Sogand, a transsexual, with her husband Vahid in their home in Tehran. Below, Sogand putting on a veil.
Sogand, a transsexual, with her husband Vahid in their home in Tehran. Below, Sogand putting on a veil.
Sogand, a transsexual, with her husband Vahid in their home in Tehran. Below, Sogand putting on a veil.
Sogand, a transsexual, with her husband Vahid in their home in Tehran. Below, Sogand putting on a veil.

Changed lives win acceptance in Iran


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TEHRAN // After waiting nearly 30 years, Sogand finally became the person she dreamt of. "When my boyfriend placed a ring on my finger and proposed, I realised that he saw me every bit a real woman who he wanted to share his life with. I could no longer doubt my own femininity," said Sogand, who spent 26 of her 29 years living a life trapped - as she says - in a male body. Sogand is one of the hundreds of Iranian men and women who, thanks to a religious edict by Ayatollah Khomeini, the spiritual leader of Iran's Islamic revolution nearly three decades ago, have had sex reassignment surgery, legally. In many cases, it has been with the help of the state Welfare Organisation. Every year, about 80 people undergo sex reassignment surgery in Iran, 90 per cent of which are male to female cases, said an official of the Legal Medicine (Forensics) Organisation. From early childhood, Sogand felt different from her body. "Real trouble began when hair started to appear on my face and body. I would spend hours in front of the mirror plucking the hair from my face. The constant plucking inflamed my skin most of the time and to hide it I began wearing foundation and a little lipstick to make up for the paleness," she said. On several occasions it was too much for Sogand's family, who live in a conservative neighbourhood in the south of Tehran. She said her father would often try to beat the "deviance" out of her. "He never asked me why I wore make-up and I never told him that I felt I was a woman. He just kept telling me not to disgrace the family. If he had asked the reason, maybe I would speak up about my problem and my condition could be diagnosed earlier," Sogand said. "I speak a lot now. It is like veils covering my real character were removed after the surgery, as I finally became the woman I longed to be." It was in college, when Sogand first glimpsed that she could possibly become that woman. A friend, who studied psychology, suggested she see a therapist who confirmed she was psychologically in need of a sex change. She then turned to the state Welfare Organisation for professional help, which also arranged and paid for the psychological evaluation, counselling and surgery. A certificate issued by a court allowed her to wear women's dress in public until her surgery three years later and hormone therapy stopped the growth of hair on her face and body and gave her a more feminine look. "The operation and psychotherapy costs around 40 million rials [Dh14,739] and they paid almost all once I was diagnosed with the condition and got a court order to have the operation," Sogand said. Vahid, a male friend from college stayed by her side throughout the process. The two were married two years ago. "The new birth certificate allowed me to marry Vahid legally and by a court order I even had my college diploma remade to accommodate my new identity." But not everything is always so easy for transsexuals in Iran. Operations can go wrong and cause serious deformities. A society that Sogand and some friends have formed plans to campaign for better medical and psychological treatment for transsexuals. "Doctors' training is outdated. We want the health ministry to provide opportunities for surgeons to learn new techniques, to bring in surgeons from abroad to treat transsexuals, or even send them abroad for treatment, if they recognise us as patients, and they definitely do," she said. "Sometimes wrong diagnosis of the condition leads to deep depression, regret and even suicide among transsexuals after having the surgery, so more care has to be taken in evaluation and diagnosis by psychologists too," said Sogand, who is planning to start a post-graduate psychology degree. Sogand even starred in Tedium (also known as Sex My Life), a trans-genre film directed by Bahman Motamedian that depicts the lives and problems of seven transsexuals, including a female-to-male transsexual, living in Tehran. The film has been shown in at several festivals abroad and won the Brian Award from the Venice Film Festival in 2008. msinaiee@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.”

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