ABU DHABI // Having more Emirati women in the media will bring broader news coverage and allow for more focus on topics considered sensitive, according to communication experts.
"It is extremely important that women engage in media. The media today has the power to create something or to kill something," the Iraqi writer Haifa Zangana said on the sidelines of the recent International Book Fair, at a debate entitled Outspoken that focused on the role of women in the press.
"No one is talking about the situation of women [in Iraq]. There is almost a complete blackout now, which is affecting everything."
Zangana, a novelist and former prisoner during Saddam Hussein's regime, has written several works on how the Iraqi occupation has impacted society in the country, particularly women. Her experiences reflect those of many others in the country, and through her work she hopes to relay her message loud and clear.
"We are experiencing [a paradox] where the older generation is more educated than the younger generation," Zangana said.
"Women need to be given the resources so they may continue educating their children at home. Since the occupation, there has been a huge decline in women's rights. The priority right now is survival - it is the basic necessity."
Dr Matt Duffy, assistant professor at the College of Communication and Media Sciences at Zayed University, agreed. "It is a delicate time for the press," he said. "And this is exactly why we need more Emirati journalists. UAE nationals are the voice of the people from the country. It's time to develop new Emirati media leaders."
The role the media plays in forming social perceptions and opportunities for change is evident, he said. It is crucial that women participate in the industry to represent the female population.
Young women have recognised this and are actively pursuing media careers, he said.
At Zayed University, for example, 112 students are enrolled in the College of Communication and Media Sciences, nearly a 20 per cent increase from last year.
Eighty-five per cent of those students are Integrated Strategic Communications majors, which includes a strong journalism component. Part of the challenge, Dr Duffy said, is convincing students to think of journalism as a career.
One factor is the perceived lack of freedom in reporting, which is a common concern shared by many students.
"There really isn't much of a culture of journalism as a noble profession in this country," Dr Duffy said. "We're trying to change that."
According to a survey conducted for Al Aan TV by YouGov, nearly 20 per cent of women in the UAE would like to work in media-related industries including journalism and television.
Despite the fact that it has become more acceptable, cultural sensitivities about women joining the media industry still exist.
Of the male respondents surveyed, nearly 30 per cent said that they would never allow their female relatives to pursue a job related to journalism, media or television.
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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.”
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
