The pillows of our dreams



There are several factors that contribute to a good night's sleep: temperature, noise, stress levels, tiredness - and pillows. According to my mother, pillows are the key. Get the right pillow, she says, and pure, undisturbed, rejuvenating sleep will always be within your grasp. For a while, pillows were all she could talk about. We'd come home for the weekend and before we'd even finished relaying the tedium of our week, she was yanking her newest acquisition down from the cupboard and ordering us all to try it. "Apparently, this one can cure all kinds of muscle pain," she would proudly announce. Pillow Science was becoming her new specialist subject. And she was spending a fortune on increasingly technical varieties. Every time you opened a cupboard, a pillow would burst out, like an air bag.

Of course, we humoured her, but she never succeeded in inspiring in us quite her level of pillow excitement. Some of it must have brushed off, though, because the first thing I always do now when I go to a hotel (after yanking off the eiderdown - who knows how often they wash those things?) is check the pillows. Are they soft enough for sleep? Supportive enough for reading? So you can imagine my excitement when, on arriving at our hotel in Dubai this weekend, a quick prod of the pillows revealed that they were the among the softest and fluffiest I have ever experienced. Scores of geese mere hours old must have had to die to achieve such glorious bounciness. It was like lying in a sea of marshmallows, or clouds, or soufflé. I barely registered the news that night, so quickly was I enveloped in sleep.

Even my husband was smitten. "We simply must have these pillows," he announced as we mournfully packed up our things. But an obscure German brand name was all we had to go by. A visit to the hotel shop for the newspaper revealed that we were not alone in our affection. There, in a soft downy pile, were pillows - our pillows - the very marshmallowy, cloudy ones that had ensured blissful slumber for the past two nights. We didn't bat an eyelid when were calmly informed that that particular model was Dh850. "You can't put a price on sleep," we both muttered at each other, simultaneously reaching for our credit cards. And then the words you never want to hear: "Oh, but that particular model is out of stock at the moment."

My husband doesn't often cry, but I swear I saw the tears welling. Our distress was greeted by that other wonderfully vague palm-off. "But we should be getting more in soon."

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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.”

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

Top investing tips for UAE residents in 2021

Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.

Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.

Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.

Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.

Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.

Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.

Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”

Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.