Over the past few years the number of African galleries circulating on the contemporary fair circuit has soared, with a growth in collectors both on the continent and internationally. Artists, who formerly left Africa for western art-world centres, are now suddenly remaining on the continent or even returning.
When Christie’s and Ghana’s Gallery 1957 held a show in Dubai last year they called it West African Renaissance – a nod to the centring of attention on the continent.
“The talent is here,” says Marwan Zakhem, who opened Gallery 1957 in 2016 after years of collecting and supporting artists. “It is the right time. Artists like Amoako Boafo are just the cherry on the cake. He is selling for $3.3 million – that’s just pouring flames on a fire that’s already burning.”
Like any “moment” – both in terms of market and the number of artists producing good work on the continent – the reasons are manifold. Before the boom, many West African countries with significant wealth had dedicated collectors, in particular Nigeria. These collectors tended to buy directly from local artists in their country, creating a number of siloed art scenes. The national distinctions were compounded by linguistic divisions, with West African anglophone countries such as Ghana and Nigeria feeling removed from francophone ones such as the Ivory Coast, Senegal, Mali and Niger – let alone from the art scenes of other regions in Africa, such as the Maghreb, East Africa or southern Africa.
But the emergence of art fairs in Africa has allowed artists and galleries to make connections outside of their local boundaries. Art Joburg in South Africa launched in 2008; Investec Cape Town Art Fair in 2012; and ART X Lagos in 2016. In addition, 1-54, the fair devoted to African and African diaspora galleries, started in 2013, with an event in London, and has since expanded to events in Paris and Marrakesh.
The shift is from a number of local scenes to the international system of galleries and fairs.
“Before there weren't galleries, but there was art,” says Touria El Glaoui, who founded 1-54. “Collectors had personal relationships with artists and had been collecting them directly for years. Suddenly, we showed them a new model, where galleries were included and you had to have a gallery that represents you at the art fairs. Many of the collectors on the continent didn’t understand why you have to pay 50 per cent more of the price, which galleries needed not only to make a profit, but also to be part of the international art market. But now they’re starting to understand the good work the galleries are doing by including artists in museum shows and in international collections.”
New collector bases
The interest by international collectors is key. The racial awakening in the West around Black Lives Matter has pushed European and American galleries and museums to try and correct their disproportionately white stables of artists. Magazines are devoting more attention to black and African artists, and collectors are following suit.
“For me what changed between before Covid and this year is the great appreciation of African art,” says El Glaoui. “There were always the usual collectors coming to 1-54 as part of the Frieze Week circuit. But this year we were very instrumental. There was a lot of complaints that we didn't have enough work – because we had so many more collectors – and there were no complaints about the prices, which makes all the difference.”
Many credit the rise in prices to one individual in particular: Amoako Boafo, the talented Ghanaian artist whose prices increased a hundredfold from 2018 to 2020, particularly after he was championed by the influential Rubell family of collectors. His story made for great copy: once working in Ghana to support his mother and sister, he is now seen alongside Paris Hilton, Joan Smalls and Karolina Kurkova at art parties held in his honour and at art fairs. A rush of collectors began flipping his works at auction, or buying them from his galleries and quickly putting them up for sale, where they fetch millions. Last December, an Asian buyer at a Christie’s Hong Kong auction set a record for a Boafo, paying $3.3 million for Hands Up (2018), a portrait of a woman in cat-eye sunglasses holding up her palms.
While Boafo has caught the attention of American collectors and those who follow the auctions, many on the continent say their collector base has also been steadily growing from buyers who are relatively new to the art market. These include African collectors who are now buying beyond their national countries, Chinese buyers, collectors from Arab countries, and, in particular, African-American buyers. The last group, many gallerists say, see African art as a way to connect with and support their roots – and, in some cases, they have been shut out of the established gallery system in the US.
“A class of collectors that has popped up is African-Americans who have made money in the past 20-30 years,” says Daudi Karungi, whose gallery Afriart is farther east, in Kampala, but who has become one of the new galleries participating at international fairs such as Art Basel Miami Beach and Abu Dhabi Art, as well as fairs across the continent. “I remember some of my collectors telling me that they were not being sold art by the white galleries in the US. I understand, because when you have a scarcity of art, how do you prioritise who to sell it to? In most cases you sell it to those you have relations with. It is understandable from a business point of view, but it is a gap that has pushed a lot of money into the acquisition of art from Africa.”
Success breeds success
The rise in prices has had a ripple effect: it has enabled galleries to expand quickly. For instance, Gallery 1957 now has three spaces in Accra and one in London's South Kensington, while Galerie Cecile Fakhoury, which began in 2012 in Abidjan, Ivory Coast, has opened a second space in Dakar and is now launching a third in Paris.
It has also shown younger artists on the continent that art could be a viable career. “African artists have realised that you can actually stay home,” Karungi continues. “Successful artists like Boafo inspire young artists. They think, that guy is my age, that guy lives in my city.”
This has helped to stop the brain drain, where talented artists only feel they can achieve success by leaving the continent for art-world centres such as London, New York or Berlin.
A number of the artists who have made it on the international market have also returned to West African countries to set up infrastructural support. Boafo, who lives in Vienna and Accra, established a studio complex in Ghana's capital. Ibrahim Mahama (now represented by contemporary London art gallery White Cube and a participant in Ghana’s acclaimed 2019 Venice Biennale exhibition) has set up three spaces – the Savannah Centre for Contemporary Art, Red Clay and Nkrumah Volini – in his home town of Tamale in northern Ghana. In Senegal, Kehinde Wiley, the black American artist who painted former president Barack Obama’s official portrait, hosts the residency space Black Rock.
Making the market sustainable
“The important thing, is it sustainable? Is it going to continue?” asks Zakhem. “How happy are we that Amoako Boafo is selling for $3.3 million? Is it helping others?” (Indeed, Boafo himself has been trying to gain control of his market, attempting to buy back many of his works from auction.)
Zakhem notes that Accra now has only one art school at a university level, down from a measly two after the Ghanatta College of Art and Design closed down a few years ago. Ghanatta is where many of Ghana’s boom artists studied, including Boafo, Kwesi Botchway, Otis Quaicoe, Serge Attukwei Clottey, Emmanuel Taku and Francis Annan Affotey.
Fears over sustainability have led galleries to prioritise non-profit activities alongside their commercial ones. Much like in the early days of Dubai’s art scene, gallerists are wearing many hats. Karungi of Afriart has set up Silhouette Projects, an artist residency programme, as well co-founding the art journal Start and most importantly the Kampala Art Biennale, in 2014. Gallery MAM, in Cameroon, has set up its foundation – Fondation MAM – housed on an organic farm that likewise hosts artists residences. Gallery 1957 has also set up a residency programme, as well as the Yaa Asantewaa Art Prize, an award dedicated to female Ghanaian artists who are still vastly under-represented.
There is also the acute sense of the vagaries of international attention – which could subside just as quickly as it arose.
“The Black Lives Matter movement impacted everybody,” says El Glaoui of the international galleries that have recently foregrounded or courted black artists. “They all pledged to do things differently. I'm just hoping that it’s not a trend and it’s going to be a constant. Real integration and inclusion will take longer.”
But these qualms, in general, are minor, faced with the enthusiasm around the interest and productivity. Most see the rise of contemporary African art as an inevitable entrance of the continent into an art world whose attention has circulated from Europe and America to India, Asia and the Arab world, but never – or at least not until recently – to Africa. The sense, repeated again and again, is that it’s Africa’s time now.
“What is happening in Africa is a journey that has just started,” says Karungi. “There is talent and exposure and empowerment and there's a lot of hidden buried feelings, whether they are racial, or of poverty, or colonial, that are being had today among the people. To me, it's like the awakening of a sleeping giant – but the giant. Because there's no other community in the world that has been suppressed as much as Africa.”
See photos of Dubai's Efie Gallery, which puts the spotlight on contemporary African artists:
AUSTRALIA SQUAD
Tim Paine (captain), Sean Abbott, Pat Cummins, Cameron Green, Marcus Harris, Josh Hazlewood, Travis Head, Moises Henriques, Marnus Labuschagne, Nathan Lyon, Michael Neser, James Pattinson, Will Pucovski, Steve Smith, Mitchell Starc, Mitchell Swepson, Matthew Wade, David Warner
Checks continue
A High Court judge issued an interim order on Friday suspending a decision by Agriculture Minister Edwin Poots to direct a stop to Brexit agri-food checks at Northern Ireland ports.
Mr Justice Colton said he was making the temporary direction until a judicial review of the minister's unilateral action this week to order a halt to port checks that are required under the Northern Ireland Protocol.
Civil servants have yet to implement the instruction, pending legal clarity on their obligations, and checks are continuing.
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
Hili 2: Unesco World Heritage site
The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.
Meydan race card
6.30pm: Maiden Dh 165,000 1,600m
7.05pm: Handicap Dh 185,000 2,000m
7.40pm: Maiden Dh 165,000 1,600m
8.15pm: Handicap Dh 190,000 1,400m
8.50pm: Handicap Dh 175,000 1,600m
9.25pm: Handicap Dh 175,000 1,200m
10pm: Handicap Dh 165,000 1,600m
MATCH INFO
Manchester United 6 (McTominay 2', 3'; Fernandes 20', 70' pen; Lindelof 37'; James 65')
Leeds United 2 (Cooper 41'; Dallas 73')
Man of the match: Scott McTominay (Manchester United)
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
England v South Africa Test series:
First Test: at Lord's, England won by 211 runs
Second Test: at Trent Bridge, South Africa won by 340 runs
Third Test: at The Oval, July 27-31
Fourth Test: at Old Trafford, August 4-8
Company%20profile
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The biog
Favourite food: Fish and seafood
Favourite hobby: Socialising with friends
Favourite quote: You only get out what you put in!
Favourite country to visit: Italy
Favourite film: Lock Stock and Two Smoking Barrels.
Family: We all have one!
The specs
Engine: 5.0-litre supercharged V8
Transmission: Eight-speed auto
Power: 575bhp
Torque: 700Nm
Price: Dh554,000
On sale: now
The specs: 2018 Maxus T60
Price, base / as tested: Dh48,000
Engine: 2.4-litre four-cylinder
Power: 136hp @ 1,600rpm
Torque: 360Nm @ 1,600 rpm
Transmission: Five-speed manual
Fuel consumption, combined: 9.1L / 100km
Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
Read more about the coronavirus
The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
WHAT%20MACRO%20FACTORS%20ARE%20IMPACTING%20META%20TECH%20MARKETS%3F
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UAE%20SQUAD
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Company%20profile
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Zayed Sustainability Prize
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
UAE currency: the story behind the money in your pockets
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
The%20specs
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Honeymoonish
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More on Quran memorisation:
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.”
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Dengue%20fever%20symptoms
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If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Company%20profile
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Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The five pillars of Islam
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
THE SPECS
Engine: 3.5-litre V6
Transmission: six-speed manual
Power: 325bhp
Torque: 370Nm
Speed: 0-100km/h 3.9 seconds
Price: Dh230,000
On sale: now
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers