Lebanese artist Hussein Madi in his studio. Photo: Mark Hachem Gallery
Lebanese artist Hussein Madi in his studio. Photo: Mark Hachem Gallery
Lebanese artist Hussein Madi in his studio. Photo: Mark Hachem Gallery
Lebanese artist Hussein Madi in his studio. Photo: Mark Hachem Gallery

Lebanese artist Hussein Madi dies aged 85


Maan Jalal
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Lebanese artist Hussein Madi has died.

Mark Hachem Gallery in Beirut, which has represented the artist for more than 10 years, announced the death of the renowned multi-disciplinary artist on Thursday.

“The departure of maestro Hussein Madi has left a profound void," an Instagram post read.

"With heavy hearts, we share the news of the passing of this extraordinary soul, a luminary whose vibrant spirit will forever resonate within the walls of the Mark Hachem Gallery.”

Birds by Hussein Madi painted in 1983. Photo: Christie's
Birds by Hussein Madi painted in 1983. Photo: Christie's

Madi was a significant cultural figure in Lebanon and the region working across multiple mediums including sculpture, painting and printmaking.

“As we honour Hussein Madi, let us not mourn the end but celebrate the everlasting journey of his art – a journey that lives on within these walls and in the hearts of all touched by his brilliance,” the gallery added.

Born in 1938 in Chebaa, Madi studied art at the Lebanese Academy of Fine Arts in Beirut and art school in Rome. Learning art and living between the two cities, mainly from 1973 to 1986, Chebaa explored concepts within Arabic cultural heritage and pictorial ideas, along with the style and aesthetic history of many European modern masters.

Drawing inspiration from artists such as Pablo Picasso and Henri Matisse, Madi used his discerning eye to combine elements of their approach with Islamic art’s principles of composition and harmony. His style was a particularly unique fusion which resulted in works that felt intricately crafted but also free-flowing and effortless.

Artworks by the Lebanese painter and sculptor Hussein Madi. Photo: Mark Hachem Gallery
Artworks by the Lebanese painter and sculptor Hussein Madi. Photo: Mark Hachem Gallery

Celebrated for his bold use of colour, form and line and for perfecting the blending of varying styles and again elements of the planned and the organic, Madi’s subject matter included abstract shapes and forms, as well as figures.

He became known for his depiction of women specifically their statuesque silhouettes and elegant curves painted with graceful lines against flat interiors or geometric backgrounds.

Madi’s art has been showcased worldwide, from across the Arab region as well as France, Italy and Japan as well as in institutions and festivals such as the British Museum and the Venice Biennale.

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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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Updated: January 18, 2024, 2:52 PM