Using holy month to beat addiction


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ABU DHABI // Doctors are urging smokers to take advantage of Ramadan to give up the habit. They say it is perhaps the easiest time of the year to do so as believers are not allowed to smoke between sunrise and sunset during the holy month. "Ramadan provides people with the opportunity to reflect and focus on their actions and the impact they have on themselves and others," said Dr Mahmoud Marashi of Rashid Hospital in Dubai. "The holy month can be a particularly good time for people to quit smoking, but they need to resist the temptation to smoke after iftar."

It is common for Muslim smokers to chain-smoke after breaking the fast in the evening, to make up for the lack of smoking during the day. However, doctors say this can have serious medical consequences and is more unhealthy than regular smoking. "Smoking is an addiction and habit, and you have to treat both," said Dr Ahmed el Hakim, a doctor and director of external affairs and policy for Pfizer in the Middle East.

"When you have the same amount of cigarettes over long hours contained into a few hours, it's obviously more dangerous," he said. He also stressed that shisha, which is traditionally smoked during Ramadan, is more unhealthy than cigarettes. Cigarettes have been linked to 25 killer diseases, including cancer and heart disease, and studies have shown that smoking shortens people's lives by an average of 15 years.

However, giving up smoking does not make people feel better immediately because they suffer withdrawal symptoms such as irritability, anger, restlessness, impatience, insomnia and difficulty in concentrating. "Most tobacco users find it difficult to quit on their own and will benefit from support to overcome their addiction. We are encouraging smokers to seek advice from their family doctors," Dr Marashi said.

"Ninety-five per cent of smokers try to quit smoking but only five per cent succeed. It is very difficult to quit smoking and people go through several attempts," said Dr Hakim. "Counselling is not enough to quit smoking. Smoking cessation clinics in Abu Dhabi are successful because they introduced pharmaceutical products in conjunction with counselling to help people quit." A World Health Organisation report entitled the Global Tobacco Epidemic 2008 indicated that only five per cent of people in the world have access to government anti-smoking programmes.

Some 6,000 patients in the country have been treated in smoking cessation clinics at a cost of Dh2,600 (US$700) each. However, Dh400m is still spent annually on tobacco in the country. amcmeans@thenational.ae

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Through Her Lens: The stories behind the photography of Eva Sereny

Forewords by Jacqueline Bisset and Charlotte Rampling, ACC Art Books

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

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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.”