ABU DHABI// Knowing where to turn for advice on how to be a good parent can be a difficult proposition for new fathers, particularly Emiratis.
Online forums and websites offering maternal advice to women are readily available at the click of a button, but where can men turn if they have questions or doubts about their role in the family unit?
That was a question many fathers wanted answered at a workshop in Abu Dhabi hosted by the Salama bint Hamdan Al Nahyan Foundation.
The foundation’s aim is to support the next generation of Emiratis to lead the country’s growth and development.
At the two-day workshop, more than 50 dads said juggling long work hours with the time needed to offer a stable and balanced upbringing for young children was becoming harder than ever.
“Many of the men felt like pioneers,” said Dr Kyle Pruett, a clinician, author, and a director of medical studies at the Yale School of Medicine’s Child Study Centre.
“They have a very different life to their fathers, who were often home during the day as opposed to the long working hours in modern life. As a result, many now feel more distant from their children.
But a busy father does not always mean an absent father. It is not about the number of hours they spend with children that is important, but the quality of that time.
“The men said the workshop was the only chance they had to talk about being a father, even within their own families. It is not often discussed, so that can make fathers feel isolated.”
Dr Pruett said children deprived of time with male family role models often have more difficulty in school and managing impulsive behaviour. They can also have challenges reading the social rules of the world around them,
The workshop Fathers’ Unique Role in Childrearing was part of the foundation’s parenting programme and early childhood development initiative.
Discussions introduced key principles of child development and behaviour, offered practical information and techniques for dealing effectively with young children, particularly for Emiratis.
It recognised the unique pressures fathers face juggling work and family commitments, and addressed real-life challenges through innovative ideas to make the best use of time with their children.
Saif Mohamed Al Hajeri, chief executive officer of Tawazun Economic Council and Tawazun Holding, lead a question and answer session and shared his parenting experiences.
“It was an active and lively discussion,” said Dr Pruett.
“Things on their minds included how to prepare children for this rapidly changing world when we are in what feels like a revolution in our families. The idea of being fully present when you are with your children was another key area. Technology has had a big impact on parenting. It is important parents turn off their smartphones and listen to the child. The best conversations are the ones where the child is doing most of the talking.”
nwebster@thenational.ae
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700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams
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Adrian Mannarino v Novak Djokovic (2)
Venus Williams (10) v Jelena Ostapenko (13)
Johanna Konta (6) v Simona Halep (2)
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Favourite place in the UAE: Al Qudra lakes
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A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
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700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams
Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams
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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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