The cafe, designed to create an atmosphere of positivity, was opened by Sheikh Nahyan bin Mubarak, Minister of Culture and Knowledge Development. Courtesy Ministry of Culture
The cafe, designed to create an atmosphere of positivity, was opened by Sheikh Nahyan bin Mubarak, Minister of Culture and Knowledge Development. Courtesy Ministry of Culture

Happiness Cafe opens for government employees in Abu Dhabi



ABU DHABI // With soft couches and sofas and even a garden with its own fountain, government employees are being encouraged to take time out and unwind in a special ‘Happiness Cafe’.

Located in the headquarters of the Ministry of Culture and Knowledge Development in the capital, staff can relax, read a book, listen to music or enjoy a bit of culture and take time out from their busy day to revitalize and rejuvenate themselves.

The cafe, designed to create an atmosphere of positivity, was opened by Sheikh Nahyan bin Mubarak, Minister of Culture and Knowledge Development.

“Our wise leadership has launched the National Program for Happiness and Positivity,” he said.

“[This] includes a number of initiatives in three main fields; including happiness in the policies, programs and services of the government sector and its work environment, establishing the values of positivity and happiness as a way of life in the UAE community, and the development of new standards to measure happiness in the UAE community.”

Also present for the opening was Afraa Al Sabri, undersecretary of the ministry, the Customer Happiness Team, the Innovation Team and ministry employees.

Sheikh Nahyan said the cafe reflected the aim of creating a positive environment in the workplace allowing employees to release their productive energy and efforts and thus improving the work environment in the ministry.

Officials hope this will be reflected in improved employee performance, satisfaction and production.

Sheikh Nahyan added that according to the World Happiness Report 2016 the UAE ranked the first happiest country in the Arab world and was rated the 28th happiest country internationally. This provided further encouragement to reach the top five on the international level of happiness, he added.

nhanif@thenational.ae

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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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Director: Brady Corbet

Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

Rating: 3.5/5

T20 WORLD CUP QUALIFIERS

Qualifier A, Muscat

(All matches to be streamed live on icc.tv) 

Fixtures

Friday, February 18: 10am Oman v Nepal, Canada v Philippines; 2pm Ireland v UAE, Germany v Bahrain 

Saturday, February 19: 10am Oman v Canada, Nepal v Philippines; 2pm UAE v Germany, Ireland v Bahrain 

Monday, February 21: 10am Ireland v Germany, UAE v Bahrain; 2pm Nepal v Canada, Oman v Philippines 

Tuesday, February 22: 2pm Semi-finals 

Thursday, February 24: 2pm Final 

UAE squad:Ahmed Raza(captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia

Analysis

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