Elizabeth Pearson, a life-long expat, moved to Abu Dhabi in April with her family. As a child she spent a year in the city and she's never forgotten the way orange juice was served.
I was born in the UK and we moved to Nigeria when I was three, in the 1970s, which was quite a shell shock. We were there for three or four years, then moved to Mauritius, which was just incredible. In fact, it's the only country my mum still talks about.
When I was 10 we came here for one year, and I remember thinking it was the most sophisticated place I had ever been because you could buy orange juice in a cup, which I had never seen before. My dad's office building is still on the Corniche but other things didn't feel familiar at all - until I got lost in Baniyas, then suddenly the older part of Baniyas seemed very familiar.
At school (in Abu Dhabi), I probably mixed a lot more with local people than I do now, which is sad, but there just isn't the opportunity. It just gets more complicated when you get older. In the expat community you isolate yourself. I don't think it's a wilful disregard for culture at all, but people like to stay in something that is familiar.
When we went to Kenya, I went to boarding school because we just moved around so much. But your identity came very much from where your parents lived, and it was quite nice to be a little bit exotic. If someone asked 'where are you from?' better to say Kenya rather than Liverpool.
Looking back on it, boarding school was home. People always want to pin you down. People always ask you where you are from, and they demand an answer. And if you are not really from somewhere, people find it really frustrating, and I find it really frustrating too. It's a whole tribal thing.
The first time I was in a high-rise apartment was in Abu Dhabi. I remember standing on the balcony and seeing all the lights and thinking this is the most glamorous thing.
The sky just seems so big here. If you go out to the desert you have an entire dome of sky. It's a very beautiful light.
The lifestyle isn't as outdoorsy as I remember it. But then, we arrived just before summer, so I suspect it's all going to become a lot more out outdoorsy now. There used to be creeks on the islands, so we used to spend the day in the inlets, but they don't exist any more. And I remember being on boats going places, it was very sea-based.
We didn't have grass in my parent's house, and we used to have a rabbit, but it ran away to next door because they had grass. The first thing I did before moving in here was put grass down.
This place is beautiful when you get used to it. How easy it is to flip a perception. And the way they treat children here, it's just fantastic. And they love babies. That is quite nice after coming from the West, where it is quite stuffy, children are seen as pests. It's a perfect place to have toddlers.
Being an expat brat means that you only need a few things to click into place. At a recent party, I had a moment when I thought 'this feels like home'. And it was a real moment.
I think it changes it a bit once you become a mother. Evie was born in Sydney, so she has already had a move. What makes my home is her being there.
Most of our friends tend to be people who have had expat lives. I think because everyone is an expat, everyone is seeking normality, so you rush to normalise your friendships very quickly.
As soon as you put paintings or pictures up, it doesn't matter if you still haven't bought that shelving unit, if you don't have furniture in that room or whatever, as soon as you have got something you look at and it's familiar, you feel that you are on your way to having a home.
My dining table is very important to me because I like having people around it, debating, laughing eating good food.
We were very lucky, and we were given a house probably six times the size of our own in Sydney. I would love to change the colour scheme; it's so orange.
I can afford to be experimental. I've gone really modern. I buy all the magazines to see what is trendy. You feel the pressure because you think people are going to judge you on what your house looks like.
I always pay someone to do (the packing). Never, ever get down and dirty yourself because you have to make decisions when you pack, whereas, if someone else packs, then it gets there. Do a big cull beforehand - a lot of it is junk. You become blind to things in the home as soon as you're comfortable. So stuff, like a menu on the dresser, could stay there forever.
When you arrive, it's a panic riot, everyone is in the same shops. You have to live with this, give yourself a little bit of room.
Everything here is subtle, you have go to look for things and be aware, which you don't have to do in other countries. The other day, there were six guys in Lulu smelling the perfumes, and I just felt so sad for them. They have no wives, or they might have wives at home, so they have come into Lulu, and it's just so poignant.
I never really felt British; it's quite interesting. But I worked very hard to establish myself in Sydney and we were so happy there. That is where I worked and where I fitted in really well. It's so cosmopolitan; so many of the people there are expats.
All expats are going to go somewhere, aren't we, and everyone has a place they want to go to. Maybe people do want to keep travelling into the sunset and don't know when that sunset will be.
slane@thenational.ae
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
The biog
Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
Favourite book: Designing Brand Identity, Fifth Edition
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
Cases of coronavirus in the GCC as of March 15
Saudi Arabia – 103 infected, 0 dead, 1 recovered
UAE – 86 infected, 0 dead, 23 recovered
Bahrain – 210 infected, 0 dead, 44 recovered
Kuwait – 104 infected, 0 dead, 5 recovered
Qatar – 337 infected, 0 dead, 4 recovered
Oman – 19 infected, 0 dead, 9 recovered
RESULTS
%3Cp%3E%3Cstrong%3E9pm%3A%20Maiden%20(PA)%20Dh70%2C000%20(Dirt)%202%2C000m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Mubhir%20Al%20Ain%2C%20Antonio%20Fresu%20(jockey)%2C%20Ahmed%20Al%20Mehairbi%20(trainer)%3Cbr%3E%3Cstrong%3E9.30pm%3A%20Handicap%20(TB)%20Dh70%2C000%20(D)%202%2C000m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Exciting%20Days%2C%20Oscar%20Chavez%2C%20Doug%20Watson%3Cbr%3E%3Cstrong%3E10pm%3A%20Al%20Ain%20Cup%20%E2%80%93%20Prestige%20(PA)%20Dh100%2C000%20(D)%202%2C000m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Suny%20Du%20Loup%2C%20Marcelino%20Rodrigues%2C%20Hamad%20Al%20Marar%3Cbr%3E%3Cstrong%3E10.30pm%3A%20Maiden%20(PA)%20Dh70%2C000%20(D)%201%2C800m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Jafar%20Des%20Arnets%2C%20Oscar%20Chavez%2C%20Ahmed%20Al%20Mehairbi%3Cbr%3E%3Cstrong%3E11pm%3A%20Wathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(D)%201%2C600m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Taj%20Al%20Izz%2C%20Richard%20Mullen%2C%20Ibrahim%20Al%20Hadhrami%3Cbr%3E%3Cstrong%3E11.30pm%3A%20Maiden%20(PA)%20Dh70%2C000%20(D)%201%2C400m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Majdy%2C%20Antonio%20Fresu%2C%20Jean%20de%20Roualle%3Cbr%3E%3Cstrong%3E12am%3A%20Maiden%20(PA)%20Dh70%2C000%20(D)%201%2C400m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Hamloola%2C%20Sam%20Hitchcott%2C%20Salem%20Al%20Ketbi%3C%2Fp%3E%0A
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
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.”
Analysis
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Barcelona 3
Messi (27’, 32’, 87’)
Leganes 1
El Zhar (68’)
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia