Tate director Maria Balshaw said the priority remained keeping people safe. PA
Tate director Maria Balshaw said the priority remained keeping people safe. PA
Tate director Maria Balshaw said the priority remained keeping people safe. PA
Tate director Maria Balshaw said the priority remained keeping people safe. PA

Coronavirus: Britain’s Tate galleries to reopen on July 27


Jamie Prentis
  • English
  • Arabic

Tate has announced plans to reopen its four British galleries on July 27 after closing in March amid the coronavirus outbreak, but with some exhibitions modified or postponed until 2021.

Social-distancing measures will be in place and all visitors, including members, will need to book a timed ticket online in advance, which will be available next week.

In London, Tate Modern will reopen with Andy Warhol and Kara Walker's Hyundai Commission Fons Americanus. Tate Britain will show Aubrey Beardsley and Steve McQueen's Year 3 installation.

Tate Liverpool will display new work by Mikhail Karikis and Tate St Ives will reopen the Naum Gabo exhibition.

Tate director Maria Balshaw said the priority remained keeping people safe.

“We’re all looking forward to welcoming visitors back to Tate. Art and culture play vital roles in our lives and many of us have been craving that irreplaceable feeling of being face-to-face with a great work of art,” she said, in a statement.

Lionel Barber, chairman of Tate, paid tribute to the role of British culture amid the global Covid-19 pandemic.

“The role of our national cultural institutions is more vital today than ever before. During the closure, Tate’s dedicated staff have found new and creative ways to allow our audiences to enjoy art in the virtual world using our digital platforms,” he said.

“My fellow trustees are delighted that from July 27 the public will once again see Tate’s world-leading collection and exhibitions in person.”

How the Tate Modern in London looked as the number of coronavirus cases grew around the world. Reuters
How the Tate Modern in London looked as the number of coronavirus cases grew around the world. Reuters

Some of the exhibition date changes include Turner’s Modern World, opening in the autumn at Tate Britain, and Tate Modern opening Zanele Muholi and Bruce Nauman.

Frances Morris, director of Tate Modern, said the reopening had been in the works for months.

“I particularly hope that this reopening moment will bring renewed attention to our world-class collection, which sits at the heart of everything we do here at Tate Modern and which will once again be accessible to everyone for free,” she said.

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The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press

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2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

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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.”

Europe wide
Some of French groups are threatening Friday to continue their journey to Brussels, the capital of Belgium and the European Union, and to meet up with drivers from other countries on Monday.

Belgian authorities joined French police in banning the threatened blockade. A similar lorry cavalcade was planned for Friday in Vienna but cancelled after authorities prohibited it.

Three trading apps to try

Sharad Nair recommends three investment apps for UAE residents:

  • For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
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  • Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”