Lena Al Suhaili, human resources director, BIC Middle East and Africa, at her residence. Jeffrey E Biteng / The National
Lena Al Suhaili, human resources director, BIC Middle East and Africa, at her residence. Jeffrey E Biteng / The National

My Ramadan: Getting back to basics



For Iraqi Lena Al Suhaili, Ramadan is a time to get back to the basics and reflect on the fundamentals in life.

“All you do is just give up food but in return you get everything. You get simplicity in life throughout your whole day. Ramadan is very much about the basics, about the family, about your inner self and about giving. It’s only a small thing that you give for all the things that you get in return,” said the Iraqi mother of two and the human resources director of Bic, Middle East and Africa.

“By nature I’m a very simple person. People complicate life. Your life becomes richer when you simplify it and go back to the basics and that’s the lesson that Ramadan reminds us of every year,” said Lena.

Lena grew up in Al Ain in the late 80s and early 90s where Ramadan had a different flavour. She said it was an organic upbringing with Emiratis which she credits for her “perfect” Emirati accent.

“When I was 11 years old we lived in a compound in Al Ain that consisted of 12 villas that housed mostly dentists and doctors who were expats from different nationalities.

“Every day the iftar was in a different place. We basically prepared for Ramadan for two days only throughout the month and rotated from house to house.”

“People aren’t as connected as that time when we were in Al Ain. It was a small town where everyone was close. It was also very simple. You didn’t have to overdo it with the food every day,” she said.

“The first time you complete your fast you feel like a superhero. You’re one of the grown-ups now,” she said.

Suhoor time was a fascinating experience for young Lena.

“Normally I would never wake up that early. It felt like we had a new bonding time with the family. It was very special to wake up very early in the day and share a meal with my family.”

She remembers drinking water by mistake during the fasting hours and feeling ashamed and guilty.

“Everyone explained it to me that it was OK to have this lapse.”

This rationale is reflected in Lena’s practice of Islam.

“People interpret the religion in different ways. To me the religion is very simple. You make a mistake – it’s fine if it’s not something that is intentional or ill-hearted that came out of you, and so because of that everything is forgiven. As long it comes from a good place where your intentions are pure. God accepts it that way.”

Nowadays, Ramadan for Lena is about her immediate family.

“I’m not big on tents and all the excess they represent. Ramadan is really about simplicity and giving. When there’s so much consumption and food it’s the inverse about what Ramadan should be.”

Lena recommends the cultural immersion programmes at the Sheikh Mohammed bin Rashid Centre for Cultural Understanding.

“Everybody interprets the UAE depending on the lifestyle they choose to live. A lot of non-Emiratis or people who haven’t lived here for a long time miss out on it. They see the high life and the malls. When you take them to these places it can be an eye-opening experience that puts everything in perspective.” she said.

Lena hopes that Ramadan inspires people to live a more simple and authentic life.

“If you try to think of the reel of your life, what do you want to be remembered for? Living your life in an authentic way of what is important and fundamental to you is crucial, and Ramadan is the perfect time to practice that.”

nalremeithi@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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