We nearly had to remember how to fake enthusiasm



The planets, the stars and the moon were all lined up, portending an event that happens once in a million years. The social life on earth as we know it was at risk. It would be worse than the asteroid that brought about the extinction of the dinosaurs.

When the event was announced in July, thousands went into a state of panic. "How are we going to survive?" a friend of mine asked. Others went into fits of anger and resentment before they finally learned to embrace the inevitable. Some sought divine intervention to postpone the day of reckoning, or simply asked for the strength to accept what would come to pass.

Others rushed out for supplies to prepare for that moment and some considered an alternative means of survival. The clock was ticking, and the day the officials proclaimed as the end came closer. But there was some solace to be found in our collective despair. People united in a manner never before observed. They said their final goodbyes and confessed their transgressions, attempting to make amends and ensure nothing was left unsaid.

But as if by magic, people were delivered from what they had most feared. Officials at the Telecommunications Regulatory Authority announced that they have come to an agreement with RIM (Research in Motion), the maker of the BlackBerry. Can life ever be the same after we came so close to catastrophe? The prospect of the ban made us consider how tethered we are to the devices and how dependent we are on its tools to stalk our friends and remain aware of their status and whereabouts.

Forget about plots in science fiction movies to implant a GPS transmitter in people's brains to keep track of them. We wilfully agreed to be part of such a project, giving our own movements away voluntarily with the radio signals of our BlackBerrys. Many addicted to their "crack-berries" confess to a dependence on its numbing and soothing effects. It's true that the BlackBerry world is a quieter one. People make few sounds firing away with their fingers rather than screaming into a phone. A BlackBerry ban would have forced us to tolerate again the sounds of those who mindlessly ramble into a piece of plastic. We would have had to actually hear people's voices in order to get in touch with them. Would we have been able to fake enthusiasm on the phone? We are out of practise since our deft little fingers have access to so many different kinds of smiley faces on our BlackBerrys.

Alas, the day is past us now, and we can learn something about ourselves from coming so close to the brink. I myself was in denial, trying to enjoy the last moments before it was too late, changing my status and my display picture in my messenger every two minutes. I snapped pictures of objects from my boring surroundings. Others were worse, refreshing Etisalat's Twitter feed for hours on end, hoping to receive word of their deliverance.

On the other hand, many were hoping that if BlackBerry were banned it would cure what has become a collective compulsion. Perhaps we could find other sources of meaning for the spasms we experience when we glimpse that blinking light from the corner of our eye. We could finally get a full night of sleep and not be woken by curiosities: Has someone contacted us at 3am? We have a love-hate relationship with our devices. They can rekindle relationships but can also keep them going when they might as well die.

Is information really what makes us feel alive?We don't really need all that much technology. And in fact, BlackBerrys provide the same service that the telex used to provide. It's a concise, fast and simple way to get a message across. No one would have thought this sort of technology would come back again after it slowly went into extinction with the rise of the telephone. If Alexander Graham Bell were alive today, what emoticon would he use to mark this day?

Hissa al Dhaheri is a sociologist and cultural researcher

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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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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

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How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Tightening the screw on rogue recruiters

The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.

 Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.

A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.

The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.

The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.

Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.

Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment

But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.

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