Oman’s National Pavilion at the Venice Biennale is showcasing five artists at the cutting-edge of the sultanate’s contemporary art scene. Their works are distinct in medium and subject matter, but there is a commonality in the way the artists reflect on Oman’s history and traditions.
The Omani exhibition, as a whole, draws from a “history of being a refuge to wanderers seeking shelter and belonging", says the pavilion’s curator Alia Al Farsi, who is also one of the exhibiting artists.
Titled Malath-Haven, the group exhibition aims to reflect on the biennial’s curatorial theme: Foreigners Everywhere. It to looks to emphasise “Oman’s traditional values of inclusivity and hospitality", Al Farsi says.
“The English translation of malath is ‘safe space'. Thus, Malath-Haven takes the idea of a port where travellers can rest, find comfort and peace after their journey, and feel a sense of belonging.”
The theme’s aquatic undertone is manifest in the first work in the exhibition. Yet, it is not immediately clear how. In Water, Ali Al Jabri presents a range of sculptures made from wood and marble – materials that have become idiosyncratic in the artist’s oeuvre. Stacked and swirled around an opening, the pieces aim to draw viewers to peer into the works – much like looking down a well, where hey may find either water or a dreaded dry emptiness. Each of the sculptures also has a distinct scent incorporated within, emanating from the artist’s careful selection of timber.
"Al Jabri’s use of tree woods and local marble reflect’s Oman’s natural landscape and echoes traditional craftsmanship,” Al Farsi says.
The curator's own installation comes next.
In Alia’s Alleys, Al Farsi aims to offer visitors an allusion to the vibrant colours and culture of Oman. Al Farsi depicts this vibrancy through a landscape of mirrors, painted floors and collaged textiles. "My piece aimed to create a city where everyone feels a sense of belonging and home, fostering a space of inclusivity and abundant opportunities,” she says.
Sarah Al Oalqi’s Breaking Bread, meanwhile, examines traditions of Omani women, giving new twists to traditional clothing and touching on family recipes. It is, as Al Farsi says, a “celebration of women and food".
In one example, this two-fold tribute manifests in a sprawling niqab fashioned out of spoons. The work takes an everyday utensil and uses it as a symbolic component of cultural identity. With hundreds of spoons used in a striking arrangement, the work also bears a closer look, as the exhibition’s literature suggests it serves “as a metaphor for the collective strength and resilience".
Essa Al Mufarji, known for his clay-based works, presents Madad. The enormous work depicts age-old poems in Al Mufarji’s unique calligraphic style. Madad is breathtaking in form and execution, and as viewers get closer to the horizontally suspended pillar, they can hear the whistle of air passing through its central opening.
In The Fate of Outsiders, the migrant experience and the biennale’s overarching theme is encapsulated with a somewhat unlikely character: a sea turtle. Adham Al Farsi’s installation comprises two screens that show contrasting fates of a sea turtle as it embarks on its odyssey, traversing high seas and ocean basins along its migratory journey. One of the screens shows a tranquil fate for the sea turtle, reaching a coastal setting reminiscent of Oman. On the other screen, the sea turtle takes another route, and is met with tragedy. The piece evokes the hopes and fears of anyone who ventures to a foreign land to start life anew.
Al Farsi says the National Pavilion team selected the participating artists for “their significant contributions to their communities and for their roles in re-energising Oman’s contemporary art scene".
The team, she adds, wanted artists to address various pillars of Omani culture, from its language, food and architecture, to its attire and arts. "We wanted each of these aspects to be reflected in the pavilion," she says. "They reflect the notion of Oman as a hub of globalisation. From day one, we have made a point to ensure that Oman should be seen as an ancient land with diverse cultures.”
Al Farsi says she hopes Malath-Haven will instil visitors with a curiosity that will encourage them to travel to the sultanate and discover its vibrancy in person. The exhibition is only a glimpse of what Oman and its art scene has to offer.
“Many may attend the pavilion with preconceived notions about Oman, but I hope that our work can challenge these preconceptions and it encourages them to recontextualise their thoughts,” she says. “I also hope that the presence of Oman at the Venice Biennale will help increase the visibility of our artists and open up new opportunities and collaborations for them.
“Participating in this event allows our artists to collaborate with their peers worldwide, and encourages creativity and exchanges of dialogue. Through this exposure, Omani artists are able to secure their reputation in the global art world and enhance our cultural tourism sector.”
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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.”
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-43
2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s
3. Tom Dumoulin (NED) Jumbo-Visma, at 14s
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6. Mikkel Bjerg (DEN) UAE-Team Emirates, at 24s
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1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-13-02
2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s
3. Jasper Philipsen (BEL) Alpecin Fenix, at 12s
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5. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s
6. Joao Almeida (POR) UAE-Team Emirates, at 22s
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Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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BULKWHIZ PROFILE
Date started: February 2017
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Based: Dubai, UAE
Sector: E-commerce
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ABU DHABI CARD
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Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
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Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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PlayStation 4, Xbox One