An investment of words



Who'd have thought two words could make such a difference? But they do. Addressing representatives of the Emirates's millions of subcontinental workers with phrases like Tung gay? in Pashto, Sub teekay? in Urdu or even Kullu tamaam? in Arabic has proved capable of generating a hugely positive reaction. All three phrases effectively mean "Are you OK?", but just greeting someone in a language other than your own is enough.

I use the phrases whenever I hail one of Abu Dhabi's well-travelled white and gold taxis and encounter a grizzled and embittered driver. As they launch into gripes and rants about everything from "too much traffic" to their sweeping generalisations about the parsimonious tipping traits of different nationalities, the easy solution is to ignore them and stare straight ahead until the end of the journey.

But try this: remember one of the phrases above and watch the reaction. There is always - always - an instant smile and a change of attitude. And often a double take as well, which is not always a good thing if at the time the driver's blasting down Muroor Road at 140kmh. We all know these drivers have plenty to complain about. Most of them live in bunkrooms with a throng of other drivers, are separated from their wives and children for years at a time, work six days a week and sometimes for longer than 12 hours a day - all in return for earning less in a week than the professionals they carry would spend on a ball ticket for a night out.

Really, who wouldn't be disaffected? One evening recently, the taxi I hailed was driven by a grizzled middle-aged man who seemed to epitomise surly disaffection. Picking me up, it seemed, was just the most recent of an endless series of bad turns to have afflicted him. I didn't take it personally. I'm not the only person who suffers from a tendency to overgeneralise and dehumanize the other side, and to him I was probably just one more overpaid and overprivileged expat professional whose life was infinitely better than his own.

"Tung gay?" I asked. The reaction was instant. Once he recovered from the shock, he became happy and chatty, even after he realised those were my only two words of Pashto. By the time the ride ended, the soundtrack of griping and grizzling had been replaced; he was singing Pashto love songs. These songs were just near me rather than aimed at me, but still, it's not a bad return for an investment of remembering two words.

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills

In Search of Mary Shelley: The Girl Who Wrote Frankenstein
By Fiona Sampson
Profile

COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed 

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.”

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

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