Sultan Sooud Al Qassemi is a writer and researcher, and the founder of Barjeel Art Foundation
December 01, 2023
Few countries have witnessed the changes that the UAE has over the past 52 years. There are endless accounts of folks who were born into mudbrick houses who went on to become cabinet ministers, ambassadors, business personalities and teachers. Countless indeed, but very few are documented in depth and written down for others to read and learn from. It is high time that the generation of Emiratis who have witnessed the birth of this nation put pen to paper the events they have witnessed and the stories behind them.
So far, there are perhaps less than a dozen autobiographies in total published by Emiratis while a few biographies exist by other authors, most notably Father of Dubai: Sheikh Rashid Bin Saeed Al Maktoum by Graeme Wilson and the Arabic book Zayed: From Challenges to Union by Dr Jayanti Maitra. Individuals should pen their own stories, too, during their lifetimes, as certain events and details may be omitted or left out by third parties otherwise.
Among the autobiographies by leading senior Emirati officials is My Vision: Challenges in the Race for Excellence by Sheikh Mohammed bin Rashid Al Maktoum, the UAE’s Vice President and Ruler of Dubai, which traces his life, starting from his appointment as the first minister of defence in 1971. Meanwhile, the most extensive account from the UAE is by Dr Sheikh Sultan Bin Muhammad Al Qasimi, Ruler of Sharjah. His autobiography was published as separate books, with a first volume titled My Early Life, a second volume called Taking the Reins: The critical Years 1971-1977, a third called The Consolidation Years 1979-1987 and a fourth titled Culture, Education and Change 1987-2004.
Other essential autobiographies published by Emiratis include From Rags to Riches: The Story of Abu Dhabi by Mohammed Al-Fahim, which offers a look into the changing fortunes of a prominent merchant family from the UAE, and one by leading educator Dr Aisha Al Sayyar who is the first Emirati woman to obtain a PhD.
Individuals should pen their own stories during their lifetimes, as certain details may be left out by third parties otherwise
There are, of course, other methods of documenting the experiences of individuals who have witnessed the birth of the nation, such as extensive video interviews and podcasts. The best examples are those that can be viewed at the Etihad Museum in Dubai and at a number of other museums in the UAE. I understand that the upcoming Zayed National Museum in Abu Dhabi has also documented through interviews the lives of senior Emirati figures, while the National Archives has an extensive oral history initiative.
Younger Emiratis who have had the fortune to spend time with our elders also have a duty to document their lives for historical and scholarly purposes, but most of all for a younger generation who are growing up knowing little about the sacrifices of their predecessors. In my own attempt at doing so, I documented the life of my own mother, Nama bint Majid, also an educator, as per her own retelling of her life, in Building Sharjah(co-edited by Todd Reisz) and encouraged her to speak to Farhana Haider of the BBC World Service programme Witness History, in an episode titled "The first Emirati female teacher".
In reality, however, little can replace the value of a detailed written autobiography filled with one’s own words, memories and photographs of days gone by. The older generation of Emiratis who have borne witness to the birth of this nation have an opportunity – nay, an obligation – to record the events they witnessed or participated in for posterity. Those who would prefer to avoid publicly tackling recent history can document and place it with the National Archive for safekeeping.
Diplomat and businessman Easa Saleh Al-Gurg best sums up the rationale of publishing The Wells of Memory: An Autobiography. In its preface, he writes: "I want to remember the often important events in which I have participated, which had an influence on my homeland and on the lives of many, many people living in lands far away from it. In the course of my life I have often been a participant in, or an observer of, many such events, and I am probably one of the few witnesses now in a position to record some of them. I have also had the good fortune to experience many lives in living my own. I want to set down the memories which are important to me and which I would not wish to see lost."
He then adds, "More, perhaps, than anything else I want to offer my memories to my children, to their children and to all the others who will come after me, who may find some advantage in knowing what it was like to be alive during my lifetime; perhaps they may even understand better how the world which they will inherit came about."
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Nord Anglia International School (Dubai) – Dh85,032
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Brighton College Abu Dhabi - Dh68,560
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Option 1: 70% in year 1, 50% in year 2, 30% in year 3
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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.”
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
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