Justin Thomas
For many, Qasr Al Hosn is the heart of the city, and the heart metaphor is particularly apt. The heart is the first organ to develop and its fortification is essential for life. While outward appearances may change, as long as the heart remains constant and unwavering there is continuity, integrity and a connection to our earliest past.
The past holds particular significance for Arabian Gulf nationals, attested to by the importance Arabs - since pre-Islamic times - have attached to the careful preservation of lineage (known as nasab). In my capacity as an instructor at Zayed University I have met numerous Emirati students who can proudly perform a roll-call of their direct ancestors, all the way back to the 7th century. Some can even recount the quirky, romantic and heroic deeds associated with particularly notable ancestors.
Qasr Al Hosn stands as a powerful reminder of the past, all the more outstanding for its contextual contrast with the surrounding glass skyscrapers; architectural symbols of the UAE's rapid economic progress. Perhaps more than any other structure in Abu Dhabi, this fortified palace has the ability to evoke the emotion we generally call nostalgia.
Historically, nostalgia had been conceptualised as a psychological disorder, not a sentiment to be celebrated. Derived from the Greek nostos (return) and algos (pain), nostalgia was characterised as a consuming desire to return to past places or lifestyles. The nostalgic were fixated on past happiness (or imagined past happiness), unable to enjoy the present or anticipate future pleasure.
The pathological aspect of nostalgia could be described as a rose-tinted retrospection, a reminiscence that selectively edits everything negative and painful, offering up a sanitised, idealised and perhaps even delusional view of the past.
Within medieval monasticism nostalgia was viewed as a key symptom in Acedia, a psychological disorder particularly common among monks and ascetics who, on some level, arguably longed to return to their pre-monastic state. Similarly, within the Freudian psychoanalytic tradition, nostalgia was termed repressive compulsive disorder, viewed as a subconscious desire to return to an earlier life stage.
However, recent empirical research suggests the experience of nostalgia is ubiquitous. And perhaps more importantly, nostalgia was, in one study of UK undergraduates, frequently reported as being experienced as a positive emotion, bittersweet perhaps, but generally more sweet than bitter.
Other recent experimental research into nostalgia has found that nostalgia generally gives rise to positive moods, increases self-regard and strengthens social bonds. In other studies nostalgia was also found to reduce how lonely individuals feltand increased the sense of meaning life held for them.
It appears then that nostalgia is more like a medicine than an illness; it tends to strengthen us, helping us to preserve our psychological wellbeing.
The celebration of Qasr Al Hosn has undoubtedly evoked much nostalgia, an emotion that generates positive mood, elevates self-esteem and fosters social connectedness. And to preserve sources of nostalgia for current and future generations is, in and of itself, an important - even medicinal - feat.
Justin Thomas is professor of psychology in the department of health science at Zayed University in Abu Dhabi
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Engine: 1.5-litre turbo
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Torque: 230Nm
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The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
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.”
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5