Speed dating for older people is one of many societal changes in India. Sam Panthaky / AFP
Speed dating for older people is one of many societal changes in India. Sam Panthaky / AFP

Indians are discovering it's never too late for love



Can a senior citizen speed date? Well, the 280 senior citizens who showed up at the matchmaking event in Bangalore were attempting to answer this question. Time they had in abundance, so really there was no need for speed. Dating too was a somewhat alien concept for these 60- and 70-year-olds, used as they were to marriages arranged by families to spouses they barely knew. But now, the spouses were dead. These widows and widowers who belonged to a time when divorce was unheard of were trying – awkwardly – to choose a new companion. “Ours was a different time," said a 72-year-old retired engineer. “I married my wife without seeing her and stayed married for 47 years. I thought she would live forever, or at least for my lifetime."

How do you begin dating for the first time at 72? Cautiously. A mere 20 years ago, the average 72-year-old would not have considered remarrying. Instead he would have been the patriarch of a large joint family. He would have sat on an easy chair, chatting with neighbours and keeping a watchful eye on his grandchildren. They may not have needed him, but he felt wanted, useful and, on occasion, cherished. Widowed grandmothers would have moved in with their sons or daughters and helped out with the children.

Such joint families weren't necessarily harmonious. After all, fights between mother-in-law and daughter-in-law provide fodder for most Indian soap operas. No matter how crazy, however, the joint family endured. It still does for strange and fanciful reasons.

I know friends in Mumbai who live with their parents because they cannot afford their own apartment. I live in a joint household. My parents live behind my flat and my brother's family lives in the same building. Until very recently, my in-laws also had a flat in my building. It was perfect – everyone had their own space and yet we were together.

Today, the forces of globalisation have changed things drastically for some families. Many of the elders gathered in the matchmaking hall had children who lived in the US, UK or Middle East. The children sent them money every month for expenses but they missed the chatter of their grandchildren. The silence was crippling, as were the long, lonely nights. They feared falls in the bathroom and then they feared that nobody would ever know that they had fallen. They wanted a companion. So they mingled, shyly at first. They discussed health problems, their daily routines and families.

The circle of life is strange. At my stage in life, surrounded as I am with conflicting priorities, demanding work deadlines and relationships that are pulling me from all sides, there is nothing that I long for more than days of silence and rest. If I were to be left alone at home with no one knocking on the door, I would be delighted. Or so I think. The fumbling elders in the room taught me that man, in the end, is a social creature. We may think that we are an island; we may want to live on a desert island; but we will lose all joy and the will to live without companions.

The Harvard Grant study, one of the most important longitudinal studies of human development, followed 268 Harvard undergraduate men for 80 years. It measured a wide range of psychological, physical and anthropological traits – from IQ to family relationships to habits. Recently, George Vaillant, who directed the study for 30 years, published a summary of the insights that the study has yielded. Some of these insights are obvious: alcoholism is destructive. Others are counterintuitive: above a certain level, IQ doesn't matter. But the key takeaway from the $20 million (Dh73 million) and 80 years that have been spent on the Grant study is simply this: in Mr Vaillant’s own words, “Happiness is love. Full stop.”

Age confers few benefits. But one thing it gives you is a measure of stoicism and the ability to judge other people within a few seconds. To the surprise of even the organisers, a few elderly couples made rapid progress. They made plans not just to meet up, but also to get married. After all, they didn’t have much time together. The clock was ticking.

Shoba Narayan is trying to matchmake for her widowed aunt

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.”

Company%20profile
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SPECS

Nissan 370z Nismo

Engine: 3.7-litre V6

Transmission: seven-speed automatic

Power: 363hp

Torque: 560Nm

Price: Dh184,500

COMPANY%20PROFILE
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MO
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The 12 Syrian entities delisted by UK 

Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV

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.

ETFs explained

Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.

ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.

There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

Director: Romany Saad
Starring: Mirfat Amin, Boumi Fouad and Tariq Al Ibyari

The Settlers

Director: Louis Theroux

Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5