Every month for almost 20 years, I have made a payment to the accounts department of a storage facility in the south-east of England.
The transaction, which through the grinding gears of inflation and rising costs now amounts to Dh500 ($140) a month, is related to the safe-keeping of a few boxes of personal effects recovered from the house fire my father died in nearly two decades ago.
The property had been owned by my parents for more than 30 years when the fire took hold. After it was extinguished, a chunk of what I knew was gone. I’d lost one of my parents and the house I had spent most of my childhood in.
The news cycle this past week has been filled with distressing pictures and harrowing testimonies from the wildfires in California, provoking neural connections and stirring my own memory bank. To this day, anytime there is a major fire anywhere in the world, my gut reaction is that I have some small fragment of knowledge about how that feels for those affected.
In our own story, my brother and I spent days sifting through the fire-damaged house and making swift judgments about what could be saved and what was lost. We ordered a succession of rubbish skips as we set about clearing the smoke and fire damaged contents of the house. Each container was bigger than the last.
We had to get rid of the better part of everything. Those few boxes that are still in storage contain what we could reasonably salvage from the house. The so-called “sadmin” (sad administration or paperwork that has to be completed after the death of a close relative) related to both the fire and my father’s death stretched on and on.
For years we’ve said that we should divide up the remaining effects between us. It makes sense to do so. The material value of what’s now locked up in a nondescript warehouse on a trading estate in England was outstripped years ago by the cost of storing these items.
But the other currency those possessions represent - our shared past, our collective history as a family, our memories - is next to impossible to accurately price. And so, the payment is collected every month and the boxes go untouched for another day, another month, another year. The sunk costs sink further. It is an informal tax on personal loss that shows no signs of having an expiry date, nor is it a tax I want to avoid.
As a metaphor for grief and loss, the boxes in the storage facility are surprisingly apt: memories and emotions that have been packed and locked up in darkness, neither fully raw nor entirely processed.
We were also fortunate. The house was insured and the insurers treated us with dignity. At least we could recover something, because life provides multiple reminders that no one has a monopoly on grief and there is no geographical or logical cap on misery.
This two-week-old year has already been full of sadness and challenge for many. The long-running inability to get a ceasefire deal done in Gaza, which looked like it was finally agreed on Wednesday evening only to hit a further obstacle on Thursday, means that thousands have died and hundreds of thousands more have been displaced or injured since the war began in October 2023. More than 85 per cent of homes in the enclave have been destroyed or damaged in the past 15 months.
Even the hope that Syria is entering a new era following the overthrow of the Assad regime is tempered by the reality of what exactly is left behind, as Syrian Olympic swimmer Yusra Mardini told The National last weekend, when asked about what she planned to do when she makes her first trip back to her home country in more than a decade.
“I am going to see her [my grandmother]. And then I’m going to see my 100 per cent destroyed home … destroyed in the first year of the war,” she said.
In Los Angeles, fires have claimed at least 25 lives and wreaked havoc on the future of millions in California since last week. The story of the fire-wrecked Al Taqwa Mosque in Los Angeles is one of thousands that will and have been heard. The statewide reconstruction bill already extends to many billions of dollars, although who pays for rebuilding is an open question that seems likely to end in misery.
The in-state US insurance market was described as “creaking” by The Economist this week in a piece that detailed how insurers have either stopped selling new policies or left the market altogether. Alternative plans designed to bridge the gap left by those departing insurers have created deep crevasses of underinsurance or none.
With fires still active, winds changing direction and firefighters battling blazes around the clock, no end is in sight for those affected in California. About the only certainty is that communities will need to support one another today, tomorrow and the day after. The road ahead will be difficult. Grief and loss are often impossible to process evenly.
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Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Nancy 9 (Hassa Beek)
Nancy Ajram
(In2Musica)
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The five pillars of Islam
The Programme
Saturday, October 26: ‘The Time That Remains’ (2009) by Elia Suleiman
Saturday, November 2: ‘Beginners’ (2010) by Mike Mills
Saturday, November 16: ‘Finding Vivian Maier’ (2013) by John Maloof and Charlie Siskel
Tuesday, November 26: ‘All the President’s Men’ (1976) by Alan J Pakula
Saturday, December 7: ‘Timbuktu’ (2014) by Abderrahmane Sissako
Saturday, December 21: ‘Rams’ (2015) by Grimur Hakonarson
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Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
Roll of honour
Who has won what so far in the West Asia Premiership season?
Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain
Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons
West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins
UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles
West Asia Cup - Winners: Bahrain; Runners up: Dubai Exiles
West Asia Trophy - Winners: Dubai Hurricanes; Runners up: DSC Eagles
Final West Asia Premiership standings - 1. Jebel Ali Dragons; 2. Abu Dhabi Harlequins; 3. Bahrain; 4. Dubai Exiles; 5. Dubai Hurricanes; 6. DSC Eagles; 7. Abu Dhabi Saracens
Fixture (UAE Premiership final) - Friday, April 13, Al Ain – Dubai Exiles v Abu Dhabi Harlequins
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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.”
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
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Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
BLACKBERRY
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