ABU DHABI // Samer Alhaira was born in 1971, in a house made of mud with a generator as its only source of power and sometimes dates as its only source of food.
Forty years later, Samer is about to move into a new, 800-square-metre, two-floor villa on land in the capital given to him by the Government.
It is a far cry, he says, from the days when it was a big deal for anyone to own a car, a TV or even footwear.
"This is the difference between me and my son," says Samer. "I used to walk barefoot on the ground when it measured up to 45°C. If he walks on 30°Cbarefoot, he will be jumping on his tip toes.
"If I got thirsty there was only water. I couldn't just buy juice from anywhere."
In his opinion, the major changes his generation witnessed are the essence of national pride and appreciation.
"It is our duty to teach our children our culture and heritage; we don't have pyramids, we have our country's development as our civilisation," Samer says.
The father of six, who works as the vice president of sales and marketing at ZonesCorp, says he has the UAE to thank for his position.
The Government paid for his education, gave him land and provided a Dh2 million loan, of which he has to pay back only 75 per cent over 30 years, to build his own house.
But Samer says the biggest gift from the country was his education.
"Without it I'm not worth anything," he says. "I have a perfect job and I'm providing my family with the best lifestyle. I'm still living in a small rented house, waiting for my own big one to be ready. "This feeling that the children will finally have their own study rooms was something missing in my life."
Samer recalls the first time he and his friends wore trousers as children.
"We were in school and our teachers from Kuwait and Jordan brought fabric for our school uniforms: grey pants and white shirts," he says.
"When they distributed the fabric, it was a weird thing to wear trousers."
His most significant memory of the country's leaders was easy for him to name.
"The only interaction I had with Sheikh Zayed was at a wedding in 1990," Samer says. "He said to me a phrase, and since my father passed away along time ago it left a deep impact.
"And this same phrase was repeated to me by his son, Sheikh Mohammed."
The phrase was: "How are you, my son?"
"You might've heard these words from many old people, but when you hear it from a person who rules millions of people, it is worth the whole world," Samer says.
Watching his country grow along with him, he believes its greatest achievement was establishing industrial and investment zones.
"We were relying on fuel 100 per cent," he says. "We started finding other services in order to lighten the burden on our state that gave us so much.
"Before, any investor used to take the money and go abroad. Now a big percentage of foreigners are investing here.
"The second-biggest achievement is that everyone here, nationals and residents, are grateful to be living in the UAE."
hdajani@thenational.ae
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
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Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Places to go for free coffee
- Cherish Cafe Dubai, Dubai Investment Park, are giving away free coffees all day.
- La Terrace, Four Points by Sheraton Bur Dubai, are serving their first 50 guests one coffee and four bite-sized cakes
- Wild & The Moon will be giving away a free espresso with every purchase on International Coffee Day
- Orange Wheels welcome parents are to sit, relax and enjoy goodies at ‘Café O’ along with a free coffee
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
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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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5