The Ali Column: Let's nip cultural clashes in the bud



Despite living in such a culturally diverse and pluralistic society, I have overheard many discussions about the social gap that apparently exists between Emiratis and expatriates. Young children in schools are especially affected by this because Emirati parents are being accused of refusing to let their children play with non-Emirati children while expatriate parents are being blamed for not being respectful enough towards our Islamic faith.

This is not surprising. Why? Well, you need to consider all the cultural factors that influence the dynamics between various groups of people: the self-perception versus the perception of others, the intergenerational transmission and the clash of cultural values, especially in terms of raising children appropriately.

Let's take a closer look at the perceptions that are taking place between the parents involved. If Emirati parents feel that their identity is being threatened by the presence and behaviour of other parents whom they view as foreign to them, certain stigmatisations naturally emerge. This leads to a bigger social gap between the two parties, between "us" and "them". At the same time, tensions can build and accusations based on stereotypes turn into insults and ultimately end in conflict situations between the parties.

However, as soon as children are involved, you always have that generation factor mixed into it, since certain behaviour patterns are passed down from generation to generation. Our children see how we interact with others who are different than us. If we don't interact with other nationalities, our children will find it difficult to appreciate cultural exchange.

As parents, we have to set a good example first. After all, engaging with others has always been a part of our lifestyle. We grew up with hospitality as one of our core values that still exist today.

The different lifestyles that exist in our society include the modern lifestyle that we have already accepted. Unfortunately, the challenge that we face is that it can bring up "cultural clashes" because, in our culture, the focus lies on religion and family. For me, it is very important that my children engage with children who grow up with similar values to themselves, but they don't necessarily have to have the same nationality. And here I mean the good values of a human being, not necessary just Islamic values. That is something that I deeply care about, and by doing that I want to protect my children from bad influences. What parent would not want to protect their child from harm? It's the same with Mother Nature; Mother Goose would never leave her chicks alone or let them come into dangerous situations.

Finally, I send this message to all Emirati parents who have somehow let go of their cultural identity and have forgotten the importance of holding on to our beautiful values and culture. It's important they raise awareness about our cultural values and influence their children.That way Emirati children can practise their Islamic and Arabic values while opening their hearts and minds to other people's cultures and learn from their good values as well.

MIDWAY

Produced: Lionsgate Films, Shanghai Ryui Entertainment, Street Light Entertainment
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Rating: 3.5/5 stars

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.”

Shubh Mangal Saavdhan
Directed by: RS Prasanna
Starring: Ayushmann Khurrana, Bhumi Pednekar

SEMI-FINAL

Monterrey 1 

Funes Mori (14)

Liverpool 2

Keita (11), Firmino (90 1)

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
The specs

Engine: 3.8-litre, twin-turbo V8

Transmission: eight-speed automatic

Power: 582bhp

Torque: 730Nm

Price: Dh649,000

On sale: now  

MATCH INFO

Juventus 1 (Dybala 45')

Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')

Red card: Rodrigo Bentancur (Juventus)

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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)
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