As Art Dubai enters its fourth day, galleries report slow but steady sales, bringing in an estimated total of $3 million so far.
The fair’s artistic director Pablo del Val observes that while deals are happening daily, collectors have also been more considered about their purchases. “One of the fears of an art fair is that at the night of the opening everything is on hold, then on the second day, no one returns. Here, it’s been the opposite – a lot of conversations are still going on, people are returning. It’s a different speed, a different pace. People are taking time to make decisions. They’re being reflective,” he says, adding, “We expect the numbers to increase over Friday and Saturday as well”.
A lot of conversations are still going on, people are returning. It's a different speed, a different pace. People are taking time to make decisions
As of Thursday, Art Dubai has welcomed 18,000 visitors, compared to last year's 28,000. The fair opened on Monday, March 29, with the first three days restricted to VIPs and invite-only guests, the while the public days began on April 1 and will continue until April 3. Tickets for the first day have been sold out, according to organisers.
Galerie Perrotin, which has returned to the fair after nine years, sold photographs from artist JR's JR at the Louvre and the Secret of the Great Pyramid project for $65,000 to a collector living in the UAE. Works by Jean-Philippe Delhomme and Thilo Heinzmann have also sold to UAE collectors, while larger, flashier pieces by Anish Kapoor and Takashi Murakami have not at the time of writing.
Dubai gallery The Third Line confirmed the sales of new works by its artists Nima Nabavi, Hayv Kahraman and Laleh Khorramian. Nabavi, who typically works with ink on paper, created his first painted piece during Dubai’s stay-at-home period last summer. Completed over two and a half months, the intricate and multi-coloured work was bought by a collector from New York.
Other Dubai galleries, such as Custot Gallery and Meem Gallery have also made deals within the first three days. The former sold a work by Greek artist Sophia Varia for $100,000, while the latter sold two works by Dia Al Azzawi.
A newcomer to the fair, Stems Gallery from Brussels have been able to sell three artworks so far, including one by the young French artist Clement Poplineau, whose portrait of a man in dark glasses and an orange jacket sold for $7,000 to a collector from the UAE. Marion Marguerite Denne, a curator at the gallery, reveals that the painting was meant to be included in the gallery’s own collection, but the buyer was insistent and returned to the fair several times for the work.
Additionally, an installation piece by Julien Boudet titled Broken Dreams, which features rims collected from scrapyards in Sharjah, sold for $8,000 and a painting by American artist Allison Zuckerman pre-sold before the opening for $30,000.
“People have been so receptive,” says Denne of the visitors. The team from the gallery came to Dubai early last year to gauge the market in the emirate. “We felt that something is happening in Dubai. We see a future here,” adds Denne.
With the uncertainty of art fairs taking place in other parts of the world, she says, the gallery was also eager for a chance to participate in one this year.
People have been so receptive. We felt that something is happening in Dubai. We see a future here
Overall, it seems that galleries have been averaging sales of around two to three works within the first three days. Galleria Continua has sold several of Italian artist Loris Cecchini’s velvety landscapes that mimic landforms and sand patterns, while the works of Ivan Argote and Cristina Lucas sold in the $20,000 to $35,000 range at the booth of Galeria Albarran Bourdais from Madrid.
Kristin Hjellegjerde Gallery from Berlin has fared well with half of its booth sold out. The gallery has a solo presentation of Iraqi artist Afifa Aleiby. Her painting Sunset from 2017 sold at the fair on the first day for $50,000, as well as another work for the same price.
Regional institutions such as Art Jameel, an independent organisation based in Saudi Arabia and the UAE, have also have made purchases at the fair, including works from Egypt, India and Saudi Arabia. Among their acquisitions are a painting by Filipino artist Kristoffer Ardena from Tropical Futures Institute and a piece by Brook Andrew from Galerie Nathalie Obaida.
“Brook Andrew and Kristoffer Ardena are examples of artists we’ve been following for years. Their work speaks strongly to the themes of our collection and are in dialogue with existing works in the collection by artists from the Gulf, wider Middle East, South Asia and beyond,” says Antonia Carver, director of Art Jameel.
Carver, who ran Art Dubai as director from 2010 to 2016 before heading to Art Jameel, spoke about being able to attend a physical fair this year. “It’s a relief after a year of other fairs having to try to present online. In building a museum collection, we always need to see works ‘in the flesh’ and to consider choices very carefully and through thorough research and collective decision-making,” she adds.
One of the welcome changes in this year’s edition is the arrival of new collectors who have been staying to Dubai to escape stricter restrictions abroad. “We have a few collectors who have moved to Dubai during the pandemic. This is new and unexpected, but also very exciting. These collectors are already sophisticated and familiar with art,” he says.
At the same, Del Val states that the pandemic has also compelled UAE collectors to look within the local art scene. “Being reclusive in the UAE and not being able to travel have given people a relationship with the city that’s different… There’s also a new crowd there too,” he says. “That support is amazing. The expat community and local community are really supporting the fair. People understand that for these events to continue, they need to be there.”
Located in DIFC instead of the usual Madinat Jumeirah, this year’s event has been adapted to fulfill Covid-19 guidelines, including purpose-built booths and a booking system for visitors that limits their time at the fair.
In addition, Art Dubai has reformatted its fee structure, taking 50 per cent of gallery sales instead of charging the usual booth fees.
Despite having to sacrifice size (the fair’s participation list was halved this year), space (booths have been scaled down) and programming to adhere to restrictions, Del Val says he is pleased with the performance of the 2021 edition so far. “Doing a very straightforward fair, where the relationship between the visitor and the work of art is raw, is amazing… It’s been a different exercise for collectors. There’s less distractions around,” he says.
He adds that he believes Dubai can seize the moment to keep attracting art collectors from around the world as other countries face political shifts and are recovering from the pandemic. He cites the example of Hong Kong, once a hub for the Asian art market through events like Art Basel Hong Kong, which has been grappling with pro-democracy protests over the last year. “The map is shifting. Communities are looking for new hubs and I think Dubai has an amazing opportunity here,” he says.
How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
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
The biog
Favourite book: Animal Farm by George Orwell
Favourite music: Classical
Hobbies: Reading and writing
Mohammed bin Zayed Majlis
The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh359,000
On sale: now
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
U19 WORLD CUP, WEST INDIES
UAE group fixtures (all in St Kitts)
- Saturday 15 January: UAE beat Canada by 49 runs
- Thursday 20 January: v England
- Saturday 22 January: v Bangladesh
UAE squad:
Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles
Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly,
Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya
Shetty, Kai Smith
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
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.”
FIRST TEST SCORES
England 458
South Africa 361 & 119 (36.4 overs)
England won by 211 runs and lead series 1-0
Player of the match: Moeen Ali (England)
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Griselda
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About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.