Art Dubai has announced its participating galleries for 2023, with more than 100 institutions taking part from 43 countries around the world.
The 16th Art Dubai will take place from March 3 to 5 at Madinat Jumeirah and will include 30 first-time participants. The event will champion art and artists from the Middle East and Global South, with more than 60 per cent of the event’s programme showcasing work from the latter region.
“Art Dubai is a global fair, and the strength of the applications we received for our 2023 edition reflect Art Dubai’s increasing importance as the region’s premier art event, the gateway to the Global South and the maturing of the art market here in Dubai,” says Art Dubai’s artistic director Pablo del Val.
“We’re particularly pleased to welcome so many first-time exhibitors into the Art Dubai family. Dubai is rapidly developing into a global financial and technology hub — the city is booming, and is a place that generations of people from all over the world call home.”
Held under the patronage of Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and curated by Singapore educator and arts writer Clara Che Wei Peh, the expanded 2023 event welcomes galleries with innovative new media programmes, as well as digital platforms building virtual art spaces and traditional brick-and-mortar galleries.
Art Dubai Contemporary will presents the best in contemporary art from 72 galleries from 33 countries. First time exhibitors include Concept (Paris, France), Barakat Contemporary (Seoul, South Korea), First Floor (Harare, Zimbabwe) and ko (Lagos, Nigeria), Piedras (Buenos Aires, Argentina), Shrine Empire (New Delhi, India), and Barbara Thumm (Berlin, Germany).
Several other galleries, including Albareh Art Gallery (Manama, Bahrain), Ruth Benzacar Galeria de Arte (Buenos Aires), Chemould Prescott Road (Mumbai, India), Taymour Grahne Projects (London, UK), GVCC (Casablanca, Morocco), October (London), and Project 88 (Mumbai), will return to the event after a hiatus. There will also be a record 21 Dubai galleries exhibiting.
Art Dubai Digital will also return for 2023 after a successful induction this year. The programme will provide an overview of the digital art landscape, explore the connection between the art and technology worlds, and explore how artists have utilised new, immersive technology. There will also be an extensive talks and education programme.
Art Dubai’s Bawwaba section will be curated by Vipash Purichanont from Bangkok. Meaning “gateway” in Arabic, Bawwaba features artworks made in the past year or specifically for Art Dubai and comprises solo presentations by 11 artists hailing from across the Global South.
Across a variety of mediums, from painting and tapestry to filmmaking and performance, the section explores topics such as socio-cultural issues, the legacy of colonisation on environment and human relationships, and language in the region.
Art Dubai Modern, meanwhile, is curated by Paris critic and curator Mouna Mekouar and Italian art historian Lorenzo Giusti and features solo presentations by regional artists whose works have retrospectively played a key role in today's art and contribute to the cultural diversity of the region.
The programme will feature a series of talks that examine the life, work and influences of leading 20th century artists from the Middle East and Africa.
The full programme for Art Dubai 2023 will be announced in December.
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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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