My attitude to money would have been appreciated by my namesake, the British economist John Maynard Keynes, in that I am very good at spending money but not terribly good at saving it.
I was bitten by the travel bug very early in life and still believe that life is too short to constantly strive to save. There are so many places to see and cultures to experience.
I'm married with four-year-old twin sons, and moved to Abu Dhabi two years ago for my job as a deputy teaching centre manager at the British Council in Abu Dhabi, an organisation for cultural relations and educational opportunities. We're leaving shortly to take up a post in Burma.
I'm ambitious and want to be a success, but not in the sense that I want a yacht, a five-storey house and a big car.
I want to be good at my job and I'm very pleased to be working with an organisation that pays quite well and offers good opportunities to travel. It guarantees a good standard of living and pays school fees while giving me a job doing something I believe in.
I believe abject poverty is very often a state of mind. I want my kids to see that people can be incredibly poor in material terms but if they have enough to support their family they can often be incredibly happy without money.
People everywhere aspire to a better life, whether that's a new car or a new cow. It's not necessarily about making money; it's about making life better. A large part of my childhood was spent living on Christmas Island, a remote Australian community on the Indian Ocean six hours by air from Perth and three hours to Singapore. There were few shops, nothing to spend our money on and no television.
So my brother, sister and I grew up with little understanding of the commercial world and with no brand awareness.
My father, a school teacher, earned a reasonable salary and, as the island was a tax haven, he was able to save up enough money to take his family travelling. It's a lifestyle I still embrace.
When I was 13 our family left Christmas Island and moved to Canberra. There I further developed a love for music and the arts and studied classical ballet.
It became an all-consuming passion, and when I was 18, I moved to Melbourne to study ballet full-time. I danced with the Victorian College of the Arts. I was sponsored by my parents and lived very frugally, with A$30 (Dh171) a week to spend on food and entertainment. My parents didn't have a lot of money, but they were very supportive when it came to what we as children wanted to do. They taught us to follow our passion, appreciate the value of travel and experience other cultures and the importance of thinking for ourselves.
I hurt my back when I was in my early 20s and couldn't dance anymore, so all of a sudden I had to get a "real" job. I worked in restaurants and retail and ended up as a manager with an electronics company.This was during the 1980s. They were pretty heady times. I had a pretty big salary but I was spending it as quickly as I was making it going out to restaurants and travelling.
In 1995 I took a year off to see the world. I was 29 and decided it was time to see what I wanted to do with my life. I met Susan, my wife, on the Greek island of Corfu. Later Susan went back to her hometown in Germany and I spent the final month of my year off trekking to the Everest base camp. After Everest I bought a one-way ticket to Germany, to the town of Lippstadt, where Susan was living.
I got a job as an English teacher working in an automotive company. I really enjoyed the contact with people. The job paid well and I realised that English language teaching could be a passport to travel.
Then a friend recommended I do a Cambridge University Certificate of English Language Teaching to Adults (Celta) course.
It was expensive, about £1,000 (Dh5,704) at the time, but I saw it as an investment in my future.
Shortly after completing this in 1999 I got a job at the British Council. Since then I've worked with the British Council in Spain, Jordan, Cameroon, Bulgaria, where the twins were born, Syria and the UAE.
I've moved from teaching into an administrative position as the deputy teaching centre manager for Abu Dhabi.
Over the years I've discovered that I am quite good at the financial side of things, and it's something I enjoy. The British Council is business with a conscience.
The operation makes a surplus but everything is ploughed back into supporting other teaching centres in over 100 countries.
Until now I have been on two- and three-year contracts, but my post in Burma is a tenured position, so I am feeling a lot more relaxed about things. I think it's good to have my children grow up in an environment where they see people of different races, cultures and creeds.
In the next year we want to start looking at buying a house. When we do it will likely be somewhere in Sri Lanka or northern Spain. There's so many parts of the world we haven't seen yet. We'll probably keep doing what we're doing until we get too old to travel.
* As told to Jane Williams
Sui Dhaaga: Made in India
Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5
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How Islam's view of posthumous transplant surgery changed
Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.
Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.
The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.
One school of thought viewed the removal of organs after death as equally impermissible.
That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.
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%3Cp%3E%3Cstrong%3EDisplay%3A%20%3C%2Fstrong%3EMain%20%E2%80%93%206.7%22%20FHD%20Dynamic%20Amoled%202X%2C%202640%20x%201080%2C%2022%3A9%2C%20425ppi%2C%20HDR10%2B%2C%20up%20to%20120Hz%3B%20cover%20%E2%80%93%201.9%22%20Super%20Amoled%2C%20512%20x%20260%2C%20302ppi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Qualcomm%20Snapdragon%208%2B%20Gen%201%2C%204nm%2C%20octa-core%3B%20Adreno%20730%20GPU%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECapacity%3A%3C%2Fstrong%3E%20128%2F256%2F512GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20Android%2012%2C%20One%20UI%204.1.1%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%3A%3C%2Fstrong%3E%20Dual%2012MP%20ultra-wide%20(f%2F2.2)%20%2B%2012MP%20wide%20(f%2F1.8)%2C%20OIS%2C%20portrait%2C%20super%20slo-mo%2C%20hyperlapse%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%204K%4030%2F60fps%2C%20full-HD%4030%2F60fps%2C%20HD%4030fps%3B%20slo-mo%40240%2F960fps%3B%20HDR10%2B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%3A%3C%2Fstrong%3E%2010MP%20(f%2F2.4)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%203700mAh%2C%2025W%20fast%20charging%2C%2015W%20wireless%20charging%2C%20reverse%20wireless%20charging%2C%20'all-day'%20life%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%205G%3B%20Wi-Fi%2C%20Bluetooth%205.2%2C%20NFC%20(Samsung%20Pay)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20USB-C%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECards%3A%3C%2Fstrong%3E%20Nano-SIM%20%2B%20eSIM%3B%20no%20microSD%20slot%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Bora%20purple%2C%20graphite%2C%20pink%20gold%2C%20blue%3B%20Bespoke%20Edition%20in%20select%20countries%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20Flip%204%2C%20USB-C-to-USB-C%20cable%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Dh3%2C799%20%2F%20Dh3%2C999%20%2F%20Dh4%2C449%3C%2Fp%3E%0A
Types of fraud
Phishing: Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
Smishing: The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
Vishing: The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
SIM swap: Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
Identity theft: Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
Prize scams: Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
* Nada El Sawy
The specs: 2018 Chevrolet Equinox
Price, base / as tested: Dh76,900 / Dh110,900
Engine: 2.0L, turbocharged in-line four-cylinder
Gearbox: Nine-speed automatic
Power: 252hp @ 5,500rpm
Torque: Torque: 352Nm @ 2,500rpm
Fuel economy, combined: 8.5L / 100km
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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