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THE JOURNAL OCTOBER 2021

BUSINESS // TRAVEL // POLITICS // CULTURE // LIFE

PRODUCED BY

ALEA GLOBAL GROUP

Contents FOREWORD

Page 2

INTRODUCING THE UAE SPACE AGENCY

Page 3

PANDEMIC RECOVERY AND FAMILY OFFICES - A SURVEY

Page 4

RIZ AHMED ON MUSLIM REPRESENTATION IN FILM

LUCAS ANDERI: DESIGNING DISNEY BRIDES

Page 7 Page 11

BUSINESS TRENDS TO LOOK OUT FOR IN 2022

Page 15

INTRODUCING SYNVANCE

Page 17

CHINA'S CENTENARY WARNING

Page 19

HAJJ IN THE AGE OF COVID

Page 20

RICHARD BRANSON’S SPARE TIME

Page 23

YOUR NEW HOME COULD BE PRINTED

Page 25

THE ATACAMA DESERT - CHILE

Page 29

WHY FAMILY OFFICES SHOULD LOOK TO OUTSOURCED TRADING

Page 32

WELCOME

OCTOBER 2021

The alea journal FOREWORD BY MOHAMMAD AL DUAIJ CEO OF ALEA GLOBAL GROUP Each issue for the past 18 months we have included a nod to the challenges our readers and everyone around the world is facing because of the pandemic. But as we have become sadly accustomed to those particular challenges, there are others that are coming back into focus. Cl i m a t e c h a n g e s , l o c a l w a r s a n d g e o p o l i t i c a l chaos, forced migration, longstanding disease and more. Most, if not all of these, are caused in some way by human greed and carelessness – carelessness for our planet and for each other. In this issue we touch on humans' explorations of space, which has ramped up in recent years as we look to Mars with fresh eyes. With the UAE Mars Mission just one among many global journeys to the Red Planet, and with Virgin preparing to send tourists to the edge of space for the first time, it seems that we are looking beyond our planet not merely for scientific means but also for a large scale commercial and societal future. This fascination with looking to space for answers is not going to go away, and will only become more commonplace as technology and scalability allows. Exploration is entirely good, and we fully support all efforts in this direction. However, our concern is twofold. Firstly that this new frontier will be available only to the wealthy. And secondly, that we will take our focus away from damage being caused to earth and to the communities for whom space will

never be an optional escape. It is only through powerful networks of powerful organisations and individuals that we can work to clean up some of these messes, control damage, create better lives and fight for a more properous society. Certainly no kind of business entity, other than a family office, has the unique mix of personal and professional, independence and influence, history and future planning. Our responsibilities as family offices is therefore more important in this new space age than ever before. To contact us with news and ideas for future issues, email info@aleaglobalgroup.com

Introducing The UAE Space Agency Founded in 2014, the United Arab Emirates Space Agency opened the Space Science Research Centre in Al-Anin a year later. However, the Agency only really hit headlines in 2020 with the launch of Mars Hope.

The Hope Probe The Emirates Mars Mission sent the uncrewed Hope orbiter to Mars in July 2020, and it reached its destination in February 2021. Designed and led by the Mohammed bin Rashid Space Centre, the mission aimed to study weather cycles on Mars, gain more understanding about the atmosphere, and find out more about the climate changes on the Red Planet. One year on, the probe is halfway through its mission and has been orbiting Mars once each 55 hours to collate all the data needed. The information it gathers will be released publicly in October this year. The Emirates Mars Mission has captured the world’s imagination, and has even had its own four-part documentary TV series on the National Geographic Channel. But the Hope probe is not the only Mars mission in the mix. China’s Tianwen-1 and the USA’s Mars 2020 were also launched around the same

time, all taking advantage of Earth’s relatively closer proximity to Mars during this time. Ultimately all the missions are gathering research which could prepare the ground for a future human settlement on Mars within the next 100 years; a goal which transcends individual nations.

Analog Mission The UAE Space Agency’s latest mission does involve crew, but is entirely ground-based. The CrewOne team will undertake an eight-month exercise at the NEK analogue facility in Moscow where they will experience the same conditions they could expect in space. Joining other crew members from around the world, they will participate in a study looking at the physical and psychological effects of isolation and confinement over a long period of time. As with the Hope probe, this research will contribute to future long space missions such as a crewed mission to Mars in the future.

Pandemic Recovery and Family Offices - A Survey

A comprehensive overview of a family office survey collated by Brad-Lee Lesar

The COVID-19 pandemic has significantly impacted and disrupted the economy, and this includes family offices. This has forced the family office community to take immediate action by determining how their current portfolio will be affected. They have largely done this by reviewing their existing funding strategies, and identifying risks and opportunities.

Globally, the number of family offices has increased by approximately 38% between 2017 and 2021. Of the 7,300 family offices around the world, North America accounts for 42%, Europe 32%, and Asia Pacific and the Middle East 18%.

22% of SFOs in Europe, 21% in Asia Pacific and the Middle East and 18% in Northern America are showing a move towards sustainable investment, with roughly 39% of offices globally stating an intention to allocate a significant portion of their portfolios sustainably in the next five years. [1][2]

Business growth and development in the Middle East and Asia Pacific is said to be the driver for the increased number of high-networth individuals, while their need to manage their wealth professionally has led to an increase in the number of family offices. [1]

Generally, sustainable investing forms part of long-term investment strategies, which are favourable to SFOs. What was once a few individuals trying to make a difference by making environmentally and socially responsible investments has and will continue to grow into an increasingly effective form of capital allocation. Earning a rate of return will remain a priority, but it will not carry the same weight in decision making as it did in the past.

With a generational shift underway, and trillions of dollars expected to change hands in the next decade, we will see an increase in Millennial involvement in family office operations. [1][3] Unlike their predecessors, younger investors and family office leaders have a heightened awareness of the importance of sustainable and responsible investing and will move towards aligning their investments with their values.

The pandemic has brought forth a sense of urgency regarding technology, and has reinforced the importance of technology development, resulting in tech companies reporting tremendous growth during the pandemic.

Having Millennials move to the forefront of family office management and becoming more active in decision making, we will see an increase in sustainable investments moving forward.

In 2020 we noticed the growing risks at play with an alarming number of cyber-attacks reported, due to non-essential workers working from home. Many companies lacked the necessary infrastructure to successfully implement an effective and secure work from home program, which in turn has resulted in tech companies identifying and innovating security products and cloud computing.

The three classes of sustainable investing are: 1. ESG investing, which measures the impact of investments outside of financial statements. 2. Socially Responsible Investing, which measures financial return as well as measurable environmental and social goals. 3. Impact Investing, which avoids any negative social and environmental investments.

Investment in privacy products, artificial intelligence and cyber security will be of interest to many, due to the likeness of family offices keeping their information private and becoming more efficient in their day-to-day business, as well as the likelihood of work from home practices becoming the new norm.

Climate change, renewable energy, water management, solid waste management, healthcare and wellness have been identified as key areas of interest, and drivers of innovative and responsible investing. 73% of family offices globally are actively investing at least some assets sustainably.

Extremely low interest rates have been forecasted to last until at least 2023. Central Banks in Japan, the EU, the UK, and the US have imposed a near zero and even negative interest, which naturally has led to a considerable reduction in bond yields.

This of course has resulted in investors steering away from stocks and bonds, instead focusing on private equity, real estate, and direct investment.

COVID-19, we should prepare ourselves for further uncertainty. If the pandemic has taught us anything, it is that predicting the effects of the pandemic are extremely difficult.

Private equity seems to be the favoured form of investment due to the diversification properties it offers, with 77% of family offices investing in this asset class – 31% making use of funds, 19% in direct investments and 26% investing in both funds and direct investment opportunities. [1]

However, any big picture information necessary for a micro understanding of what is going on and how to approach it is available in the public domain. Staying well informed and relating information gathered to your investment themes is of the utmost importance, now more than ever.

The overarching theme for 2021 will be how quickly we will be able to recover from the pandemic, and how innovative we will be able to be with investment strategies.

References [1] UBS Global Family Office Report 2020 [2] FINTRX - Rise of ESG and Impact Investing Among Family Offices [3] KPMG - How are current trends affecting the family office and UHNWI landscape?

As the vaccines are rolled out, borders begin to open and the economy starts to recover from the detrimental effects of

Riz Ahmed on Muslim representation in film

A new study MISSING & MALIGNED: THE REALITY OF MUSLIMS IN POPULAR GLOBAL MOVIES from the USC Annenberg Inclusion Initiative funded by the Ford Foundation reveals erasure and demeaning portrayals of Muslim characters across 200 top films Muslims are the fastest growing and most racially a n d e t h ni c a l l y d i v e r s e r e l i g i o u s c o m m u n i t y i n t h e world. Yet according to a new study, Muslim characters are missing on screen and when they do appear in popular movies, are depicted with dangerous stereotypes that can create psychological and physical harm. The report, entitled Missing & Maligned: The Reality of Muslims in Popular Global Movies was released by Dr. Stacy L. Smith and the USC Annenberg Inclusion Initiative with support from Academy Award-nominated actor Riz Ahmed, the Ford Foundation and Pillars Fund. The groundbreaking study includes a quantitative and qualitative exploration of Muslim representation in 200 popular films from the USA, UK, Australia, and New Zealand released between 2017 and 2019. The results point to the scope of the problem and have prompted action from this coalition of voices to tackle some of the underlying reasons for the lack of Muslims in popular movies.

“The representation of Muslims on screen feeds t h e p o l i c i e s t h a t g e t en a c t e d , t h e p e o p l e t h a t g e t killed, the countries that get invaded,” said Riz A h m e d . “ T h e d a t a d oe s n ’ t l i e . T h i s s t u d y s h o w s u s the scale of the problem in popular film, and its cost is measured in lost potential and lost lives.” As Ahmed notes, the problem is vast. Less than 2% of more than 8,500 speaking characters across the films examined were Muslim. When the movies were examined by country of origin, 5.6% of characters in 32 Australian films were Muslim, as were 1.1% of characters in 100 U.S. movies, and 1.1% of characters in 63 U.K. films. None of the 5 movies from New Zealand featured a Muslim character in a speaking role on screen. The overall percentages reveal one metric regarding the invisibility of Muslims, but the study also catalogues the erasure of this community in another way. Less than 10% of the 200 films studied-- 9.5% or 19 movies-- featured at least one Muslim character speaking on screen. In other words, 90.5% of movies did not include a single Muslim character in a speaking role.

“ T he e r a s u r e o f M u s l i m c h a r a c t e r s is particularly notable in animation, where not one of the animated movies we examined featured a Muslim character,” said Dr. Smith. “Paired with the finding that only 7 Muslim characters were children, popular movies send a strong message to children that Muslims do not belong and are not worthy of inclusion in storytelling. Is this the lesson we want young viewers to learn about themselves or others: that if you are Muslim it is acceptable to be erased?”

"More than half of the primary and secondary Muslim characters in these films were immigrants, migrants, or refugees, which along with other findings in the study consistently rendered Muslims as 'foreign,'” said Al-Baab Khan, one of the study authors.

The study also explored the intersectional nature of Muslim identity. The majority of Muslim characters were boys and men (76.4%) while 23.6% of all Muslim characters were girls and women. The majority (66.7%) of Muslim characters were Middle Eastern/North African, 20.8% were Asian, 5.6% were Black/African American, 4.2% where white, and 2.8% were multiracial/ multiethnic. Only 1 Muslim character was identified with the LGBTQ community and 1 Muslim character was shown with a disability.

By presenting Muslims in an abundance of storylines, audiences can see and resonate with the innumerable experiences of Muslims from all walks of life."

When Muslim characters do appear in film, a set of qualitative findings from the report shed light on the ways that the community is stereotyped: as outsiders, threatening, and as subservient, particularly to white characters. Just over half of all Muslim characters appeared in films set in the past, and the majority were shown in the Middle East/North Africa, India, or Europe. Essentially, Muslim characters were primarily shown in places other than the countries whose films were included in the study.

“Muslims live all over the world, but film audiences only see a narrow portrait of this community, rather than viewing Muslims as they are: business owners, friends and neighbors whose presence is part of modern life.

The report also notes that roughly one-third of Muslim characters are perpetrators of violence, and more than half are targets of violence. Muslim primary and secondary characters are also likely to be shown in clothing or with artifacts that reflect their faith. Additionally, Muslim women continue to be shown in stereotyped and submissive ways. The few primary and secondary Muslim women characters were primarily shown as potential romantic partners or family members. In response to these findings, USC Annenberg Inclusion Initiative joined a coalition of partners spearheaded by Pillars Fund to create The Blueprint for Muslim Inclusion. "The Missing and Maligned study reveals the scope of the problem facing Muslims in entertainment, and the urgent need for solutions that increase

the presence of Muslim voices in storytelling,” said Kashif Shaikh, Pillars Fund Co-Founder and President. “The Blueprint for Muslim Inclusion offers a direct response to these findings by providing a broad set of recommendations for film industry professionals. We’re excited to support the industry to take practical steps towards more nuanced portrayals that amplify Muslim voices, from sunsetting terror tropes and signing first look deals with Muslim creatives to including Muslims in diversity, equity, and inclusion programming.” The Blueprint includes short, medium, and long-term solutions for change, concrete recommendations for everyone from production companies to drama schools, and a suite of practical resources and contacts to support everything from script screening to casting. Read the full set of recommendations at p i l l a r s f u n d . o r g. In addition, Pillars Fund in partnership with Riz Ahmedand Left Handed Films is announcing an innovative new fellowship that seeks to transform the cultural landscape by creating opportunities for Muslim storytellers. ThePillars Artist Fellowship will focus on Muslim artists in the U.S. and U.K. at the early stage of their career, offering multiple selected fellows an unrestricted award of $25,000 and career development support. The hope is that substantial financial and professional support can create the kind of talent pipeline that will help shift on-screen representation. Championing the artist fellows will be an advisory committee of

Muslim artists who have been trailblazers in the industry, including Riz Ahmed, Mahershala Ali, Sana Amanat, Karim Amer, Rosa Attab, Lena Khan, Nida Manzoor, Hasan Minhaj, Jehane Noujaim, and Ramy Youssef. Designed as a multi-year program, the fellowship will focus in its first pilot year on directors and writers from film and television. In further years, it will expand to cover storytellers from other disciplines, including literature, music, and visual arts. In addition to the unrestricted grant, Pillars Artist Fellows will receive a curriculum of tailored professional development resources including workshops delivered by industry experts, fireside chats from the highprofile advisory committee, and proactive one-on-one mentorship. “Muslim communities are bursting with talent—it’s our duty and privilege to support these incredible artists and provide them the opportunity to tell their own stories,” saidArij Mikati, Pillars Fund Managing Director of Culture Change. “Right now, a pathway to success doesn’t exist for many Muslim creatives. The Pillars Artist Fellowship addresses this by providing them the funds, connections, and high-support, high-challenge community needed to reach their greatest aspirations.” Riz Ahmed added: “I know the industry has the imagination and the resources to fix this problem. Now it must show the will, and the Blueprint for Muslim Inclusion can offer a practical roadmap for change. The Fellowship also offers a meaningful way to intervene.

"Having a source of unrestricted funding for Muslim artists and storytellers will be game changing. "M u s l i m c o m m u n i t i e s i n t h e U S and UK are amongst the most economically disadvantaged, and yet currently there’s nothing else out there like the Pillars Artist Fellowship which really invests and believes in the talent pipeline. Had I not received a scholarship and also a private donation, I wouldn’t have been able to attend drama school.” “Film and television provide a powerful lens through which we see and understand the cultures and communities around us and relate to the world at large,” said Noorain Khan, director of the Office of the President for the Ford Foundation. “For too long, depictions of Muslims in entertainment have failed to match the richness and diversity of our lived experiences and we have felt the impact of these flattened portrayals firsthand. At Ford, we are proud to support the collective efforts of the Pillars Fund, Riz Ahmed, and the USC Annenberg Inclusion Initiative to clearly illuminate the extent of the misrepresentation and create a roadmap towards a more just future.” Pillars Artist Fellows will be selected via nomination process and will be announced later this year. For more information, visit pillarsfund.org

Lucas Anderi: Designing Disney brides

Superstar bridal fashion designer Lucas Anderi has just partnered with Disney to become one of their official fashion designers. We caught up with him to find out more.

for women who don’t give up being impeccable on the ‘big day’. I was the first fashion designer in the Brazilian bridal market to design for a French Maison and the first to be shown at the Barcelona Bridal Fashion Week.

Tell us about your professional beginnings

My family has strong and long-lasting roots in the bridal market, owning 7 stores in this segment. I always accompanied my mother in her stores and from an early age I watched the Arabic women and the luxurious way they dressed for their wedding day. Following my brother footsteps, I moved to Brazil to complete my studies in International Commerce and took root here. I was unable to break away from my passion for family tradition and began importing to the country the silks, laces and tulles that had surrounded me since I was a child and made the dream of women a reality: to become princesses produced by the most beautiful wedding dresses.

In addition to the numerous participations in Brazilian TV programs, I also have the privilege to be part of the cast of the reality show Fábrica de Casamentos, a co-production of the SBT channel and Discovery Home & Health, now in its fourth season. Who and what has inspired you throughout your career?

My biggest source of inspiration are my clients, in addition to the many trips I do around the world in search of behavioral references. Essential elements translated into bridal fashion with the aim of enhancing the sensitivity of the female figure, becoming a desire for immediate Consumption. What kind of people have worn your gowns?

Operating in the luxury market for over 20 years, I decided to created my own style: wedding dresses with romantic, feminine touches, delicate and full of personality. Perfect models

Cosmopolitan, urban and cool are just three of the many adjectives that characterize the Lucas Anderi Bride. The label is present in the most celebrated weddings of fiction and real life.

What is the process of designing a wedding gown, from first inspiration to having it made?

The Lucas Anderi atelier, located in São Paulo, Brazil, is the p e r f e c t p l a c e t o r e c e i v e b r i d e s , w h o w a i t u p t o 6 m o n th s t o get an appointment in my busy schedule. At the store, customers have a personalized service, by appointment and in an elegant and grandiose space, where they can find prompt delivery dresses from my collections and also exclusive looks made-to-measure directly with me. The client gives me her ideas, together we create a mood board within what the client likes and I create a design. After approval of the sketch by the client, the dress production process begins, where I choose the ideal fabric for the model and if there is lace I choose it together with the client and get to work! I think a great differential is the simplicity and attention with which I welcome and serve my clients. I do an average of 70 brides a month and don’t neglect any details. My work is built in a very judicious way, but also very conscientious. I like to be close, not to show myself inaccessible. It is important for me, as a professional, to walk coherently with the country's economy, as I am, above all, a businessman. Luxury and dreams are possible. I create alternatives in my studio and I believe that, as a fashion designer, this versatility is very important. What is your partnership with Disney and how does it work?

Getting married is the dream of almost every woman. But the dream is not just about getting married, simply. Feeling like a real princess on a very special day, with all the pomp it requires! With this collection her fairy tale comes true! The Disney Princess Wedding Collection by Lucas Anderi is part of the global campaign “It’s Time to Celebrate – Courage and Kindness”, which invites the public to connect with the stories of the Princesses. Thinking and executing this collection was very special to me. The volume of princess dresses has always been part of my DNA. Even though I only had 6 princesses as inspiration, I created a collection of 18 dresses, each of which got its own line. Each princess will have three versions of dresses that emphasize the fancy, classic and clean mood.

This classification is relevant, since every woman, regardless of her own style, can feel like a real princess in her wedding. All models have fashion and fabric trends that refer to every princess. Thus, every woman can identify with one of the styles of each princess. It’s so amazing and special to think how a woman can relate to a Disney Princess-inspired wedding dress that is full of meaning and reflects the history and attributes of each of them. Having the Disney Princess on the most special day of your life has no explanation.In the end, being a princess is showing yourself as you really are! The Princesses live life with courage, with a proactive attitude that makes them masters of their destiny, where each one is the protagonist of their story, their aspirations and their dreams. And in that sense, all people have the potential to be ‘real princesses’.The real magic happens with self-effort and dedication when we go after what we dream. The exclusive collection was available for sale from August 15th at my store, in São Paulo, and at another 26 points of sale in the states of Bahia, Ceará, Espírito Santo, Maranhão, Mato Grosso, Mato Grosso do Sul, Minas Gerais, Pará, Paraná, Paraíba, Pernambuco, Piauí, Rio de Janeiro, Rio Grande do Norte and Santa Catarina. How did the partnership happen?

In November 2020 I was contacted by The Walt Disney Company to be part of this unprecedented project in Brazil. The Disney Princess Wedding Collection by Lucas Anderi invites the public to connect with the stories of the Princesses, bringing to life the timeless tales that were part of the childhood of young people and today’s adults. After 5 months of negotiations, I finally became an Official Disney Licensed Fashion Designer. I am very honored with this invitation! I believe it is a very important step not only in my career as a fashion designer, but also for national fashion and for Brazil. What are your ambitions for the future?

I am very open to whatever opportunities the future may hold. I think the best way of planning for the future is to make the most of the present. But I confess that it would be a personal achievement to open a LUCAS ANDERI flagship abroad and see my dresses spread all over the world.

Find out more at @LucasAnderi

Business trends to look out for in 2022 The effects of the global pandemic continue to be felt all over the world, and this has had a profound impact on the business landscape. This has increased the speed at which some technologies have been adopted and are being developed, and there are other issues too which will color the way we live in the immediate future. These are our top trends to be aware of as we look ahead to 2022.

Remote working No longer simply a lifestyle choice, remote working became an enforced way of life for people across the globe as lockdowns, quarantines and social distancing made traditional on-site working impossible for many. Any gaps in technology and provision quickly became apparent and risked slowing business down even more than the pandemic already had. Moving into 2022, any technology and lifestyle solutions that will make homeworking easier and more efficient will continue to grow and thrive.

Environmental issues Climate change and sustainability have been crowd-pleasing background issues for a long time, but have never been at the forefront of our minds in the way they are now. This fever is only going to grow in the coming months and years. Businesses that offer effective and efficient solutions to environmentallyunfriendly old ways of working will find themselves in huge demand as the noise about the climate crisis becomes ever louder.

Personalisation and

VR and AR

customisation

Sales of virtual reality headsets skyrocketed during lockdowns in many parts of the world, and demand for virtual experiences also grew as cultural events took their offers online across various platforms.

Subscription services both physical and digital are continuing to grow in popularity, and the pandemic has seen consumers ordering personalised services of all kinds to be delivered to their door or inbox.

But virtual reality and augmented reality are also proving useful for work as well, with training and conferences delivered in virtual form. Now that the technology is affordable for so many consumers, we can expect to see its usage grow and for both VR and AR to be applied to many more daily operations.

Food, fashion, online classes, vitamins and health reports can all be customised to the individual, and this kind of niche service is becoming the norm. As we move into 2022, people will expect to be able to apply this kind of personalisation to many services in their daily lives.

Fares Abi Nader of Synvance gives us an insight into the company's DNA, their Middle East plans, and more. Could you give an overview of your professional journey?

I am an experienced serial entrepreneur with 20+ years of history in coordination, design and deployment of Corporate Performance Ma n a g e m e n t ( C P M ) a n d B u s i n e s s i n t e l l i g e n c e projects around Financial / Operational Reporting, Statutory Consolidation and Budget Planning processes. I worked for many major consulting firms (BearingPoint, ReportEdge, Ernst & Young, Abington) before joining Synvance group where I am leading the Middle East region. I have developed a spectrum of expertise in Management Consulting, technologies and solutions across various domains.

Synvance Group has been advising its clients’ Financial and Operational Board with the objective of improving their competitiveness and preparing the future thanks to a large spectrum of expertise combining management consulting and technologies in various industries (manufacturing, oil & gas, insurances, retail, public sector), domains (finance, procurement, supply chain, Shared Service Center, Customer Relationship Management) and solutions (ERPs, Financial Planning, Reporting, consolidation & disclosure, Artificial Intelligence, Robotic Process Automation). These solutions are either designed by our numerous technological partners or designed by ourselves in a custom-made fashion in order to fit best and exceed our clients’ expectations. Synvance DNA is to develop long term partnership of success with clients and partners, from designing ambition and transformation journey, to implementation and change management.

What is Synvance all about?

Synvance is a Management and Technology Consulting firm ranked among the top largest recognized Digital Company in France with more than 300 employees in 4 countries (France, Morocco, Germany and Dubai). For over 15 years

Our unique ability to cover the overall transformation merging strategy and solution expertise in a human sized company (300 consultants) and our proven track record in Morocco and Europe to leverage our different centers of excellence to best deliver success

with our customers. The focus of the Group is to continue its international expenditure, looking towards Europe and the Middle East, with numerous new offices set to open in these regions in the years to come. What markets around the world do you serve and how does your approach differ from region to region?

Synvance serves the Europe, Maghreb and Middle East markets and organizes teams around the world to offer the full range of services leveraging our centers of excellence in France (Nantes & Clermont Ferrand) and recruiting locally according to business development requirements & opportunities. Middle East growth plan anticipates a team of 60 people by the end of 2023. Regarding your expansion into the Middle East, what hopes and plans do you have for this new chapter?

The Middle East is a prime area for innovation and investment. This is being supported by governments and private sector investors who are funding startups, technology and infrastructure in order to grow economies within the Middle East. The region became a business and financial leader on a global scale. We are planning to cover 6 countries in the coming years which are Kingdom of Saudi Arabia, UAE, Oman, Bahrain, Kuwait and Qatar. The companies from these countries have understood the need for digital transformation in order to stay competitive and that is precisely our purpose, to accompany and guide our clients in their digital transformation journey. A plan is put to best raise Synvance awareness in the Middle East, starting in Dubai by leveraging our strengths and ambassadors to get the Synvance brand known and present/share expertise and success stories with key influencers and key potential customers. This goes along with a strong partner network and a network of customers & personal relationships. How has the global pandemic affected your growth or strategy?

The pandemic slowed our growth even though we managed to maintain our level of activity and our annual turnover for 2020. However, it confirmed the direction we wanted to take, keeping the same ambition, with new projects regarding Germany and the DACH region, as well as the Middle-East and keep developing our offers. Strategy wise, clients projects got delayed, but we adapted our strategy to keep our activity level. We exploited and focused on different types of delivery. We put the emphasis on digitalization and smaller projects, with a more direct and visible impact for our clients (BI, RPA). Find out more at www.synvance.com

china's centenary warning

China’s president Xi Jinping issued a stark warning to other countries around the world in his address to mark the centenary of the Chinese Community Party this summer.

This aggressive stance, amid such sensitive and still unresolved issues, does nothing to ease tensions internationally, and is a curious choice o f s e n t i m e n t f r o m C hi n a ’ s l e a d e r . T h i s h a s d o n e little for China in the eyes of the world, and can only compound the more dubious press.

Speaking at a public event, Mr Xi threatened that foreign nations would ‘get their heads bashed’ if they tried to exert any influence o v e r Ch i n a , w h i c h h e d e f i n e d a s ‘ b u l l y i n g ’ and ‘sanctimonious preaching’.

Such a position of strength as China now has requires no such outward expression at such a celebratory event, so it is an unusual message to communicate to the world at a time when all eyes are on China and some of her more controversial actions.

"We will never allow anyone to bully, oppress or subjugate China," said Mr Xi, adding that “anyone who dares try to do that will have their heads bashed bloody against the Great Wall of Steel forged by over 1.4 billion Chinese people".

Regardless of whether China sees itself as under attack or in a position of global dominance, we in our position as global family offices cannot help but think that the most useful thing to do for the country would be to outwardly express peaceful sentiment with regard to other nations.

As we have noted in previous editions, relations between China and the USA in particular have been dramatic and strained in recent years, which made these remarks easy to interpret as a direct address to America.

Considering the global trade links and the many collaborations between Chinese expertise and other expertise around the world, this would be a much easier environment in which businesses – and family offices in particular with their more personal relationships – could operate.

Between issues with trade, the pandemic, human rights, espionage and China’s role in Hong Kong and Taiwan, foreign powers have had much to level at China of late.

hajj in the age of covid

Tens of thousands of Muslims travelled to Saudi Arabia for the annual pilgrimage to Mecca despite the ongoing pandemic, in a scaled back version of the usual Hajj ceremony. U s ua l l y m o r e t h a n t w o m i l l i o n p e o p l e descend on Mecca each year for the e x p e r i e n c e, w h i c h e v e r y e l i g i b l e M u s l i m must carry out at least once in their lifetime. But with the onset of travel restrictions and social distancing, only 10,000 people were allowed to attend in 2020. This year, that number had been increased to 60,000, all of whom had to be fully vaccinated, aged 18-65, and resident in Saudi Arabia. More than 550,000 people applied to be among the chosen number, with an online pool deciding who would be permitted to go to Mecca’s Grand Mosque. Once there, worshippers

were required to socially distance and wear face coverings. The Hajj season has zero Covid cases thanks to the Saudi Authority health measures. T h i s l a c k o f a c c e s s f o r s o m a n y p e o p l e d o e sn ’ t merely affect those travelling to take part, but also has an impact on the entire business ecosystem that has built up around this huge annual event. Not only does the Saudi Arabian economy rely on the huge number of visitors every year, but there are businesses around the world whose core remit is to assist Muslims in reaching Mecca. This normally reliable stream of income being suddenly cut off has wider implications which are undoubtedly being felt in all corners of the globe. With the Hajj being such a vital life experience and a source of livelihood for so many people, we can only hope that 2022 allows a return to the normal crowd numbers.

Richard Branson’s spare time

If there is one thing his long and varied career can tell us, it’s that Richard Branson cannot seem to keep still.

Despite being an entrepreneur and business leader, he nonetheless takes it upon himself to undertake world record attempts and feats of great physical and mental endurance, usually involving travel. How he finds time to do this at the same time as being a global business leader, we can only speculate. But in light of his most recent announcement about going to space, here are some highlights from his high flying hobbies.

Flying to space with Virgin Galactic First, the big one. Scheduled to begin in 2022, Virgin Galactic flights will take paying passengers into space where they can gaze at the earth and experience weightlessness before heading back down again. In July this year, Richard Branson himself took a test flight to the edge of space as a passenger in his own craft – the first time a spaceflight company founder has travelled on his own ship into outer space. Find out more at virgingalactic.com

Crossing the Atlantic Ocean in a speedboat In 1986, Richard Branson smashed the world record for the fastest crossing of the Atlantic Ocean. He achieved this in just three days by travelling in a 72ft powerboat, defeating the previously held record from 1952.

Kitesurfing the English Channel It took him two attempts within 24 hours, but Richard Branson eventually became the oldest person to kitesurf the English Channel in 2012 at the age of 61. He landed in Northern France, where he was promptly told off by the French police for the stunt.

Ballooning across the Pacific Ocean Back in January 1991, Richard Branson broke another world record by flying a hot air balloon from Japan to Arctic Canada. The 6,700 mile journey saw him flying at a speed of 245 miles per hour.

Your new home could be printed

If you’re looking for somewhere to live in California, the solution could be a 3D printed home.

Might Buildings are a Californiabased business printing ready-to-go houses for delivery all over the state, with plans to expand around the US. C re a t i n g t h e h o m e s t h i s w a y reduces building waste by printing only what’s needed, cutting out the average 3-5lbs of waste per square foot associated with regular building methods.

ADU (accessory dwelling unit)

H o u s e s c o m e in t h r e e s i z e s :

This is a tiny house style unit that can be installed in a garden as some additional space where there is already an existing dwelling. These units can be spare rooms, o f f i c e s, o r e v e n r e n t a l p r o p e r t i e s .

Cinco 1440 sq. ft. Total 3 bedrooms, 2 bathrooms Quatro 984 / 1176 sq. ft. Total 2 bedrooms, 2 bathrooms

Mighty Houses

Trio 864 sq. ft. Total 2 bedrooms, 1 bathroom

Ranging from 864 to 1,440 square feet, the 3D printed houses are designed to be fully functional family homes. Made from a newly developed non-silicate Light Stone Material and steel components, the buildings are durable and sustainable.

Mighty Houses are modern and energy efficient, and come with installed appliances, air conditioning.

Houses are printed in the factory and assembled on-site at your location. The whole process takes 4-6 months from beginning to end.

Some aspects are customisable, and you can choose between several different models depending on the sort of solution you need.

We have high hopes that Mighty Buildings will become the norm for new house construction, with their eco-friendly design and build, and their relative affordability compared with more traditional solutions. Rest assured we’ll report on any new developments in the 3D printed house world as soon as we get them.

Find out more at mightybuildings.com

The Atacama Desert - Chile

Don’t let the name fool you, the Atacama Desert in Chile is far from a bleak and sandy wasteland. Instead, it’s a treasure trove of wildlife, culture and history – if you know where to look. And if you want to see the stars as you never have before, this is the only place to do it...

Officially one the driest places in the world, the desert gets less than 1mm of rain per year (a desert is typically defined as having less than 250mm of rain annually)

Despite the many action-packed activities you can try out here, there is one reason and one reason alone that many people visit the desert, and that is to see the stars in all their glory.

This region is famous for its sheer diversity of landscape, including active geysers, huge salt flats, canyons, volcanoes and beautiful lagoons.

There are multiple astronomical observatories around this region, all taking advantage of the incredibly clear skies. More than 300 clear days per year plus low light pollution makes it ideal for seeing breathtaking views of our universe.

It has a strange and otherworldly quality that makes it quite unlike anywhere else on earth.

You will undoubtedly spend much of your trip looking at the night sky, but when you're ready to explore there's the northern coast to see too. It's perfect for water sports, and its sandy beaches are just waiting for sun worshippers. The popular tourist destination town of San Pedro de Atacama sits in the middle of an oasis and is 8000ft above sea level. It has a charming historic centre with a traditional square, and the San Pedro church which dates back to the 16th Century. You can expect a warm welcome too, with friendly locals being among the key attractions.

where to stay Nayara Alto Atacama nayaraaltoatacama.com A sustainable retreat which is as blended with the surrounding nature as possible, both in design and also in its local food and drink offering. There’s a spa for relaxation, mineral hot spring pools, and outdoor pavilions.

As the Institutional Evolution of Family Offices Gathers Pace, They Should Look to Outsourced Trading

By Andrew Walton

The institutionalization of the Family Office (FO) has been a key trend in recent years. Historically, FOs have gained exposure to global markets via investments in hedge funds, private banks and wealth managers. Amid diminishing returns tied to high fees, many of them have taken steps to bring this trading expertise in-house.

In terms of optimizing their investment operations, FOs can also look more broadly to what others on the buy side have done and leverage tools such as outsourced trading. Buy-side players of all sizes and descriptions are realizing they can avail themselves of this model to significantly expand their reach and capture operational efficiencies.

Combined with the overall growth of the FO space in recent years – a 2019 report from Campden Research found that the number of FOs in Europe had grown by 32% from 2017 – it is fair to say that FOs are more active in global markets than at any time before.

The exponential increase in access to information, liquidity and pricing results in huge cost savings, at the same time opening the door to rapid growth. In a November 2020 survey of heads of investment operations from global asset management firms by Acuity Knowledge Partners, 85% of the respondents stated that they had already adopted outsourced trading or were interested in doing so, a level of interest that has been accelerated by the pandemic and the associated volatility and business continuity concerns.

The problem is that while FOs may relish the chance to forge their own path, building capability for direct investing into global listed companies, they are running into the same problems that plague the buy side at large. Technology and compliance costs are rising rapidly, making it steadily less economical to build and maintain in-house capabilities such as trading. Furthermore, it can take years to build a trading desk with enough experience, connections and resources to compete in today’s markets. While larger managers may be in a position to address some of these challenges, FOs are disproportionately affected because they do not have the reach or size to benefit from any economy of scale.

While taking advantage of the right outsourced trading solution has always offered benefits to a variety of capital markets participants, the effects are especially pronounced for FOs. With the excitement around large managers turning to outsourced trading in the past few years, it is easy to forget that in many places the business began as a niche service for hedge funds at launch. The industry has since exploded and now serves buy-side firms of all sizes, including large institutions looking to supplement their own sophisticated trading desks, but it continues to have transformative potential for smaller players as well. One key reason is that outsourced trading enables greater scale and provides much greater access to the sell side. This is a key factor because of the almost perfect correlation among sell-side access, cost reduction and enhanced investment performance.

FOs are constantly looking to their peers for ideas to help maximize efficiencies and optimize, among other matters, their wealth strategy and investment operations. The FO space tends to be characterized more by an ethos of collaboration and collective best-practice than one governed by competition between families. The unique construct underscores the reasons for the existence of FOs. Wealth preservation, financial security, continuity and succession are the drivers; education, discretion, trust and confidentiality provide the governance.

An FO may only have the budget to hire one, possibly two, traders in one geographical region, but a truly sophisticated buy-side desk requires a larger operation

. .The staff must be highly experienced – not only to ensure that the desk can manage the right number of sell-side relationships, but also to maximize the expertise required for everything from navigating global volatility events to buying and selling illiquid shares. In addition, many large desks have an on-the-ground global presence, ensuring that the quest for alpha is not interrupted by the human need for sleep in any one region. By working with an outsourced trading firm, FOs can achieve a level of scale and reach that would be impossible to replicate themselves. Instead of being seen as a single, relatively small voice in a massive buy-side landscape, the FO is represented by an institutional-grade provider with a global footprint. The scale that is gained by the outsourcer in servicing a large pool of clients, in turn allows access to the best sell-side tools, liquidity and market intelligence paving the way to cost reduction, best execution and enhanced performance. In addition to increasing scale and reach, outsourcing ensures that FOs maintain complete anonymity in their trading. While the FO space can be diverse, an overriding theme is the need for absolute discretion. High-net worth, often prominent families do not want to tip their hand or have their every move scrutinized when it comes to global markets. Allowing a partner team of experts to trade on their behalf allows FOs to be discreet while maintaining full control over their assets. Needless to say, not all outsourced trading firms are created equal, and identifying a fully independent provider offering a pure-play buy-side trading experience is crucial, especially for FOs. This contrasts with more recent offerings from sell-side brokers and custodians. An agnostic, unconflicted approach means there is no leakage of information. The sell side has absolutely no insight into client order flow – which is not the case when interacting with many of the other sell-side or hybrid providers. The FO investment strategy is, and should remain, part of its intellectual property. The existence of so many contrasting offerings means due diligence is crucial. Keeping these factors top of mind will serve FOs well as they evaluate the various providers of outsourced trading solutions. In a world where scale, reach and anonymity have become precious commodities, the independent outsourced trading model offers a path to bypassing the enormous cost and arduous process of building a global trading desk. FOs can focus on maximizing returns and keeping costs low. The buy side at large is undergoing this shift, and family offices would be well served to follow suit. The benefits are exponential and well worth exploring.

Upcoming Events March 2022 Latam Family Office Investment Summit Mexico City, Mexico May 2022 APAC Family Office Investment Summit November 2022 Middle East Family Office Investment Summit Dubai, UAE TBC Africa Family Office Investment Summit

See aleaglobalgroup.com for updates

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