This summer brings our annual holiday in Bangkok. With it comes the stress of having to decide how many clothes to pack per person, explain to my husband that we cannot take along 15kg of camera gear, and stop Calvin, our 10-year-old, from sneaking his menagerie of toy animals into the suitcases.
This year, I have one more thing to worry about: should our son be given a Japanese Encephalitis (JE) jab before flying out to Bangkok? The dilemma arose when we recently made a routine visit to his paediatrician and casually mentioned our summer plans.
Calvin, who was born in Bangkok and therefore immediately qualified for Thailand's vaccination programme for children, was administered the requisite three JE doses by the time his third birthday came round.
I didn't question it then. Thailand has had a few outbreaks in the (distant) past and, even though the mosquito-borne disease doesn't usually occur in urban areas, it seemed like a sensible thing to do, especially to a new, sleep-deprived mother who jumped every time her baby sneezed.
When Calvin turned six, we moved to Oman, started our annual tradition of visiting Thailand every year, and promptly forgot all about JE - it does not occur in the Middle East and, according to the paediatrician at the excellent Thai Nakarin Hospital in Bangkok, where Calvin was born, antibodies to the virus persist for several years after primary immunisation.
Calvin has fond memories of the hospital, mostly because we ended every visit with a trip to the surprisingly good food court in the basement for delicious noodle soup with fish dumplings. It helped dry up post-jab tears in no time.
Now in Abu Dhabi, faced with the JE question again, I was hesitant to sign the form, although Calvin's doctor seemed keen.
"He might not have the immunity any more," she pointed out. "Better safe than sorry, don't you think? We don't stock the vaccine, but I can order it a couple of weeks before you travel. "
"But it's Bangkok!" I protested, proud of myself keeping my parental anxiety under control. "We're not going to be in a rural, mosquito-ridden area."
"His legs did have their fair share of mosquito bites when we used to live there," said my husband, who, I like to believe, was trying to be helpful.
But, with still a few months to go before we fly out, there's no rush to decide. Calvin, though, says he wants the jab - in Bangkok. It hasn't occurred to him that it would be too late by then. All he's thinking about is the wonderful noodle soup he'll get to tuck into afterwards.
ciyer@thenational.ae
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
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.”
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
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
THE SPECS
Cadillac XT6 2020 Premium Luxury
Engine: 3.6L V-6
Transmission: nine-speed automatic
Power: 310hp
Torque: 367Nm
Price: Dh280,000
Results
1. Mathieu van der Poel (NED) Alpecin-Fenix - 3:45:47
2. David Dekker (NED) Jumbo-Visma - same time
3. Michael Morkov (DEN) Deceuninck-QuickStep
4. Emils Liepins (LAT) Trek-Segafredo
5. Elia Viviani (ITA) Cofidis
6. Tadej Pogacar (SLO UAE Team Emirates
7. Anthony Roux (FRA) Groupama-FDJ
8. Chris Harper (AUS) Jumbo-Visma - 0:00:03
9. Joao Almeida (POR) Deceuninck-QuickStep
10. Fausto Masnada (ITA) Deceuninck-QuickStep