It's sad that many people are not even interested in basic health education and information, which can prevent many health problems and diseases (Doctors alarmed at lack of basic health knowledge, February 7). But don't forget that the majority of workers come here from very poor and undeveloped parts of the world.
Ivana Jesic, Dubai
Even many doctors have very limited knowledge and experience. I’ve seen too many of them over the past 10 years and I trust only one.
Maha Abdellatif Ben Achour, Abu Dhabi
Concern over mis-selling
In reference to the article The Money Roundtable: Do long-term savings products serve their customers or their sellers? (February 7), I think that this is definitely a valid conversation.
In my opinion the products are not the issue. It’s about the selling of them by unregulated, commission-hungry advisers, who do not sufficiently describe the product features.
If they explained the fees and potential pitfalls of early encashment, then most clients would substantially reduce the amount they were willing to commit to this kind of plan in order to ensure that it remained affordable and practical.
There are more appropriate ways to save short- to medium-term cash, such as offshore bank accounts / platforms that can be accessed without penalty and do not carry the burden of commission.
However, without commission, who can spend the time needed to set these up and turn a profit? In the Uited Kingdom, the abolition of commission has created an advice “gap”, where advisers cannot afford to spend the time to help savers begin their journey, as any upfront fee charged to the client is not available. (If a client has not saved until this point, the likelihood is that he won’t have funds to pay the adviser for his time in setting the plan up).
More transparency and a more holistic/ diverse use of other (more liquid) products, alongside the regular savings plans, would be a good start.
James F, Dubai
UN needs to reinvent itself
Regarding the opinion article The world will miss western liberal intervention (February 7), I think this all points to the need for the United Nations to reinvent itself.
It alone should be empowered to act as the world’s policeman, but it is ineffective in that role. Its resolutions are largely ignored (which led, I believe, to the invasion of Iraq).
It is a toothless tiger and its member nations need to do something about that.
As for Britain’s disavowal of liberal intervention, I think Theresa May is right. Why waste British lives and British money intervening in places such as Syria, where no one seems to be able to identify the morally just side to support, and where no one knows what “success” looks like?
After the mistakes of Iraq and Afghanistan, sitting back and taking stock is the right thing to do – for the United States, as well as Britain.
Name withheld by request
Why pay Dh495 for a burger?
Why would anyone pay Dh495 for a burger or Dh3,676 for a cupcake (10 of the UAE's most expensive dishes, February 8)? Could it be just for bragging? Why not share that money with the poor and hard working people on the streets?
Sheryl Gardner, US
It’ll be even more expensive when VAT is introduced. Only a fool will part with his money so easily.
Kim Marsh, Dubai
I can’t believe there are still people out there who will pay for such things.
Zayed Noor, Abu Dhabi
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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.”
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Specs
Engine: Duel electric motors
Power: 659hp
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Price: On request
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The Bio
Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”
Holiday destination: “I like Paris very much, it’s a city very close to my heart.”
Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”
Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
