DUBAI // The Sharjah student Zaid Al Rayes has heard first-hand accounts of the Arab Spring from youths in affected countries - and of their dreams for building better societies from the turmoil.
Mr Al Rayes, 21, a student at the American University of Sharjah, has just returned from New York as the only person chosen from the UAE for the Ninth Annual UN Youth Assembly.
"I was the youngest, and fortunate to hear about the experiences of those who have been part of the Arab Spring," said the student, who hails from Syria.
Delegates from the Arab world came from the UAE, Egypt, Jordan, Lebanon, Morocco, the Palestinian territories, Tunisia and Algeria.
Mr Al Rayes heard about the clashes at Tahrir Square in Egypt, the role of social media in mobilising young people and social work in the Palestinian territories.
"I spoke about the message of Syrian youth and their role in current events in the country," he said.
Mr Al Rayes, who is completing a mechanical engineering degree, has been a regular at regional conferences, including the Youth Cafe in Beirut and the Fifth Youth Meeting in Alexandria, Egypt.
But his first fully international conference made him realise his place in society.
"The conference brought us together to exchange our experiences and build new relationships to develop our nations," Mr Al Rayes said.
He believes constructive dialogue among citizens and governments is the basis for peace and development.
"Only this, in the long term, will bring stability."
Among the major influences on Mr Al Rayes were the thoughts of Karim Ahmed Kasim, 31, from Egypt. Also a part of the sponsored delegation, Mr Kasim has been at the forefront of seeking rights and a democratic society in his country.
"We were at the assembly for two reasons: firstly, to talk about how youth is changing the face of the Arab region and our aspirations; and then to work together and build a network of young Arabs for different initiatives to achieve the UN goals," Mr Kasim said.
He said Egypt was coming out of its shocking experience of dictatorship and now it was "almost like giving birth to a new nation".
"But when [the president Hosni] Mubarak stepped down, I was not jumping with joy because I was thinking of the coming months. The issue is to create a new free Egypt," Mr Kasim said.
He said there was no longer any room for clashes and violence, and that the push for change required patience.
"What we need now is more representation of empowered young people who can contribute to the education and knowledge required to take the country forward," Mr Kasim said.
"A few days ago a young woman was tried by the military and everybody was upset about it.
"I said we should work to defend her if she has not done anything wrong, but if she has then we support a fair trial in front of a civilian court.
"But we have to be peaceful because nothing can be achieved overnight."
The 15 regional delegates were sponsored by PepsiCo - Asia, Middle East and Africa. The company's chief executive, Saad Abdul-Latif, said they "need to be encouraged to achieve their dreams".
"These young leaders are passionate and full of new ideas. Recognition of this commitment and support from the public and private sector like this one are important," Mr Abdul-Latif said.
Mr Al Rayes, the young Syrian, left New York with ideas about how to develop his own country.
"I hope in the future to help my nation to establish a real education base because that is the key to rebuilding our nation and to have a better society," he said.
aahmed@thenational.ae
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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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