Credit crunch. Recession. Financial slowdown. Whatever the headlines might be, there's a school of thought that in such times, we flee to literature that allows us some kind of escapism.
In the 1930s it was Margaret Mitchell's Gone With The Wind. This year, the US bookseller Barnes & Noble announced a six per cent rise in romance novel sales, and, of course, Stephenie Meyer's Twilight series continues to sweep all before it. Not all its readers are teenage vampire fans, either; you don't sell 22 million copies of a book if it's just for the kids.
A desire for escapism, however, ignores the presence of two hugely popular books that concentrate on the experiences of the workplace: the incredible comeback of Ayn Rand's 1957 novel Atlas Shrugged and the arrival of the philosopher Alain de Botton's The Pleasures and Sorrows of Work.
Rand's book rocketed to the top of global charts this year, powered largely by its central (albeit fictional) theme, which appears prescient: a dystopian world teeters on the edge of collapse as the US economy nosedives thanks to intervention in business by government. But the objectivist philosophy Rand champions - in which man's happiness is the moral purpose of his life and productive achievement is his noblest activity - is not something de Botton can accept.
"It's extremely aggressive in its suggestion that you can be anything you want to be," he snorts. "That's a very appealing message in these times and very American, but of course it's not true. We have all sorts of limitations. We may fall ill. We may not, in the end, be up to it. So it's a very painful philosophy and a very hard philosophy, really. I wonder why anybody would want to put themselves through it. I'm haunted enough by ambition not to need an extra dose from Ayn Rand to get me out of bed in the morning."
If you're looking for some relief from talk of downturns, redundancies and downsizing, de Botton is the perfect antidote. He maintains it is a coincidence that The Pleasures and Sorrows of Work was published at a time when we're hyper-aware of our jobs, but the poetic way in which he tracks an accountancy firm, an entrepreneur fair and a tuna fisherman in the Maldives achieves something really rare; a charming travelogue through some potentially mundane, real-world territory.
"Having thoughts about work is something you do at any point during an economic cycle, because it's so much a part of our lives," he says. "The two great modern obsessions are work and love. And whether you're in love or out of love, in work or out of work, there's a perennial question: am I getting this part of my jigsaw correct?"
But even if his new book could be accused of bandwagon jumping, it barely matters. It's fascinating not only because it's a well-written, at times dryly funny travelogue (the first sentence of one chapter at a biscuit factory is "I became interested in biscuits"), but also because it makes you think about how you approach what you spend most of your life doing: working. For de Botton, the process of writing this book went back further than simply wondering how 10 people in 10 different jobs did just that. He identified what work is for psychologically. And in a downturn, he believes, that changes.
"There have always been two notions of work knocking around together. The first is that work is basically for money, for survival, to put food on the table. And in a way that's the oldest view. It involves notions of suffering and penance. The more modern view is that it's a way of fulfilling yourself, a path to freedom. It's a very utopian idea. We've probably got both of those stories in our heads at any point, depending on our circumstances at any particular time. And right now many of us may be going back to the older view - a job is fine as long as it pays. It doesn't have to have a higher meaning. Certainly I've heard the line 'at least it's a job' many times over the past few months."
De Botton suggests that such a hardening of a relationship with a wage actually lowers expectations and makes it easier for us to be happy. "In boom times, you can't open a newspaper without hearing a story about some self-made millionaire. And for most of us, that's incredibly anxiety-inducing. You end up wondering why you aren't like that, why your career isn't similarly turbocharged. In a downturn, being freaked out by that isn't an issue, and it makes for a more relaxed state of affairs."
All of which probably makes The Pleasures and Sorrows of Work sound like the kind of schmaltzy self-help books that are quickly discarded. Thankfully, de Botton is not that kind of writer. The Art of Travel, his 2002 book, did something similar to his latest work (which he admits he nearly called The Art of Work) but asked questions about what we expect from our holidays.
"In both cases what I wanted to do in a personal way - not as an academic but as a human being - was ask these outwardly banal questions such as 'What's the point of this? Why are we doing this and where is this heading?' I may not have clear answers, but that doesn't mean you can't say something meaningful. One of the best things that books can do is allow you to think for yourself."
This time, he tracks a tuna fish from a Maldives fishing boat to a dinner table in Bristol, England. He follows the design process of the British biscuit, Moments. It is certainly thought provoking. De Botton's aim is not to tell us about worlds of work we already know ("everyone on television is either a lawyer, a criminal or working in the health service," he laughs) but to hold a mirror up to the parts of the working world that are essential to the way we function as societies but entirely neglected.
"We live in a world where culture is really skewed towards art and nature and pre-industrial idylls. And that's important to me because it means that very little of the way we actually live is reflected in photographs or novels. I wanted to make the point that we should open our eyes to people working in logistics, for example. It is pretty thrilling what they do. I guess there is a side of me that is inspired by geeky, technological pursuits. They're usually handled in a geeky, scientific way, and I was keen to make sure they had a different kind of voice."
That also means his book boasts some brilliant photography. De Botton aimed to make it less a journalistic exercise, and more a book of ideas and thoughts - so the images are key to understanding this hidden work that goes on in industrial estates and windswept ports. It makes for a beautiful rhythm to the chapters and, at times, a sense that de Botton is baffled by our notions and expectations of what work means as much as he is delighted by the fact that it only takes 52 hours for the tuna fish to make it from sea to shelf.
Still, one might ask what de Botton, as the offspring of a multimillionaire financier, would know about the real world. He has enjoyed success in his career as a writer - this is not a 39-year-old man who has spent days stacking shelves, so what right has he got to discuss such endeavours with such intellectual, often laconic detachment?
"I completely understand that argument," he says, "but that's the perennial writer's problem no matter who they are or what they're writing about. You're trying to enter into a world you may not have directly experienced - the murderer, the dying child. It doesn't change because it's the world of work.
"I do belong to an intellectual class but the question is whether you can transcend that. Can you enter into other people's experience? As a writer, I have to believe that you can. Otherwise we're all stuck in our little bubbles and no one can understand anybody. It's a very depressing argument that a writer cannot possibly understand anything at all about a biscuit factory. At the end of the day we're all human beings, and there's only good writing and bad writing."
It may be that de Botton - like Rand before him - is better placed to chronicle our hopes and fears about work, career and life because he is detached from that very world. While Rand was profoundly bitter about the way the world was set up and discussed the potential consequences in her fiction, de Botton is disarmingly sympathetic to the travails of the modern man in a world he is powerless to change.
"One of the basic pleasures of work is ordering the world in some way," he says.
Taking the chaos of nature and placing order upon it is work in its most basic form. As children, some of the first work we see is housekeeping, and all work, even arranging computer data, is a form of housekeeping.
"Work is also a form of gardening in some ways; it's why gardening looms large in people's fantasies of what they'd like to do. It's about training something wild. It's also about creating something that's better than you manage to be in the rest of life, creating a little island of perfection."
Whether you actually manage to live on that island is not the point, it seems. The work of Rand and de Botton proves that we'd like to think we could.
The Pleasures and Sorrows of Work by Alain de Botton is out now (Hamish Hamilton).
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
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.”
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh132,000 (Countryman)
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Raha%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Kuwait%2FSaudi%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Tech%20Logistics%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2414%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Soor%20Capital%2C%20eWTP%20Arabia%20Capital%2C%20Aujan%20Enterprises%2C%20Nox%20Management%2C%20Cedar%20Mundi%20Ventures%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20166%3C%2Fp%3E%0A
RESULT
Bayer Leverkusen 2 Bayern Munich 4
Leverkusen: Alario (9'), Wirtz (89')
Bayern: Coman (27'), Goretzka (42'), Gnabry (45'), Lewandowski (66')
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
UAE squad to face Ireland
Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind
The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
Results
6.30pm: Dubai Millennium Stakes Group Three US$200,000 (Turf) 2,000m; Winner: Ghaiyyath, William Buick (jockey), Charlie Appleby (trainer).
7.05pm: Handicap $135,000 (T) 1,600m; Winner: Cliffs Of Capri, Tadhg O’Shea, Jamie Osborne.
7.40pm: UAE Oaks Group Three $250,000 (Dirt) 1,900m; Winner: Down On Da Bayou, Mickael Barzalona, Salem bin Ghadayer.
8.15pm: Zabeel Mile Group Two $250,000 (T) 1,600m; Winner: Zakouski, James Doyle, Charlie Appleby.
8.50pm: Meydan Sprint Group Two $250,000 (T) 1,000m; Winner: Waady, Jim Crowley, Doug Watson.
WHAT%20MACRO%20FACTORS%20ARE%20IMPACTING%20META%20TECH%20MARKETS%3F
%3Cp%3E%E2%80%A2%20Looming%20global%20slowdown%20and%20recession%20in%20key%20economies%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Russia-Ukraine%20war%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Interest%20rate%20hikes%20and%20the%20rising%20cost%20of%20debt%20servicing%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Oil%20price%20volatility%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Persisting%20inflationary%20pressures%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Exchange%20rate%20fluctuations%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Shortage%20of%20labour%2Fskills%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20A%20resurgence%20of%20Covid%3F%3C%2Fp%3E%0A
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
Score
Third Test, Day 1
New Zealand 229-7 (90 ov)
Pakistan
New Zealand won the toss and elected to bat
Roll of honour
Who has won what so far in the West Asia Premiership season?
Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain
Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons
West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins
UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles
West Asia Cup - Winners: Bahrain; Runners up: Dubai Exiles
West Asia Trophy - Winners: Dubai Hurricanes; Runners up: DSC Eagles
Final West Asia Premiership standings - 1. Jebel Ali Dragons; 2. Abu Dhabi Harlequins; 3. Bahrain; 4. Dubai Exiles; 5. Dubai Hurricanes; 6. DSC Eagles; 7. Abu Dhabi Saracens
Fixture (UAE Premiership final) - Friday, April 13, Al Ain – Dubai Exiles v Abu Dhabi Harlequins
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
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.”