One of the largest digital art centres in the GCC, set inside The Dubai Mall, opened to the public on Thursday.
Infinity des Lumieres will host immersive art exhibitions and hopes to become a platform where tech-driven artists can create, innovate and present their works, its director said.
Spread over 2,700 square metres, the venue has more than 130 projectors, 58 speakers and 3,000 HD digital images working together to create moving artworks.
Three exhibitions are currently being shown. The first is a light, sound and visual presentation of Van Gogh’s works, including The Potato Eaters (1885), Sunflowers (1888) and Starry Night (1889).
Accompanying the presentation is a production by Danny Rose Studio, which pays homage to the widespread influence of Japanese art, culture and tradition on famous artists such as Van Gogh.
Dreamed Japan, Images of the Floating World will take visitors into 19th century Japan, blending artist Katsushika Hokusai’s portraits with landscapes and images of his famous waves.
Created specifically for immersive art spaces, Verse by Thomas Vanz concludes the show. The exhibition is a hypnotic, metaphysical journey, with whirling images of the cosmos accompanied by an orchestral piece composed with Jonathan Fitas.
Shows at Infinity des Lumieres last one hour and 15 minutes each.
The centre also houses a boutique where art lovers can buy collections from artists from the region and beyond.
In May, Infinity des Lumieres announced a partnership with Dubai Culture and Arts Authority “to strengthen the emirate’s position as a city of the future through a unique digital art experience”.
“Dubai is the perfect home for the art centre,” said Catherine Oriol, director of Infinity des Lumieres. “Along with the authority’s support, we aim to create the ultimate platform for art to merge with diverse industries through unique symposia, partnering with visionary institutions, thinkers, industry leaders, innovators, and emerging local, regional and international artists.”
Tickets to Infinity des Lumieres start at Dh75 for children up to aged 13 and Dh125 for visitors over 14 years. Shows run daily, with the first starting at 10am; infinitylumieres.com
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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.
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“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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