Guggenheim Abu Dhabi, seen here in an artist's rendering, will be built on Saadiyat Island. Photo: Guggenheim Abu Dhabi
Guggenheim Abu Dhabi, seen here in an artist's rendering, will be built on Saadiyat Island. Photo: Guggenheim Abu Dhabi
Guggenheim Abu Dhabi, seen here in an artist's rendering, will be built on Saadiyat Island. Photo: Guggenheim Abu Dhabi
Guggenheim Abu Dhabi, seen here in an artist's rendering, will be built on Saadiyat Island. Photo: Guggenheim Abu Dhabi

Guggenheim Abu Dhabi 'on track' to be completed by 2025


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The Guggenheim Abu Dhabi is on track to open its doors in 2025, according to the Department of Culture and Tourism – Abu Dhabi.

Designed by renowned architect Frank Gehry, who is also behind the Guggenheim Museum in Bilbao, Spain, the UAE site is set to be the latest and largest outpost of the Solomon R Guggenheim Foundation’s list of international museums.

The Guggenheim Abu Dhabi was first announced in 2006, and was initially meant to welcome visitors by 2012. The museum’s completion date was later pushed to 2017.

The museum aims to present global modern and contemporary art, said Mohamed Khalifa Al Mubarak, chairman of DCT Abu Dhabi.

He said the museum will “play a civic role through its mission to spark wider interest in global modern and contemporary art” and will be an “equitable platform for art from all over the world”.

“As we move forward with our plans, it is crucial to recognise the impact of this museum in realising our vision for the emirate’s culture and creative industries. Investing in these industries is pivotal to the economic development of our emirate, and to our contribution to the global art world,” said Al Mubarak.

"Guggenheim Abu Dhabi, along with other cultural institutions such as Louvre Abu Dhabi and Zayed National Museum, will undoubtedly contribute significantly to a thriving creative scene."

Sheikh Khaled bin Mohamed bin Zayed and architect Frank Gehry at the Guggenheim Abu Dhabi museum site on Saadiyat Island. Photo: Abu Dhabi Media Office
Sheikh Khaled bin Mohamed bin Zayed and architect Frank Gehry at the Guggenheim Abu Dhabi museum site on Saadiyat Island. Photo: Abu Dhabi Media Office

Richard Armstrong, director of the Guggenheim Museum, called the announcement “a significant milestone in the realisation of the Guggenheim Abu Dhabi”.

Armstrong said that the museum will house “an expansive and evolving collection of artworks that advance multiple perspectives on the global histories of modern and contemporary art, with a particular focus on art from West Asia, North Africa and South Asia”.

The Gehry-designed Guggenheim Abu Dhabi will cover 30,000 square metres, with its gallery spaces spread across four levels linked by glass bridges, with a central atrium at its core.

Anish Kapoor’s 'My Red Homeland'. Photo: Lisson Gallery
Anish Kapoor’s 'My Red Homeland'. Photo: Lisson Gallery

Despite the absence of a physical structure, the museum has been building its collection over the past few years, including acquiring a film commission by artist Sarah Morris.

It has also presented exhibitions in Abu Dhabi in 2014 and 2017. The former, titled Seeing Through Light: Selections from the Guggenheim Abu Dhabi Collection, featured works by Dan Flavin, Douglas Wheeler, Keith Sonnier, Bharti Kher, Rachid Koraichi and Yayoi Kusama. The latter, The Creative Act: Performance, Process, Presence, included Anish Kapoor’s large-scale installation My Red Homeland. Over the past year, the museum has also organised various virtual programmes.

When completed, the Guggenheim Abu Dhabi will join Louvre Abu Dhabi, Manarat Al Saadiyat and Berklee Abu Dhabi on Saadiyat Island, where the capital aims to build an arts and culture cluster.

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Frank Gehry's impressive structures

  • The Dancing House, also called 'Fred and Ginger', by architects Vlado Milunic and Frank Gehry, in Prague, Czech Republic. All Photos: Alamy Stock Photo
    The Dancing House, also called 'Fred and Ginger', by architects Vlado Milunic and Frank Gehry, in Prague, Czech Republic. All Photos: Alamy Stock Photo
  • Frank Gehry's Cleveland Clinic Lou Ruvo Centre for Brain Health, in Las Vegas, Nevada, USA
    Frank Gehry's Cleveland Clinic Lou Ruvo Centre for Brain Health, in Las Vegas, Nevada, USA
  • Hotel Marques de Riscal, designed by architects Frank Owen and Frank Gehry, in Elciego, Alava, Basque Country, Spain
    Hotel Marques de Riscal, designed by architects Frank Owen and Frank Gehry, in Elciego, Alava, Basque Country, Spain
  • Louis Vuitton Foundation art museum and cultural centre, designed by Frank Gehry, in Paris, France
    Louis Vuitton Foundation art museum and cultural centre, designed by Frank Gehry, in Paris, France
  • Guggenheim Museum in Bilbao, Basque Country, Spain
    Guggenheim Museum in Bilbao, Basque Country, Spain
  • Walt Disney Concert Hall in Los Angeles, California
    Walt Disney Concert Hall in Los Angeles, California
  • Sculpture Peix D'or, Hotel Arts Barcelona, Mapfre Tower, in Barcelona, Spain
    Sculpture Peix D'or, Hotel Arts Barcelona, Mapfre Tower, in Barcelona, Spain
While you're here
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Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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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Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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Updated: September 30, 2021, 3:57 AM