DUBAI // In an age when so many of the tales told about the Arab world are tinged with despair, there was at least one night set aside to celebrate some good.
That’s what the audience wanted, and they came by the thousands to see it first hand.
There to hear the inspirational stories were Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and Sheikh Hamdan bin Mohammed, Crown Prince of Dubai.
Some were the relatives, friends and family of those nominated. Others had no connection, and wanted simply to be part of the first Arab Hope Maker Awards.
“It’s something that is unique, different, and truly represents the Arab people,” said Maha Ouda, 32, who works for Medecins Sans Frontieres and travelled to Dubai Studio City for the event.
“I’m here today to listen to people’s stories and to learn ... maybe I can do more to contribute.”
The names of 65,000 from across the region were put forward for the Dh1 million prize.
Many were the unsung heroes of this region and future role models – not the kind in music videos or on Instagram, but hard-working people who have made a difference.
Sara, 23, an engineer and sister of Maha, said that she too has always wanted to do more in the humanitarian field.
“I love doing it, I love listening to people’s stories, I love being inspired,” she said.
She hopes Arab Hope Maker will go on to become an event that galvanises the Arab world, if only for one day a year. But if it does not, she felt it had still been worthwhile.
“These people are heroes and should be recognised, especially given recognition is not what they aim for,” she said.
“It is those people who truly deserve being rewarded.”
Mustafa A, 26, said too often the portrayal of Arabs in films, television and the media is one-dimensional.
“If you look at us in most movies and shows, we are either terrorists or dumb characters,” he said.
“Even on the news, it’s all negative. We need to be shown in a new light.”
dmoukhallati@thenational.ae
INFO
What: DP World Tour Championship
When: November 21-24
Where: Jumeirah Golf Estates, Dubai
Tickets: www.ticketmaster.ae.
What She Ate: Six Remarkable Women & the Food That Tells Their Stories
Laura Shapiro
Fourth Estate
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.”