Mariam Banemanie Traor, one of Burkino Faso's many victims of female genital mutilation
Mariam Banemanie Traor, one of Burkino Faso's many victims of female genital mutilation

FGM is a barbaric practice which risks vulnerable lives



It is a barbaric practice that has no roots in religion and can cause unimaginable suffering and even death in its victims. Yet female genital mutilation, or FGM, is still widely practised throughout this region and in Africa and Asia. The charity Unicef estimates 200 million women in 30 countries, including Yemen, Indonesia and the Kurdistan region of Iraq, underwent the procedure in 2016. In the Arab world, Egypt has one of the world's highest rates of genital mutilation, with an estimated nine in 10 women undergoing an operation, despite the practice being outlawed in 2008. Among them was 17-year-old Manar Moussa, who died in Cairo in 2016 when she was under anaesthesia for the surgery.

Medical experts are categorical: there are absolutely no health benefits to the practice. Nor is it a requirement in the Quran or any other holy book. Instead, a practice bound in outdated ideas of honour and chastity is endangering lives. Those who go under the knife can suffer from recurring infections, have trouble urinating, experience complications conceiving or giving birth and even bleed to death. Yet still quacks insist on carrying out the procedure and girls are forced to go under the knife from a young age in a self-perpetuating social convention to avoid being labelled unclean or dishonourable. The practice is cloaked in the lie that they are somehow celebrating the attainment of womanhood while in reality, it is taking it away from them. As The National reported, there is a growing anti-FGM movement, with non-governmental organisations and individual campaigners working tirelessly to educate towns and villages about the risks of such a needless operation. A change in law must go hand-in-hand with education and outreach campaigns to protect the most vulnerable members of society.

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Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.

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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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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