People relax in the sun on the bank of the River Thames, with the City of London financial district in the distance. Reuters
People relax in the sun on the bank of the River Thames, with the City of London financial district in the distance. Reuters
People relax in the sun on the bank of the River Thames, with the City of London financial district in the distance. Reuters
People relax in the sun on the bank of the River Thames, with the City of London financial district in the distance. Reuters


Summer holidays are essential even as some are luckier than others


  • English
  • Arabic

July 01, 2022

The nostalgia of the long summer holiday is a staple of films and music. It stirs shared emotions in people, a reminder of carefree days that allowed us to explore who we are and the world around us without constraint.

In a classic film of the 1980s, Stand By Me, a group of young boys who went in search of a dead body but found themselves and their friendship along the way. In the film Dirty Dancing, it was Baby who found herself through dance and Patrick Swayze’s character taught her to believe in herself. There is something about the words of Bryan Adams’ chart topping hit Summer of '69 that delivers a punch. “Oh, when I look back now / That summer seemed to last forever / And if I had the choice / Yeah, I'd always wanna be there / Those were the best days of my life.

As soon as you hit working age, that summer-long freedom slips through your fingers. If you can get a break it is carved out with relish from annual leave allocations, and in some ways, it can feel so precious that we can’t enjoy it with the same reckless abandon.

And then when kids come along, what was once a period of relaxation and delight can become interwoven with dread. After all, what is a parent – especially a working parent – to do for those many long weeks and months? How to keep them preoccupied while keeping at bay the endless repetitions of "I’m bored" or worse the parent-guilt of leaving them to TV and films?

I envy countries that have de facto shut downs in the summer. I look to France and admire that it is widely accepted that nothing happens in August. I turn to the Gulf and equally it is a shared understanding that people will simply be away in late summer, and even if they are not, it is simply too hot to have any expectations of anything much happening.

Young people jump from cliffs at the calanque de Sugiton in the Parc national des calanques in Marseille, southern France, on June 24. AFP
Young people jump from cliffs at the calanque de Sugiton in the Parc national des calanques in Marseille, southern France, on June 24. AFP

Yet here in the UK, we simply keep going during the summer. Maybe it is to do with the unpredictable weather, meaning we never quite know if it is summer or not (it’s grey and raining outside as I write this). Some years it will be sweltering, on the odd occasion, we’ve had a flurry of sleet. And when it is hot, it goes straight to our heads.

The month of August, in terms of news, is well acknowledged as the "silly season". Gems include then PM Harold Wilson falling off his dinghy on his summer holidays; Benson the most fished carp having been caught 60 times, eventually dying in 2009 earning the accolade “The Pavarotti of the fish world” for being 29Kgs. A 23-foot sunflower made headlines (“The Eiffel Flower”) as did Yvonne the cow that went on the run during August sensing she would be sent to an abattoir. Captured on September 1st she found a new home in an animal sanctuary.

A break is good for the physical and mental health of the nation and could help productivity

Unlike other countries which shut down for the summer, the UK keeps going. Maybe it is our obsession with presenteeism in the workplace. Or maybe it’s that fabled "stiff upper lip" but we just plough on.

But I don’t think that we should. We also need a shut down, at least two weeks, when things can keep ticking over in the background but nobody has any expectations that anything will actually get done.

There are promising signs. Over the past two years of the pandemic and the lockdown, people have become more protective of their holiday time. Out-of-office replies are common. And the expectation is that not enough people will be around to get anything done. My view is that a break – official or de facto – is good for the physical and mental health of the nation, and ultimately will help productivity.

There is something of a multiplier effect of positivity when everyone is away together, rather than just the straightforward effect of a break. I notice this during Christmas, when offices are closed for about 10 days. Apart from retail outlets, nobody expects people to respond or that anything will happen. So when you're not working, you're not worried that others are working, or that you will have a mountain of work to catch up on.

I acknowledge that some people will still need to continue to work, and for those that keep the infrastructure going, I am always grateful. I can’t imagine the UK would ever shut down for a month, so perhaps those essential workers can factor in time off around a core "downtime" period.

The refreshing boost of the now widely accepted Christmas shut down period needs a counterpart in the summer to reboot the system and keep it going. If we’ve learnt anything in the lockdowns when our working and personal lives had the physical distinctions removed, it is the importance of enforcing those mental boundaries and carving out space for ourselves, to rejuvenate. Those might have been difficult summers, but perhaps we can take a positive legacy from them to protect and enhance our physical and mental health by reviving the unfettered freedom and joy of the summers of our youth.

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.”

FIXTURES

Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan

The top two teams qualify for the World Cup

Classification matches 
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.

Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place play-off

The bio

Job: Coder, website designer and chief executive, Trinet solutions

School: Year 8 pupil at Elite English School in Abu Hail, Deira

Role Models: Mark Zuckerberg and Elon Musk

Dream City: San Francisco

Hometown: Dubai

City of birth: Thiruvilla, Kerala

Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20WonderTree%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20April%202016%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Muhammad%20Waqas%20and%20Muhammad%20Usman%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Karachi%2C%20Pakistan%2C%20Abu%20Dhabi%2C%20UAE%2C%20and%20Delaware%2C%20US%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Special%20education%2C%20education%20technology%2C%20assistive%20technology%2C%20augmented%20reality%3Cbr%3EN%3Cstrong%3Eumber%20of%20staff%3A%20%3C%2Fstrong%3E16%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EGrowth%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Grants%20from%20the%20Lego%20Foundation%2C%20UAE's%20Anjal%20Z%2C%20Unicef%2C%20Pakistan's%20Ignite%20National%20Technology%20Fund%3C%2Fp%3E%0A
GROUPS

Group Gustavo Kuerten
Novak Djokovic (x1)
Alexander Zverev (x3)
Marin Cilic (x5)
John Isner (x8)

Group Lleyton Hewitt
Roger Federer (x2)
Kevin Anderson (x4)
Dominic Thiem (x6)
Kei Nishikori (x7)

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E4.0-litre%20twin-turbo%20V8%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E640hp%20at%206%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E850Nm%20from%202%2C300-4%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E11.9L%2F100km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EDh749%2C800%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
The details

Colette

Director: Wash Westmoreland

Starring: Keira Knightley, Dominic West

Our take: 3/5

info-box

COMPANY PROFILE

Company name: Happy Tenant

Started: January 2019

Co-founders: Joe Moufarrej and Umar Rana

Based: Dubai

Sector: Technology, real-estate

Initial investment: Dh2.5 million

Investors: Self-funded

Total customers: 4,000

Results:

5pm: Baynunah Conditions (UAE bred) Dh80,000 1,400m.

Winner: Al Tiryaq, Dane O’Neill (jockey), Abdullah Al Hammadi (trainer).

5.30pm: Al Zahra Handicap (rated 0-45) Dh 80,000 1,400m:

Winner: Fahadd, Richard Mullen, Ahmed Al Mehairbi.

6pm: Al Ras Al Akhdar Maiden Dh80,000 1,600m.

Winner: Jaahiz, Jesus Rosales, Eric Lemartinel.

6.30pm: Al Reem Island Handicap Dh90,000 1,600m.

Winner: AF Al Jahed, Antonio Fresu, Ernst Oertel.

7pm: Al Khubairah Handicap (TB) 100,000 2,200m.

Winner: Empoli, Pat Dobbs, Doug Watson.

7.30pm: Wathba Stallions Cup Handicap Dh80,000 2,200m.

Winner: Shivan OA, Patrick Cosgrave, Helal Al Alawi.

Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company

Updated: July 01, 2022, 9:03 AM