When you reach working age, in a time of what seems like constant change, it’s not uncommon to find yourself engaging in different interactions and activities than you’re used to. With this, though, comes a natural reaction, which is something I have experienced a lot since starting work – measuring ourselves against others.
Six years ago, I was a below-average student with little idea of what the future held. In the past year or so, however, I have started to find myself, and life has changed rapidly.
It all started last May, when I began working for the Federal Government and was nominated to join a local council authority. I took these jobs at the same time as applying for an internship abroad. My expectations of my life have now changed, and I’m living a different life. I went from being a self-conscious worrywart to a professional government worker who no longer sleeps in. Generally, I start my day at 6am and finish my first job about 2pm, then I head to council, where I stay until about 6pm. After this, I return home, most times without enough energy to even speak.
It’s funny how much I have changed. I was always quite a loner, but now I’m forced to meet, speak and negotiate with new faces of all nationalities, genders and statuses on a regular basis. For me, meeting women my age who have managed to achieve things I never thought of being able to achieve inspires me to grow. Some of my colleagues have their master’s. Others have travelled the world and taken part in several leadership and academic programmes, or are presidents of renowned clubs and societies. And here I am, a young Emirati woman who introduces myself as a new university graduate.
It’s daunting to be at this point, and it has affected me at times. In the first few weeks of my job, I felt like an outcast, foreign to the group of people around me. I saw myself as a commoner in the company of elites. But one night, I realised the jealousy and bitterness I felt were just ugly thoughts that didn’t do me any good. So I thought of something my dad used to say a lot: “As long as you try, you are still not over”. I have to remind myself often that I’m a young 22-year-old with my life ahead of me and it’s only me who holds me back.
Now, I continue my jobs, try to moderate the council’s heavy workload as best as I can with the widest smile possible, and I’m looking forward to my internship this month. And while some people may see me as a nobody with no achievements to brag about, to others, I’m more than that. The key is to never give up.
Alya Alzarouni is a graduate of the University of Sharjah and works for the UAE Federal Government.
If you have a good story to tell or an interesting issue to debate, contact Melinda Healy on mhealy@thenational.ae.
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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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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Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
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