Living la vida mocha



An acquaintance recently started dribbling uncontrollably while telling me about a new coffee chain that was coming to town. The name escapes me (I wasn't really listening), but from what I can remember, it was Canadian (where the best coffee beans are grown, clearly), was absolutely amazing, and its upcoming arrival was getting its many fans - which included this person - very excited, indeed.

Now, I like coffee. I like it quite a lot. I like it nearly as much as I like tea, which is probably up there with oxygen and water as essential elements for my survival. But I just don't get the obsessiveness over different coffee shops. Does it really matter? Really? If I were to draw up a list of what the UAE needed, a new chain of coffee shops probably wouldn't break into the top 50. I rarely see queues snaking out of the front of the 50 billion (approximately) we've already got, or people forced to spread out a medium-sized latte over a day because of short supply.

In fact, the whole coffee "thing" that has enveloped the globe over the past decade or so is something I still find quite bizarre. Tea is a far superior drink on so many levels, but you'll rarely find people popping out with friends "for a Darjeeling".

It seems that lobbying groups and advertising execs have decided that tea is to be drunk inside the home, with your family, and coffee outside, as part of your active social scene. It's got to the stage where my ladyfriend explains regularly that she'd really like a coffee, which would be fine except that she can't stand the taste. What she really wants is the coffee "lifestyle experience", the sitting around a table, nattering with friends about inconsequential nonsense and pretending that we all live in an episode of Sex and the City.

She's not the worst. I've had former colleagues explain that they're unable to communicate politely before they've had their "morning [insert well-known Seattle-based coffee shop here]". Why, exactly? Is it really the branded coffee that magically turns you from complete idiot to minor idiot, or is it just a shoddy excuse for your underdeveloped personality?

There are also those sensitive souls who declare they can't drink coffee after a set time in the afternoon because they'll be "up all night". Ridiculous. Well, as someone who can neck three mugs of the stuff and fall asleep quite happily, I think it's ridiculous.

And, as a final nail in the coffin, I bring you coffee breath, among the worst odours ever to have been emitted from a human not suffering from severe health complaints. You don't hear about tea breath do you? Nope. And while we're on the subject, I'll have an Earl Grey please. Quite milky. Put the milk in after the tea if you could. And no sugar. Thanks.

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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