Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, right, greets Dr Beau Lotto, left, primo to his lecture titled 'The Science of Innovation: Becoming Naturally Adaptable', at Majls Mohamed bin Zayed. Eissa Al Hammadi / Ministry of Presidential Affairs
Dr. Beau Lotto, delivers a lecture titled "The Science of Innovation: Becoming naturally adaptable", at Majlis Mohamed bin Zayed. Mohamed Al Hammadi / Ministry of Presidential Affairs
Dr Beau Lotto, right, delivers a lecture titled 'The Science of Innovation: Becoming Naturally Adaptable', at Majls Mohamed bin Zayed. Eissa Al Hammadi / Ministry of Presidential Affairs
Sheikh Tahnoon bin Mohamed, Ruler's Representative in Al Ain Region, Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and Sheikha Salama bint Khaled bin Mohamed bin Zayed, attend a lecture by Dr Beau Lotto (not shown) titled 'The Science of Innovation: Becoming Naturally Adaptable', at Majls Mohamed bin Zayed. Eissa Al Hammadi / Ministry of Presidential Affairs
Left to right: Sheikh Hamdan bin Mubarak, Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Cooperation, Lt General Sheikh Saif bin Zayed, UAE Deputy Prime Minister and Minister of Interior, Sheikh Zayed bin Nahyan bin Zayed and Sheikh Nahyan Bin Zayed, Chairman of the Board of Trustees of Zayed bin Sultan Al Nahyan Charitable and Humanitarian Foundation, attend a lecture by Dr. Beau Lotto titled "The Science of Innovation: Becoming naturally adaptable", at Majlis Mohamed bin Zayed. Mohamed Al Hammadi / Ministry of Presidential Affairs
(Front Row L-R) Sheikh Nahyan Bin Zayed, Chairman of the Board of Trustees of Zayed bin Sultan Al Nahyan Charitable and Humanitarian Foundation, Sheikh Tahnoon bin Mohamed, Ruler's Representative in Al Ain Region, Sheikh Tahnoon bin Mohamed bin Tahnoon, Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, Sheikha Salama bint Mohamed bin Hamad bin Tahnoon and Sheikh Hamdan bin Zayed, Ruler’s Representative in Al Dhafra Region, attend a lecture by Dr. Beau Lotto titled "The Science of Innovation: Becoming naturally adaptable", at Majlis Mohamed bin Zayed. Mohamed Al Hammadi / Ministry of Presidential Affairs
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces (C), attends a lecture by Dr Beau Lotto (not shown) titled 'The Science of Innovation: Becoming Naturally Adaptable', at Majls Mohamed bin Zayed. Eissa Al Hammadi / Ministry of Presidential Affairs
Dignitaries in including Sheikh Hazza bin Tahnoon, Undersecretary to the Ruler's Representative of the Eastern Region of Abu Dhabi, Sheikh Sultan bin Saeed bin Mohamed, Sheikh Mohamed bin Saif bin Mohamed, Sheikh Nahyan bin Saif bin Mohamed, Staff Major General Faris Khalaf Al Mazrouei, Chairman of the UAE Critical Infrastructure and Coastal Protection Authority, Awaidha Murshed Al Murar, Chairman of the Department of Energy and Abu Dhabi Executive Council Member, Dr Mugheer Al Khaili, Chairman of the Department of Community Development and Abu Dhabi Executive Council Member, attend a lecture by Dr Beau Lotto (not shown ) titled 'The Science of Innovation: Becoming Naturally Adaptable', at Majls Mohamed bin Zayed. Eissa Al Hammadi / Ministry of Presidential Affairs
(Front Row - L) Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Cooperation, Lt General Sheikh Saif bin Zayed, UAE Deputy Prime Minister and Minister of Interior, Sheikh Zayed bin Nahyan bin Zayed, Sheikh Nahyan Bin Zayed, Chairman of the Board of Trustees of Zayed bin Sultan Al Nahyan Charitable and Humanitarian Foundation, Sheikh Tahnoon bin Mohamed, Ruler's Representative in Al Ain Region, Sheikh Tahnoon bin Mohamed bin Tahnoon, Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, Sheikha Salama bint Mohamed bin Hamad bin Tahnoon, Sheikh Hamdan bin Zayed, Ruler’s Representative in Al Dhafra Region, Sheikh Nahyan bin Mubarak, UAE Minister of State for Tolerance, Sheikh Saeed bin Mohamed, and Dr Sheikh Sultan bin Khalifa, Advisor to the UAE President, attend a lecture by Dr. Beau Lotto titled "The Science of Innovation: Becoming naturally adaptable", at Majlis Mohamed bin Zayed. Mohamed Al Hammadi / Ministry of Presidential Affairs
Guests listen to a lecture by Dr. Beau Lotto titled "The Science of Innovation: Becoming naturally adaptable", at Majlis Mohamed bin Zayed. Mohamed Al Hammadi / Ministry of Presidential Affairs
Sheikh Hazza bin Tahnoon, Undersecretary to the Ruler's Representative of the Eastern Region of Abu Dhabi, right, Sheikh Sultan bin Saeed bin Mohamed, second right, Sheikh Mohamed bin Saif bin Mohamed, third right, Sheikh Nahyan bin Saif bin Mohamed, fourth right, Staff Major General Faris Khalaf Al Mazrouei, Chairman of the UAE Critical Infrastructure and Coastal Protection Authority, fifth right, Awaidha Murshed Al Murar, Chairman of the Department of Energy and Abu Dhabi Executive Council Member, sixth right, Dr Mugheer Al Khaili, Chairman of the Department of Community Development and Abu Dhabi Executive Council Member, seventh right, Abdullah Saleh bin Badowah, eighth right, and other dignitaries, attend a lecture by Dr Beau Lotto (not shown) titled 'The Science of Innovation: Becoming Naturally Adaptable', at Majls Mohamed bin Zayed. Eissa Al Hammadi / Ministry of Presidential Affairs
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and dignitaries attend to a lecture by Dr. Beau Lotto titled "The Science of Innovation: Becoming naturally adaptable", at Majlis Mohamed bin Zayed. Mohamed Al Hammadi / Ministry of Presidential Affairs
Guests attend a lecture by Dr Beau Lotto (not shown) titled 'The Science of Innovation: Becoming Naturally Adaptable', at Majls Mohamed bin Zayed. Eissa Al Hammadi / Ministry of Presidential Affairs
Guests attend a lecture by Dr Beau Lotto (not shown) titled 'The Science of Innovation: Becoming Naturally Adaptable', at Majls Mohamed bin Zayed. Eissa Al Hammadi / Ministry of Presidential Affairs
Businesses are too focused on getting the most out of their employees in the shortest possible amount of time, valuing efficiency over creativity — to a fault.
That is the view of Dr Beau Lotto, a renowned neuroscientist and founder of Lab of Misfits Studio, who spoke at Majlis Mohamed bin Zayed in Abu Dhabi on Monday.
He said creativity and efficiency are two sides of innovation but, for too long, society has overlooked creativity in favour of the guaranteed results of a path well-travelled.
“Companies are constantly trying to get more for less,” Dr Lotto said during a lecture titled The Science of Innovation: Becoming Naturally Adaptable.
“This would be a great idea but for the fact that the world changes. So too, then, must we. In nature, the most successful systems are the most adaptable. Thus, human systems need to be both efficient and creative.”
He said people are typically averse to uncertainty, explaining that the human brain was trained during evolution to predict and prepare for danger or risk death. But only when not knowing what lies ahead can they become creative.
"Innovation begins with not knowing — with a question, not an answer — with challenging what one assumes to be true,” he said.
As the world changes, becoming increasingly unpredictable and interconnected, creativity has become crucial for evolution, Dr Lotto said. But people are unable to see the world as it is, he said.
"Millions of years ago, man learnt to see only what he needed to see in order to survive and the brain did not evolve to see the world as it is. We think we see the world as it is but we are mistaken. What we see is subjective and everything we know is filtered by each individual’s past experience. The brain instead evolved to see the world the way it was useful to see in the past. Not seeing reality is essential to our ability to adapt,” Dr Lotto said.
"As our brains evolved towards certainty, we simultaneously evolved away from creativity, which asks us to question our assumptions. That is the only way to see differently."
Dr Lotto said uncertainty and change also encourage tolerance.
“Everything we do and see are reflexive responses grounded in assumptions. Which means the roots of creativity reside less in spontaneous inspiration, and more in the deeply human qualities of courage and humility, which is essential for tolerance.
“Using the principles by which the brain sees, we can apply these principles to enable individuals and organisations to see differently and in doing so, thrive in uncertainty."
The lecture was one of the weekly talks held throughout Ramadan and hosted by Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, in his Al Bateen Palace. The lectures are typically attended by Sheikhs, diplomats and dignitaries.
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
68 - Rafael Cabrera-Bello (ESP), Marcus Kinhult (SWE)
69 - Justin Rose (ENG), Thomas Detry (BEL), Francesco Molinari (ITA), Danny Willett (ENG), Li Haotong (CHN), Matthias Schwab (AUT)
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.”
UAE SQUAD
Mohammed Naveed (captain), Mohamed Usman (vice captain), Ashfaq Ahmed, Chirag Suri, Shaiman Anwar, Mohammed Boota, Ghulam Shabber, Imran Haider, Tahir Mughal, Amir Hayat, Zahoor Khan, Qadeer Ahmed, Fahad Nawaz, Abdul Shakoor, Sultan Ahmed, CP Rizwan
Results
2.30pm Maiden (PA) Dh40,000 1,200m
Winner Lamia, Tadhg O’Shea, Ernst Oertel.
3pm Handicap (PA) Dh40,000 1,000m
Winner Jap Al Afreet, Elione Chaves, Irfan Ellahi.
3.30pm Handicap (PA) Dh40,000 1,700m
Winner MH Tawag, Bernardo Pinheiro, Elise Jeanne.
4pm Handicap (TB) Dh40,000 2,000m
Winner Skygazer, Sandro Paiva, Ali Rashid Al Raihe.
4.30pm The Ruler of Sharjah Cup Prestige (PA) Dh250,000 1,700m
Winner AF Kal Noor, Tadhg O’Shea, Ernst Oertel.
5pm Sharjah Marathon (PA) Dh70,000 2,700m
Winner RB Grynade, Bernardo Pinheiro, Eric Lemartinel.
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Fourth Arab Economic and Social Development Summit
As he spoke, Mr Aboul Gheit repeatedly referred to the need to tackle issues affecting the welfare of people across the region both in terms of preventing conflict and in pushing development.
Lebanon is scheduled to host the fourth Arab Economic and Social Development Summit in January that will see regional leaders gather to tackle the challenges facing the Middle East. The last such summit was held in 2013. Assistant Secretary-General Hossam Zaki told The National that the Beirut Summit “will be an opportunity for Arab leaders to discuss solely economic and social issues, the conference will not focus on political concerns such as Palestine, Syria or Libya". He added that its slogan will be “the individual is at the heart of development”, adding that it will focus on all elements of human capital.
Roll of honour: Who won what in 2018/19?
West Asia Premiership: Winners – Bahrain; Runners-up – Dubai Exiles
UAE Premiership: Winners – Abu Dhabi Harlequins; Runners-up– Jebel Ali Dragons
