How to beat the UAE chill



If there's one topic of conversation guaranteed to set me snoozing, it's the weather. From small talk to the five-day forecast on CNN, I automatically tune-out when complaints of rain or gripes about gales crop up. What never fails to surprise me is the stereotypical obsession with the topic in the UK and Ireland, best demonstrated by the flurry of Facebook posts that appear within seconds of the sun putting his hat on in November or snow falling in April.

I think the main reason the weather piques my interest not one bit is because I have absolutely no complaints about it, living in an eternally temperate region. That said, for the past two months I've found myself unwittingly engaging in impassioned debates about when the seemingly unseasonal weather engulfing the UAE will pass. As windblown taxi doors slam shut on body-parts, shamals erase skyscrapers from the city's skyline and gas heaters reappear at al fresco restaurants - everyone, it would appear, is wondering what's going on.

Socially, expats have embarked upon a game of "who's the best historical meteorologist?" with those having lived here the longest deeming themselves an authority on whether this year's chilly coastal breezes are indeed more severe than those experienced in 1985.

Whatever the records show, in my brief four-year residency, it is certainly the coldest March I can recall and suffering eternally from cold tips and toes, as the mercury levels have fallen, I've found myself going to extreme lengths to keep warm.

With no central heating, one particularly nippy night I resorted to turning my cooker gauge to 200¿C and leaving the door open for a spell to let the fan work its magic. Effective as it was in heating my humble abode, it didn't appear the most environmentally sound of measures; hence it went back to baking potatoes for Bompani.

So imagine my delight last week at discovering my local pharmacy's newly stocked range of hot water bottles, complete with furry, exotic animal-print jackets. In what proved to be possibly the shrewdest Dh20 I have ever spent, these days I'm almost at risk of overheating during the night due to the container's astounding, heat-retentive properties.

But by far the greatest way to stay warm - and it's hardly new - I discovered on a trip to London last month. I am talking about Uggs and, love them or loathe them, there is nothing on this planet guaranteed to toast your tootsies quite like a pair of these sheepskin clodhoppers. Having looked disdainfully down at these Hobbit-like booties for years, I finally relented and must admit they entirely live up to the hype. Debuting them in public, however, remains another matter. After all, cosy and classy never were the best of friends.

Prophets of Rage

(Fantasy Records)

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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