After three-year absence, Abu Dhabi Classics is returning

After a three-year hiatus, Abu Dhabi Classics is coming back to the capital. The resurrected concert series will feature a line-up of artists from more than 20 countries for 12 performances. Kicking off on October 14 at Manarat Al Saadiyat will be the 32-year-old French prodigy Lydie Solomon’s show, which will be dedicated to Chopin’s travels.

The Abu Dhabi Tourism &Cultural Authority (TCA) announced the 2014-2015 season yesterday. The series will see prominent international musical talent and orchestras perform in the capital, on Saadiyat Island and at historical sites in Al Ain city.

As part of this year’s theme, The Traveller, performers will showcase classic pieces from East and West.

The Abu Dhabi Theatre will host the world-renowned classical violinist Gidon Kremer and his Kremerata Baltica chamber orchestra on October 28. The season finale will be in May, followed by the TCA Abu Dhabi Classics Music Awards, which will be open to public voting.

“This is a welcome return of a series which found a strong local, regional and international following,” says Sheikh Sultan bin Tahnoon Al Nahyan, the chairman of TCA Abu Dhabi. “We are confident that the powerful line-up of both established and upcoming global talent will resonate with worldwide classical-music lovers.

“The concert season will reflect the excellence that this emirate has achieved in the field of culture.”

When they’re not performing, the artists will host workshops and visit schools and universities in Abu Dhabi to encourage the arts.

“[The concerts] will be complemented by conferences and preconcert talks on the wide subject of classical music and on different composers whose pieces will be played,” says Roland Perlwitz, the head of music programming in the cultural sector of TCA. “Abu Dhabi Classics season will present a unique and holistic experience, allowing everyone to explore and enjoy the magic and diversity of the classical music universe.”

• For more information, visit www.abudhabievents.ae. Tickets will go on sale soon

aahmed@thenational.ae

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.”

Results

5pm Maiden (PA) Dh80,000 1,400m

Winner No Riesgo Al Maury, Szczepan Mazur (jockey), Ibrahim Al Hadhrami (trainer)

5.30pm Handicap (PA) Dh80,000 1,600m

Winner Marwa W’Rsan, Sam Hitchcott, Jaci Wickham.

6pm Handicap (PA) Dh80,000 1,600m

Winner Dahess D’Arabie, Al Moatasem Al Balushi, Helal Al Alawi.

6.30pm Handicap (PA) Dh80,000 2,200m

Winner Safin Al Reef, Connor Beasley, Abdallah Al Hammadi.

7pm Wathba Stallions Cup Handicap (PA) Dh70,000 2,200m

Winner Thulbaseera Al Jasra, Shakir Al Balushi, Ibrahim Al Hadhrami.

7.30pm Maiden (TB) Dh 80,000 2,200m

Winner Autumn Pride, Szczepan Mazur, Helal Al Alawi.

After three-year absence, Abu Dhabi Classics is returning

After a three year absence, Abu Dhabi Classics – a concert series that will feature a line-up of artists from more than 20 countries for 12 performances – will be returning to Abu Dhabi starting in October.

Results