More women in the UAE are seeking "facial enhancements", The National reported last week - be it for bigger lips, wrinkle-free skin, or other more extreme enhancements. In an appearance-obsessed world, with its increasingly unrealistic standards of beauty, looking good has become too closely bound to our concepts of happiness and success.
The trend reminds me of the saying, "if you don't look good you don't feel good". But following the folk logic of that adage, can we also say, "if you do look good you must feel good too"? Have cosmetic procedures become a self-esteem boosting antidepressant?
Even with the current economic downturn cosmetic enhancements are increasingly sought, with people choosing the less expensive procedures, such as laser resurfacing, Botox and laser hair removal.
Are the masses finding happiness under the knife or at the end of a needle? There are some in the medical community who say yes. They see cosmetic surgery as a quick-fix solution to boost self-esteem, and perhaps to even reduce reliance on antidepressant medication, especially for those with body image related woes. Dr Richard Stark, the author of Aesthetic Plastic Surgery, claims this as a valid reason for an individual to go ahead with such procedures: "If one has a poor self-image or is unhappy with the way they look, cosmetic and reconstructive surgery is their answer. Psychologically, patients receive a powerful boost from such surgery." Dr Bruce Freedman, a plastic surgeon in Washington DC, recently led a study into the psychological effects of cosmetic surgery, finding that 31 per cent of the sample was able stop taking antidepressant medication after undergoing elective cosmetic surgery. A study in Brazil reports much of the same. Dr Elvio Bueno Garci'a, a professor at the Federal University of Sao Paulo, followed the psychological outcomes of 35 women who had surgery to correct asymmetrical breasts. The participants in this study reported a better quality of life, and higher self-esteem six months after the surgery.
Another argument for the depression-defeating properties of cosmetic procedures is that physical improvement makes people more outgoing. More confident and outgoing people also tend to develop a better social life, and a thriving social life arguably leads to a better support network, a key factor that helps to prevent depression when times get tough.
So is Botox the new Prozac, and is the pursuit of beauty really a recipe for happiness?
Of course not. For the unhappy customers of plastic surgery, a nose is not so easy to take back to the store like an ill-fitting dress or pair of shoes and many people who have surgery do not have their expectations met. Many patients report strong feelings of sadness, fatigue and loss of interest, which typically begins a few days after a surgery. This post-operative depression, which could be related to medications, called post-surgical traumatic stress syndrome, often results in long periods of fatigue and irritability, which can be made worse if expectations for a change in appearance are not satisfied. Imagine you didn't like the old you, but that you don't like the new you either. Beyond disappointment, research reveals that many patients with unmet expectations feel rage towards the medical personnel responsible for fashioning their unappreciated new look.
Doctors are also seeing and operating on a group of patients seeking elective cosmetic procedures who actually have a psychological disorder known as Body Dysmorphic Disorder, sometimes called imagined ugliness. With these patients (as many as 15 per cent of all people seeking elective surgery) research has shown that the surgery rarely works to appease their dissatisfaction, and that they soon begin to imagine and magnify new blemishes and defects after their first surgery. Body Dysmorphic Disorder may explain what appears to be a growing addiction to cosmetic enhancements.
Cosmetic surgery can have powerful positive effects. Indeed, for people with birth defects for example, or those left with scars after tragic accidents, it can be life-changing as the surgery can mask or reduce the disfigurement and allow a person to feel better about their physical appearance. However, undergoing surgery as a quick-fix solution to deep seated self-esteem and emotional issues is going to prove problematic in the long term, not just for an individual, but also for a society that promotes this idea. Beauty may be skin deep, but true happiness comes from a much deeper place.
Shaima Abdul Rahman is a student at Zayed University. This is an edited version of an essay that won the university's Best Essayist Award Psychology for autumn 2009
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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.”