There are many things which money can't buy
I do not understand some of the points in the opinion article Wealth is important, but it doesn't build a child's character (March 25).
1. In the beginning of the story, the author says: "This news produced in me a deep strain of geography-envy." Is it only money that has value and nothing else?
2. The writer says a 10-year-old child asked her mother how much money she was going to leave him. Can a child of that age ask such a question? It's sad if he really did, and I would blame the parents for spoiling the child.
3. I don't understand what the author wants to convey by saying: "This approach is a bit harder for those of us who live in the East, where household help is readily available." Do all of us in the East have maids? I don't have, although I can afford to have one. Why can't children do some of their own work?
4. Parents do not need help ("Help for parents in this situation is at hand"). They must discipline their children. What is "positive psychology"? Why would parents need it to discipline their children?
5. All children stop whining after a certain age. When they do so, they are no longer children.
6. The Penn Resiliency Project doesn't help. Children only need loving care. Even a "super-rich" can't buy that.
J Lee, Dubai
Expensive fashion is in poor taste
Do we really need to promote such expensive abayas when there is poverty all around us (A Dh65 million abaya, March 20)?
The world's most expensive abaya with red diamonds and precious stones woven into the skirt of the gown will only fascinate the rich. Fashion designers should show some sensitivity while designing something like this. Such activities only show our ignorance towards the poor.
Haseeb Malik, Sharjah
Dubai must avoid short-term gains
I don't understand why so many construction projects are being approved in Dubai (Dubai's Meydan villas back under starter's orders, March 21).
Work has started on many new residential projects in the emirate. I am worried that this could lead to another property bubble.
New developments should be regulated. There is no reason to sacrifice long-term objectives for short-term gains.
R Charlton, Dubai
More questions on education
The relationship between market forces and quality is important but complex (Students told to take care choosing a university, March 24).
I am sure Dr Bhayani's study is helpful in exploring that relationship (a clear reference to access his study would be helpful).
At the same time, we must ask if there is any guarantee that the employers in Dr Bhayani's study have a clear long-term vision for the economic development of the nation as a knowledge-based society.
Clearly, in one set of articles and editorial the key questions relating to the alignment of demographic issues, education, employment and economic development policies cannot all be addressed.
I hope The National will go on to look at them in detail.
Martin Prince, Dubai
The Sorbonne was one day a new university and not so well-known. It is the same with Princeton and other big universities. Everything needs a start, everyone deserves a fair chance.
Brigitte von Bulow, Abu Dhabi
India must protect the animals
I was sad to read the story about poachers killing one-horned rhinos in India (Poachers kill rare rhinos in wildlife park, March 25).
The Indian government must do more to protect these animals. At one point of time, Royal Bengal tigers were killed indiscriminately. They are still being killed, but fortunately the number has fallen. Now the focus has shifted to rhinos.
Trade in endangered animals thrives on demand in many countries, including China and Vietnam. But this cruelty must stop.
Patangrao Kadam, the forest minister of Maharashra, was right when he said last year that forest guards should not be booked for human rights violations when they kill poachers.
Every state in the country should ensure same.
That is one way to save these animals.
Clearly, something more needs to be done immediately apart from just increasing forest patrols.
There is no excuse for a failure to protect them.
Petrina, Abu Dhabi
Hunting resort not an exciting idea
The news First hunting resort to open in UAE (March 26) is disappointing.
Why should people go to a resort to kill animals? I, for one, will not visit this resort. Something is not right about it.
Name withheld by request
Leap of Faith
Michael J Mazarr
Public Affairs
Dh67
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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Villains
Queens of the Stone Age
Matador
UAE currency: the story behind the money in your pockets
Pakistan squad
Sarfraz (c), Zaman, Imam, Masood, Azam, Malik, Asif, Sohail, Shadab, Nawaz, Ashraf, Hasan, Amir, Junaid, Shinwari and Afridi
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SPECS
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MATCH INFO
Manchester City 1 (Gundogan 56')
Shakhtar Donetsk 1 (Solomon 69')
Short-term let permits explained
Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.
Tenants also require a letter of no objection from their landlord before being allowed to list the property.
There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.
Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.
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The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
Founder: Ayman Badawi
Date started: Test product September 2016, paid launch January 2017
Based: Dubai, UAE
Sector: Software
Size: Seven employees
Funding: $170,000 in angel investment
Funders: friends
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Meydan racecard:
6.30pm: Handicap | US$135,000 (Dirt) | 1,400 metres
7.05pm: Handicap | $135,000 (Turf) | 1,200m
7.40pm: Dubai Millennium Stakes | Group 3 | $200,000 (T) | 2,000m
8.15pm: UAE Oaks | Group 3 | $250,000 (D) | 1,900m
8.50pm: Zabeel Mile | Group 2 | $250,000 (T) | 1,600m
9.20pm: Handicap | $135,000 (T) | 1,600m
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.