ABU DHABI // Most people would expect a trip to the Philippines to be relaxing, full of beautiful beaches, landmarks and rich culture.
But for six young Emiratis, their visit opened their eyes to the difficulties faced by many in the impoverished nation.
Their 15-day visit, recorded by the Beyond Borders documentary series, changed their lives.
Leaving behind their home comforts, including electronic devices, they stayed with local families and volunteered at factories, farms and charity projects in and around the capital, Manila.
The three men and three women saw ingenuity, entrepreneurship and sustainability as well as extreme poverty.
“It opened our eyes,” said Fatimah Abdullah Farah, 21 .
“We saw the people who need charity are not just pictures but they are real people we lived and spent time with.”
Since meeting those who have significantly less, Fatimah now appreciates everything she has.
“I’ve stopped shopping, even for shoes,” she said.
“I found there are more important things to spend on, such as my education and charity projects that I am now involved in.”
The graphic design student at Zayed University is volunteering her artistic talents to paint children’s faces at various events.
After the airing of the show, produced by Image Nation, she said felt obligated to share her experiences so people might change their ways for the better.
“Just last night a group of girls recognised me and asked me about my experience,” Fatimah said.
Mariam Al Kuwaiti said many of her habits have changed.
“I don’t buy what I want, I buy what I need,” she said. “Even my eating habits have changed as I only eat enough to satisfy me and won’t throw food away.”
The UAE University student also said she was having an effect on her family and friends.
“My brother is used to consuming a lot, so I’m reminding him all the time,” she said.
Mariam said she was trying to tackle her seven-year-old sibling’s habit of taking long showers by telling him about those who barely have enough water to drink, never mind wash.
“He’s always asking me if the series is made up or if it’s real because he can’t believe kids his age barely having enough to eat,” she said.
“People are not only listening to me but their habits are changing because they can see it on the show.”
When sharing his profound experiences, Mohammed Al Ameri, 18, said his family and friends found his stories hard to believe.
“I value every dirham I have now and don’t spend nearly as much and I’m always telling those around me you don’t need more iPads or iPods,” he said.
Mohammed, from Al Gharbia, said he had been teaching those around him about the hardships faced by many Filipinos in the UAE and the value of their friendships.
Ahmed Al Ghurair, 19, said he had learnt a lesson his father had been trying to teach him.
“I realise the value of money now and the responsibility of those with abundance have to make life better for others,” he said.
talsubaihi@thenational.ae
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.”
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
