It’s often said of television in the US that it’s a culture in which “fat people watch thin people do stuff”. If so, the obverse is probably true in the UK, where domestic TV now consists of fat people watching fat people do stuff.
Obesity makes for compelling drama: and thus the prime-time schedules are bloated with endless reality TV shows, in which overweight punters try to shed improbable amounts of fat. Designed to appeal to the voyeur in all of us, they’re utterly captivating. Who wouldn’t feel a shiver of vicarious relief that it’s that poor sweating individual on the screen and not you having to run on specially strengthened treadmills or exist on a diet of celery for six months, their only companion a chisel faced fitness instructor and a film crew. “At least I’m not that bad,” we say to ourselves as we grasp the remote control even tighter and take another handful of potato crisps.
This grim paradox reaches Kafkaesque proportions during the advertising breaks, which often consist of puffs for calorific foodstuffs intermingled with other advertisements promoting the benefits of outlandish weight-loss schemes: there’s liposuction of course, but there are also some other, rather more odd, solutions. Dietary additives made from algae that promises to miraculously dissolve, eat or burn off excess fat while you sleep, or preposterous mechanical contraptions, which are billed as being able to magically melt away that excess flab by means of electrical impulses without you having to do anything more strenuous than switching on a plug.
If indeed they do cause you to shed pounds, it’ll only be the pounds that have miraculously disappeared from your wallet in the process of purchasing these products. The inconvenient truth – that you can only guarantee to lose weight by eating less and exercising more – is one the developed world doesn’t want to hear.
But while we may stuff our ears (and mouths) and look the other way, obesity is becoming a global pandemic. In countries as far afield as the US, China and even Australia, a nation once fiercely proud of its sporty reputation, waistlines are spreading. Indeed, even in the UAE a recent well-documented report confirmed that children as young as five are now being seen for weight loss surgery. And so we have the shaming scenario of one half of the world on the brink of malnutrition while the other half are so fat they can hardly waddle from their beds to the fridge.
Well, it seems that the medical profession in the UK may be bowing to the inevitable. For years the grandees in charge of Nice, the National Institute for Health and Clinical Excellence (and the organ which administers the National Health Service), have been warning of a ticking medical time bomb in the form of type 2 diabetes, a condition directly linked to excessive weight and one affecting 2.9 million UK citizens. The message to the sufferers was simple: adjust your lifestyle now, or face illness and disability in the future.
But this month Nice announced that free weight-loss surgery could soon be offered to nearly a million diabetics previously considered ineligible.
The economic factors surrounding this apparent volte-face are beyond question. A simple stomach bypass costs just over £5,000 (Dh31,300) a go, while the fitting of a gastric band runs to roughly half that cost. Yet while the cost of offering such procedures to nearly a million new claimants may be colossal, it will still be cheaper in the long run than treating the diabetes that will inevitably prevail if lifestyles remain unchanged.
Critics have been quick to point out the moral madness of this apparent policy shift.
As well as relieving the individuals in question from any sense of having to take control of their lifestyles, the increased quantity of surgery must also result in precious funds and resources being diverted from other, more deserving areas of the NHS, such as helping those suffering from cancer or strokes.
Never mind. Madness is what the world is all about now, at least when it comes to eating. Come to think of it, perhaps the NHS could televise their operations live and in doing so claw back some of the current £30 billion funding deficit by selling space in the ad breaks.
“Competitive weight loss surgery”: three surgeons, three patients and a maximum of 90 minutes to complete the procedure. The first person to rise from their bed and walk 100 metres unaided wins a year’s supply of M&Ms. Now there’s a programme I’m sure we’d all watch.
Michael Simkins is an actor and writer based in London
On Twitter: @michael_simkins
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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.”
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million