Dubai multi-disciplinary artist Camelia Mohebi has paid tribute to Sheikh Khalifa with an experimental piece that echoes her ongoing body of work based around frequencies.
The Emirati artist says she began work on the piece a day after Sheikh Khalifa's death on Friday, and shared it on her Instagram page.
"I wanted to pay homage to our dear President," she tells The National.
Mohebi, whose first solo exhibition in Dubai, Signals, was hosted by Sotheby's this week, said the artwork took her about six hours.
"I started with a charcoal sketch, which I then scanned and put through various softwares, adding different layers," she says.
The patchwork of lines "is almost as if he's an energy field," she explains.
"It's to illustrate that his soul is moulded into our minds and hearts and imprinted on the collective memory of the country. The black-and-white blocks on the border signify the building blocks of the country he helped build and its history."
Mohebi also shared another artwork of Sheikh Mohamed bin Zayed, who was elected President of the UAE on Saturday.
Starting with a sketch and then working on a scanned image, Mohebi says she wanted to represent Sheikh Mohamed as "more current and visually strong".
"If it you look closely, it's almost like a building material or a stone or a wall. He’s basically our future, that's cast in stone... a powerhouse that we are all going to lean on," she says.
Mohebi says her interest in subliminal messaging and frequencies began more than 10 years ago while she was taking care of her ailing father, Zainal Baqer Mohebi, the late UAE businessman who founded the Baqer Mohebi chain of supermarkets.
"My dad passed away in 2019, but I spent 10 years of my life looking after him before that. He had a stroke and couldn’t speak or move or eat. The only thing he could do was hear. That's what sparked my interest in subliminal messages and frequencies," she says. "My journey began trying to help him, observing his behavioural patterns and the importance of sound."
Now a certified art therapist and Theta Healer, Mohebi works with various mediums. Her Dubai exhibition, which was shown in London earlier this year, brings together eight years of her work featuring more than 50 pieces.
"The show is a culmination of my journey, of me hoping to inspire people and give people hope, through my study of frequencies" she says. "I don't think I'm different from anyone. We are all struggling one way or the other. And my great hope is that by expressing our traumas, art can help create something beautiful and healing."
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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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