With the world's attention firmly focused on the environment, artists are getting in on the act at London's Royal Academy and demonstrating the extent to which contemporary art can engage with the issue of climate change.
The latest in the GSK Contemporary series, Earth: Art of a Changing World, presents new and recent work from more than 30 leading international contemporary artists and emerging talents. Works by the likes of Ackroyd & Harvey, Spencer Finch, Antony Gormley, Mona Hatoum, Marcos Lutyens & Alessandro Marianantoni, Gary Hume and David Nash are included. As decisions affecting the world's future are made in Copenhagen, these artists share their outlooks on climate change, offering fresh perspectives through contemporary art.
The somewhat unadventurous title promises little and smacks of eco-warrior-cum-political protester. It is all didacticism and dullness - not qualities that make for a successful exhibition. Even the catalogue reads like a Greenpeace mail-out, with the "art" in "Earth" rendered in bold. Subtlety, it seems, isn't its prime concern.
But what's in a name? Fortunately for the RA, very little. The vast majority of artists featured steer away from preaching and produce art that, while dealing with the theme at the heart of the exhibition, is not ruled by it. Within this context of understated but poignant work, images of rising tides or rapidly melting icebergs are forgivable, even acceptable.
Upon entering the Burlington Gardens site, visitors are greeted by a giant cloud. The work, by the American artist Finch and titled Empty Room (Passing Cloud for Emily Dickinson, Amherst, MA, August 28, 2004) was constructed on-site over a six-day period. Starting from scratch and working with a wooden framework in which to build the cloud slowly from the centre all the way out, the piece was carefully moved up the staircase and suspended on completion.
Made using different coloured gels, the work recreates the outdoor environment in an indoor context. It is concerned with temperature, humidity and light levels, but more than this it is a bold focal point and a signifier of what's to come.
"It's very important that visitors leave saying: 'That was incredible,' as opposed to talking about the temperature of the sea rising by two or three degrees," says Kathleen Soriano, the director of exhibitions at the RA and the show's co-curator.
"It's not about the literal process or issues involved in climate change, it's about much more," she says.
Far from being mere reportage, Finch's work offers a platform for artistic commitment as well as environmental engagement. The artist also understands the curatorial approach to presenting the issues.
"Finch spent time thinking about the space and the context of where his work was going to be," says Soriano.
Not all of the works here are so successful. Tracey Emin exhibits two pieces: a tapestry embroidered with birds, insects and flowers, titled I Loved You Like the Sky, and a neon sign reading: "Your heart is like the wind." The link to climate change is, at best, tenuous. At worst, her beaming fluorescent lights proclaiming personal concerns speak of unapologetic consumerism, obsessive individualism and waste. Her inclusion is indicative of a wider problem: that of fluctuating levels of concern for the issues at stake. Would the RA's brave new show survive without such celebrity endorsement?
Organisers and participants argue yes. "The subject matter is so ripe for the picking," says Heather Ackroyd. "It's so charged and so potent that it kind of plays out across a whole range of subject matters and interests a variety of spectators. Climate change is a big umbrella term, but it's happening on a microcosmic level, on a very detailed, intimate level as well, so I think that there's a huge scope for artists to find something to draw on."
This relationship between issue and art is central to the project. For a selection of artists, this involves translating the global scale of climate change into a human narrative. Others are focused on the fragility of the Earth or the role of the artist in the cycle of human and cultural evolution - as communicator, reflector and interpreter of key issues of the day. For some, holding up a mirror to our changing world is the most powerful way to examine the ideas from a variety of angles. For others, the environment resonates more subtly within the piece, building on its power to create an overall visual and experiential impact that explores some of the cultural impacts of climate change.
"There's a very wide-ranging take on the subject matter," says Ackroyd. "Some are very oblique, some very lateral, and some kind of hit it more directly on the head."
Highlights include Antony Gormley's Amazonian Field, a popular 1992 work that has been reinstalled as part of the show, in which visitors are confronted by a sea of clay figurines that dominate the room and stare up with wide, expectant eyes. Elsewhere, Sophie Calle buries a necklace, ring and portrait of her deceased mother in a glacier. In the text that accompanies the photos of these objects and those of the landscape, Calle wonders "if the climate changes will carry [her mother] to the sea to be taken north by the West Greenland current, or retreat up the valley towards the ice cap".
Tomas Saraceno's Endless Series, taken in Bolivia at Salar de Uyuni, the world's largest salt flat, depicts a lone figure in an imagined environment, exploring the possibilities of creating a secure future in this new home. His work challenges the way we live and develops ideas of fantastical habitable environments.
In 400 Thousand Generations, Mariele Neudecker constructs a fragile reality within "tanks". These worlds seem to be preserved in stasis, like museum objects, but are constantly changing. The chemicals in which these landscapes are suspended give them a clarity and a sense of the hyper-real that are at odds with the fantastical worlds represented. The title refers to the number of generations it took for photosensitive tissue to evolve into the human eye.
The Chinese artist Yao Lu presents Spring in the City, a watercolour of a pastoral landscape. From a distance, the misty mountains and perfectly formed inhabitants possess an enticing, dreamlike quality. On closer inspection, however, we find that nothing is as it seems. The mountains are, in fact, heaps of green netting, and the mist is not watercolour, but a trick of digital photography.
Cornelia Parker's Heart of Darkness, a work consisting of pieces of charred wood taken from the site of a forest fire in Florida, is particularly unsettling. Hung from the ceiling in a block in the middle of a white room, the black fragments are surprisingly beautiful and still. Yet their fabric speaks of destruction and loss, each remnant telling a story of death and displacement.
The work of Ackroyd & Harvey is similarly haunting. The duo, who often use living materials and are concerned with processes of growth, change, transformation and decay, have created Polar Diamond, a piece commissioned specifically for the exhibition. The work involved the artists getting hold of a polar bear leg bone, burning it on a barbecue set in the back garden of their studio and having graphite extracted from the carbon. Over a period of four months, the material transmuted and was chemically transformed into a crystal diamond.
The piece enabled the artists to ask questions fundamental to the climate-change debate. "What are our sense of values?" says Ackroyd. "And how do we face the possibility of losing species that are as iconic as the polar bear? Their territory is subjected to accelerated levels of climate change. How do we cope with that? What price is being paid for carbon? What price is being paid for the way that we are choosing to use energy to live our lives?"
Interestingly, the diamond shattered a week before it was due to arrive in the UK.
"In a way, the destruction of the piece worked for us," says Ackroyd. "It talks a lot about control and fragility and the piece is now multilayered. It's more relevant than ever to the theme of the show."
The specs
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Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
THE SPECS
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Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
UAE currency: the story behind the money in your pockets
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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.”
SCHEDULE
December 8: UAE v USA (Sharjah Cricket Stadium)
December 9: USA v Scotland (Sharjah Cricket Stadium)
December 11: UAE v Scotland (Sharjah Cricket Stadium)
December 12: UAE v USA (ICC Academy Oval 1)
December 14: USA v Scotland (ICC Academy Oval 1)
December 15: UAE v Scotland (ICC Academy Oval 1)
All matches start at 10am
The biog
Siblings: five brothers and one sister
Education: Bachelors in Political Science at the University of Minnesota
Interests: Swimming, tennis and the gym
Favourite place: UAE
Favourite packet food on the trip: pasta primavera
What he did to pass the time during the trip: listen to audio books
yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
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FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Profile of Udrive
Date started: March 2016
Founder: Hasib Khan
Based: Dubai
Employees: 40
Amount raised (to date): $3.25m – $750,000 seed funding in 2017 and a Seed round of $2.5m last year. Raised $1.3m from Eureeca investors in January 2021 as part of a Series A round with a $5m target.
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
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Fixtures and results:
Wed, Aug 29:
- Malaysia bt Hong Kong by 3 wickets
- Oman bt Nepal by 7 wickets
- UAE bt Singapore by 215 runs
Thu, Aug 30: UAE v Nepal; Hong Kong v Singapore; Malaysia v Oman
Sat, Sep 1: UAE v Hong Kong; Oman v Singapore; Malaysia v Nepal
Sun, Sep 2: Hong Kong v Oman; Malaysia v UAE; Nepal v Singapore
Tue, Sep 4: Malaysia v Singapore; UAE v Oman; Nepal v Hong Kong
Thu, Sep 6: Final
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
FIGHT CARD
Sara El Bakkali v Anisha Kadka (Lightweight, female)
Mohammed Adil Al Debi v Moaz Abdelgawad (Bantamweight)
Amir Boureslan v Mahmoud Zanouny (Welterweight)
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Milena Martinou v Ilham Bourakkadi (Bantamweight, female)
Noureddine El Agouti v Mohamed Mardi (Welterweight)
Nabil Ouach v Ymad Atrous (Middleweight)
Nouredin Samir v Zainalabid Dadachev (Lightweight)
Marlon Ribeiro v Mehdi Oubahammou (Welterweight)
Brad Stanton v Mohamed El Boukhari (Super welterweight