Giving up Facebook



The grind of the 21st century throws up obstacles at every turn. Nikolaus Oliver is on hand with advice to guide you through. This week: going i-turkey, or giving up Facebook. For about 200 million of us, Facebook, which came into existence six years ago this month, is an integral part of daily life. I'm the exception. I do have a Facebook page, but when I look - about once every three months - I'm dismayed if anyone has left a comment or sent me a message. "What's wrong with them?" I always think. "Couldn't they have e-mailed or picked up the telephone or even spoken to me in person?"

But that's by the bye. The fact is that while many people enjoy such harmless nonsense, a minority become addicted to it. They fall victim to a modern paradox: social networking is leaving them isolated, friendless and alone. Or worse, they discover that their spouse has been having the wrong sort of fun online, conducting a virtual affair in Second Life or some such. (Did you know one in five divorce petitions cited Facebook as contributing to the marital breakdown?)

Among those preserving their marriages by bailing out is Bill Gates, who says he can't be bothered keeping up with the 10,000 people who want to be his friend. Yes, all right, Bill. So you're popular. There's no need to rub it in. For him, it's all "just way too much trouble". How can you tell if you're a Facebook junkie? There are five clues: you stay up late with it; you give it more than an hour per day; you develop an unhealthy interest in old boyfriends or girlfriends; you Facebook rather than work; you start sweating if someone suggests you give it a break. Phew. I think I'm all right.

But if that's you, here's some advice: switch off and get out into the real world. Your wife, your children, even your houseplants are more interesting. As for going i-turkey, it's nothing. The whole Muslim world embraces Ramadan. Millions of Christians sacrifice something for Lent. Giving up Facebook is a walk in the park. Think of it as a cocktail party. You've been stuck in a corner for hours talking to a bore (Facebook) and the other guests are starting to think you're pretty dull, too. Make an excuse, dump this tedious oaf and cross the room to where the fun is.

2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

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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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Company profile

Name: Infinite8

Based: Dubai

Launch year: 2017

Number of employees: 90

Sector: Online gaming industry

Funding: $1.2m from a UAE angel investor

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Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5