ABU DHABI // Teenage girls are now under so much pressure to look attractive that they are requesting plastic surgery when they are as young as 13.
Cosmetic enhancements are now seen as ‘normal’ among young women fuelled by insecurity and media pressure to look perfect, say plastic surgeons across the emirates who believe 18 should be a minimum requirement for invasive surgery.
“I think, unfortunately, the moment young teenagers start to read beauty magazines or pour over the internet or are negatively influenced by their peers to look right or to look beautiful, they start thinking about what they can change,” said Dr Roberto Viel, a plastic surgeon based at London Center for Aesthetic Surgery.
“We really think it is important that parents set the right guidelines and support, and teach the next generation to understand that nobody looks that perfect without the help of photo shop.”
His twin brother Dr Maurizio Viel, also a plastic surgeon, said he has personally had requests for surgery from teenage girls.
“We do see young teenage girls, not often, come in at 16 with their parents,” he said. “But we usually turn them away unless it is more a severe case such as dealing with effects of bullying because of ‘sticking out ears’ or similar cases.
“The earliest we would consider is 18-years-old because the body by medical standards has already fully developed but again these are not common requests.”
Dr Afschin Ghofrani, medical director of Aestheticon, a plastic surgery clinic in Dubai, said start thinking about plastic surgery much earlier than 15 years ago.
“We get requests from increasingly young people for aesthetic enhancements like wrinkle reduction by injection or other treatments to prevent signs of ageing before they even show,” he said.
The plastic and aesthetic surgeon said he often turns down such requests.
“If there is no clear evidence of ageing of the concerned area or understanding of the pros and cons of the treatments then we don’t go ahead but advise to wait until the conditions for such treatments are right,” he said.
“The reason is better knowledge of what is possible and refinements of the procedures making them safer with less downtime.
The youngest person requesting aesthetic surgery was 13 years old, he said.
“She came to my practice with her parents, who supported her wish. I have a clear policy not to entertain such request until the patient has reached a legal age of at least 18 years and the request must make sense to me.”
Dr Matteo Vigo said people of all ages and backgrounds visit the hospital.
the American Academy of Cosmetic Surgery Hospital.
“People can become very interested in plastic surgery from a young age,” he said. “However, we would never perform a cosmetic procedure on a patient under the age of 18 — it is vital they wait until the development of the body and puberty is complete.
“The only surgery we would potentially perform on patients under the age of 18 would be the correction of protruding ears (otoplasty). This is an abnormality that can sometimes cause huge emotional problems and can be corrected easily with a small procedure.”
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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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Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.
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But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties.
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You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
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