Look to the stars, there’s still a lot of wisdom there



A legend goes that a handsome youth by the name of Suhail (or Canopus) seduced and married the maiden Al Jauzah (Orion), and then in a fit of jealousy, murdered her. He then had to flee, chased by Sirius, the dog star, all the way to the south, where he remains to this day. In another version, Suhail tried to woo Al Jauzah, who not only refused his advances, but kicked him all the way to the southern heavens.

And there he stayed, the Canopus star, also known as Al Fahl, "the camel stallion", in exile, the brightest star in the southern constellation of Carina, and the second brightest star in the night time sky after Sirius. In ancient drawings of the stars, Suhail appeared in the keel (Al Qaeda in Arabic) of the constellation of Argo Navis, the Great Ship.

Mankind always looked to the stars to make sense of their appearance and disappearance, tying their location to events on Earth, from births to deaths to disasters like flood and famine, and to changes in weather and harvest and migratory patterns in other creatures. Many believed, and some still do, that the stars hold the secret keys to understanding our world.

While the mythology behind Suhail is scandalous, it remains one of the Arabs’ most beloved stars. To this day, the name has a positive connotation and it is applied to what is brilliant, good, beautiful or handsome.

This week marks this star's reappearance in the night sky, bringing with it omens of better times, better weather, better harvests and the beginning of a new life cycle as charted by one of the Arabian Gulf's ancient, almost forgotten, calendars: Al Drour.

While Bedouins of the desert used different stars and calculations from the inhabitants of mountain settlements and those living along the coast, all of them, to some extent, depended on Al Drour, which charted four different seasons based on the heliacal risings and settings of the stars.

The legendary Arab navigator Ahmad Ibn Majid – who may have been born in Julfar, Ras Al Khaimah or Sohar, Oman – referred to it more than 500 years ago. Al Drour is a 365-day calendar, divided into four main sections representing seasons – three of 100 days and one of 60 days. The remaining days are known as Al Khams Al Masrouqa, or the “five stolen days”. There are other stars that are important in the calendar, like the Thuraya, the Pleiades star cluster also known as the Seven Sisters, whose disappearance around the last week of April traditionally heralds one of the year's biggest storms.

While this correlation may have lasted hundreds of years, in recent times our elder astronomers have noted it to be a less reliable predictor, thanks to climate changes. The old calendar, for instance, predicts a break in the very hot weather this coming week, but according to modern forecasters, the weather is expected to remain over 40° Celsius.

It would be great if some of the experts who know its inner workings could “adjust” the Al Drour calendar to reflect the changes they have noted in the past few decades. It is, after all, not uncommon for scientists to build on past works and make revisions to existing formulas and theories.

The UAE is looking towards the skies with projects such as its unmanned mission to Mars slated for a 2021 launch, and the opening this year of the Sharjah Centre for Astronomy and Space Sciences. There is no end to what new discoveries will be unveiled within this field.

Whatever the case, the stars have allowed us to dream and to feel connected to a bigger world.

“We are never ever truly lost, because we always have the stars,” said an old Emirati tribesman, passing on to us one of those pearls of wisdom that we may already know but take for granted.

rghazal@thenational.ae

On Twitter:@Arabianmau

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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.”

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