Social phobia can start with fear of being with strangers in a majlis


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ABU DHABI // It is a tradition that spans centuries, a cornerstone of the lives of Gulf men and women alike. But, according to psychiatrists, the majlis could also be the setting for traumatic experiences that lead to a lifetime of anxiety. "Social phobia is one of the most common anxiety disorders prevalent in the Gulf region," said Dr Medhat el Sabbahy, a consultant psychiatrist and head of the psychiatric rehabilitation unit at Sheikh Khalifa Medical City (SKMC).

"It may be due to the way people are raised to adhere to social obligations, as well as the cultural tradition of the majlis society here." Being "criticised or singled out or humiliated in some way" at a majlis - for a young person in front of dozens of older and intimidating relatives and family friends - could cause social phobia to "kick in", Dr el Sabbahy said in a lecture. "It is normal to have patients who can sit in a majlis with 15 to 20 people that they know and be completely normal, but then experience an irrational fear at the thought of being near four or five strangers."

The condition manifests itself as an unreasonable and excessive fear of being judged, watched or criticised by others, as well as extreme self-consciousness to a point where it interferes with normal life and social interaction. As well as leading sufferers to avoid all forms of social interaction, it can cause sweating, dry mouth, increased heart rate, stomach pain, trembling and breathing difficulties.

Dr Mufeed Raoof, a psychiatrist at SKMC, said parenting style could also contribute to fears of social interaction. "Arabs like to be authoritarian in their dealings with children," he said. "Children are told to be quiet around adults, and certainly not taught to speak up or have self-confidence or express themselves well among their elders." This, he said, could lead to personality and anxiety disorders, as could what he called the intrusive nature of Arab society.

@Email:hkhalaf@thenational.ae

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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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