A trio of shows arriving in the UAE, each exploring very different facets of culture and history, are the ones to check out this week.
Louvre Abu Dhabi celebrates African history, Nika Project Space puts the work of Lebanon-based Honduran artist Adrian Pepe on display, and an exhibition at The Concourse Convention Centre showcases Naruto, one of Japan’s most successful manga and anime series.
Naruto the Gallery at The Concourse Convention Centre
Manga and anime fans are in for a treat. For the first time, the exhibition celebrating the 20-year legacy of anime and its influence in Japan and around the world is opening in Dubai.
Straight from Tokyo, the exhibition will feature immersive installations and exclusive artworks from the Naruto manga series, as well as concept art and materials used to create the anime series. The exhibition will show how animation and storytelling techniques have brought the story of the ninja and his epic battles to life in the 72-volume manga series that has sold more than 100 million copies outside Japan, with two anime shows and 11 animated features.
It runs from Friday to April 6. Entry tickets start at Dh60, available at Platinumlist and at the venue
Monday to Friday, 12pm – 10pm; Saturday to Sunday, 12pm – 11pm; until April 6; The Concourse Convention Centre, Dubai
Kings and Queens of Africa: Forms and Figures of Power at The Louvre
Louvre Abu Dhabi’s new exhibition looks at the African continent’s most revered and powerful figures, exploring the design of their royal attire, their sacred symbols of spiritual influence, and more.
The exhibition, which will showcase more than 300 objects from the collections of Musee du Quai Branly – Jacques Chirac in Paris, will introduce African kings and queens who shaped the continent and how their legacy is still influencing contemporary African art and culture. The exhibited pieces come from cultures across the continent as well as a range of time periods and include their detailed histories.
Monday to Thursday, 10am-6.30pm; Friday to Sunday, 10am-8.30pm; until May 25; Louvre Abu Dhabi
A Shroud is a Cloth at Nika Project Space
Fibre artist Adrian Pepe's new body of work explores themes of memory, healing, and the interplay and connections between destruction and renewal.
Pepe investigates process and materiality in his work. At the heart of this solo exhibition is a 200-square metre woollen piece that once wrapped a damaged heritage building in the centre of Beirut. This work threads throughout the other pieces, with wool cleansed, processed, manipulated and recontextualised into works ranging in scale.
Monday to Saturday, 11am-7pm; until May 17; Nika Project Space, Al Khayat Avenue, Dubai
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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Fixtures
Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs
Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms
Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles
Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon
Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon
MATCH INFO
Euro 2020 qualifier
Fixture: Liechtenstein v Italy, Tuesday, 10.45pm (UAE)
TV: Match is shown on BeIN Sports
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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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Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
