SINGAPORE // Once upon a time in a land far, far away in the middle of Asia, the young people were too busy working and making money to have babies.
So their government started telling the Singaporeans fairy tales to encourage them to marry and start families before it was too late.
Singapore is one of the world's richest countries, but it faces a population crisis.
The government's new take on classic fairy tales and nursery rhymes, such as Snow White and Humpty Dumpty, are just the latest social engineering initiative to try to boost the birth rate so the country can maintain its position as a vital financial and trading hub.
Snow White comes with the advice that if a husband and wife are intimate two to three times a week, it greatly increases the possibility of conception during ovulation.
The Golden Goose, in which the goose can no longer lay eggs because her "egg-making device was rusty and old", warns of the problem of infertility as women age.
The fairy tales are online and have been distributed to universities in leaflets. "I just laughed," says Lee Bin Hua, 20, an international relations student. "A husband and a family is not even on my radar. I need a career first."
In the past Singapore has tried government-sponsored speed dating and published cartoons on how to date and advice on how to flirt.
Controversially, the government recently adopted a policy paper - A Sustainable Population for a Dynamic Singapore - calling for a large increase in the number of foreigners to be granted citizenship.
The move sparked a rare protest last month, with more than 4000 demonstrators complaining the country's identity would be lost in a sea of foreign faces. It was one of the biggest political protests since independence in 1965.
The policy paper, prepared by the National Population and Talent Division of the prime minister's office, sets out a road map for dealing with an ageing population. Put simply, Singapore needs more young people to pay for its ageing baby boomers.
"We are producing too few babies, our society is ageing, and if we do nothing our population will soon start shrinking," Singapore's prime minister, Lee Hsien Loong, said recently.
"Singapore must continue to develop and upgrade to remain a key node in the network of global cities, a vibrant place where jobs and opportunities are created."
Singapore has 5.3 million people. The government wants to boost that to 6.9 million by 2030. But Singaporeans are too busy working some of the longest hours in the world to plan for families, or they leave it until they are over 40, when fertility drops 95 per cent.
While the policy paper calls for maintaining a "Singaporean core", the increase in foreigners granted citizenship and permanent residence would see native Singaporeans fall to half the population in the next 17 years.
As well as the public outcry, the new policy has sparked criticism from economists and intense parliamentary debate.
Despite covering about half the area of Greater London, Singapore - the poorest member of the Malaysian federation before it was forced out in 1965 - is an economic powerhouse and also punches above its weight diplomatically.
Its port is the world's busiest after Shanghai. Although ranked the easiest place to do business for seven straight years by the World Bank, Singapore is competing with lower-cost neighbours such as Malaysia, Indonesia and Thailand for foreign investment.
Without resources of its own, Singapore relies on the outside for almost everything - even its drinking water is piped in from Malaysia.
It relies on its economic clout to give it weight on the world stage and maintain its standard of living.
But it is an expensive place to live and many Singaporeans blame foreign workers for rising costs, as well as the increasing strains on the country's infrastructure.
In a city with 3.3 million citizens and 2 million foreigners, complaints about overseas workers helped opposition parties win record support in the 2011 general election.
Mr Lee is under pressure to placate voters without disrupting the entry of talent and labour that helped forge South East Asia's only advanced economy.
In a country more densely populated than Hong Kong, housing prices are so high that many young working couples have to live with their parents for years until they can afford an apartment.
In response to the government's plans and the public outcry, the opposition Workers Party introduced its own policy paper: A Dynamic Population for a Sustainable Singapore.
It called for the labour shortage to be addressed by tapping women and older Singaporeans instead of bringing in foreigners. It also urged a maximum population of 5.8 million by 2030.
Ina Jufri, 31, a sales executive, encapsulates the dilemma Singaporeans face.
"There are too many foreigners. We are losing our identity," she says.
"[But] I don't have time for a family."
foreign.desk@thenational.ae
* The fairy tales are available on the website thesingaporeanfairytale.com
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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.”
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Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
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Kolarov (56')
Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
more from Janine di Giovanni
One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
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More than 2.2 million Indian tourists arrived in UAE in 2023
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Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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