrees, including PhDs.
Since Canterbury Cathedral can easily hold 1,200 people, these happy occasions are immensely enjoyable and impressive for those taking part, their friends and families. But that’s where the two words "pandemic" and "resilient" intervened.
As a result of the pandemic, universities around the globe cancelled their degree ceremonies in 2020 and 2021. Even worse, we had to cancel face-to-face teaching. Students from those years missed out on so many good things about university life, including the wonderful celebrations of an in-person graduation ceremony. In recent weeks, though, we organised new ceremonies in the cathedrals for thousands of students from those years to enjoy the kind of celebrations that they missed.
We are rather good at creating problems for ourselves, but we are also good at solving them
When the plan was first suggested, I was sceptical. Our students come from all over the world. I wasn’t sure if many of them or their families would spend time and money to fly to England to take part. My doubts were misplaced.
We have had some of the most wonderful, uplifting, raucous and jam-packed ceremonies I have ever attended (and I’ve been doing this for years). The students have been whooping and cheering and yelling with pride and happiness, and so have their families. And so incidentally have I.
In the past few days, I met students who travelled back to Kent from Hong Kong and other parts of China, Vietnam, the Philippines, Malaysia, Thailand, all across the Gulf, Syria, Iran, Nigeria, Ghana, Equatorial Guinea, Canada, the US, and all over Europe.
They have taken time out from their jobs and careers to return to a celebration of their achievements. Some have almost cried for joy. And that’s where the idea of human resilience is so impressive. We have lost loved ones in the past two years. We have lost time. But we have not lost hope and a sense of community.
The classes of 2020 and 2021 fill me with more hope for the future than I can easily express. Those that I have talked to spoke of trying to help each other through periods of loneliness or isolation; trying to concentrate on reading and other work, when so much of ordinary life had been disrupted; trying to contact friends and family. But then resilience kicked in.
So many students across the world not only helped each other, they volunteered to aid those who had to isolate. Some, in medical schools and in research institutions, also worked directly on questions about public health that the coronavirus outbreak raised. Others were involved in the production of personal protective equipment. But what struck me was the resilience of everyday life and a sense of community in the face of adversity.
One student spoke about the ways in which her life had changed – for the better – because she began to appreciate some of the little courtesies and pleasantries that she had forgotten.
In the past, she had little time for small talk. She was always in a hurry, scheduling her life at a fast pace. Suddenly during the pandemic, she took delight in some of the most mundane chores, including going to the supermarket or a few moments just walking in the fresh air. This seemed like a definition of resilience, the ability to cope with adversity and profoundly changing circumstances, and it made me think much more positively about the challenges of right now, from Ukraine and the cost of living crisis to food shortages and climate change.
We humans are rather good at creating problems for ourselves, but we are also good at solving them, especially when we work together. Throughout history, older generations have often looked at the ways of the young with a kind of disapproval, but if the generation of students I met this week are in any way representative – and I believe they are – then we should be optimistic about the future.
The wisest words I heard this week were from those 22 and 23 year olds who spoke of pandemic lockdowns as a time when they reflected on all the things that made life worth living, and how happy they were to reconnect with their old classmates. They are resilient. I admire them. And I can’t wait to meet the class of 2022 at their graduation ceremonies in a month’s time.
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
Torque: 400Nm from 1,800-4,500rpm
Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
The specs: 2019 Lincoln MKC
Price, base / as tested: Dh169,995 / Dh192,045
Engine: Turbocharged, 2.0-litre, in-line four-cylinder
Transmission: Six-speed automatic
Power: 253hp @ 5,500rpm
Torque: 389Nm @ 2,500rpm
Fuel economy, combined: 10.7L / 100km
The Outsider
Stephen King, Penguin
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
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.”
Need to know
When: October 17 until November 10
Cost: Entry is free but some events require prior registration
Where: Various locations including National Theatre (Abu Dhabi), Abu Dhabi Cultural Center, Zayed University Promenade, Beach Rotana (Abu Dhabi), Vox Cinemas at Yas Mall, Sharjah Youth Center
What: The Korea Festival will feature art exhibitions, a B-boy dance show, a mini K-pop concert, traditional dance and music performances, food tastings, a beauty seminar, and more.
For more information: www.koreafestivaluae.com
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
KILLING OF QASSEM SULEIMANI