The Culture Summit Abu Dhabi returns for the fourth year in an online format that is for the first time open to the public, exploring the theme of the Cultural Economy and the Economy of Culture.
Organised by the Department of Culture and Tourism – Abu Dhabi, the summit will bring global experts in the fields of design, heritage, media, public policy, technology and business for a series of speeches, panel discussions, case studies, artist talks and performances.
“Culture Summit is ambitious in its goal to produce innovative, globally impactful propositions by connecting cultural leaders with key voices from diverse yet related fields, and we will amplify that impact even further this year, through our first virtual and public edition," said Mohamed Khalifa Al Mubarak, chairman of DCT – Abu Dhabi, in a statement.
“In a time when the viability of these industries and their practitioners have been particularly affected by current global events, Culture Summit’s discussions will be vital ones, that must result in concrete outcomes. To this end, we are incredibly proud to see Abu Dhabi serve as a platform that brings together this calibre of participants, alongside our esteemed partners,” he added.
The programme will explore the challenges and opportunities of developing adaptable, resilient and collaborative creative ecosystems, and the socioeconomic benefits that vibrant cultural and creative industries around the world deliver, with a focus on knowledge exchange and policy development.
This will all be explored over the three-day programme that will run from Monday to Wednesday, March 8 to 10.
Here are some highlights from this year's Culture Summit programme:
Speeches and conversations
Following welcoming remarks by Al Mubarak, Audrey Azoulay, Unesco's director general, will give the opening address. Throughout the summit, other keynote addresses will be made by UAE Minister of Culture and Youth Noura Al Kaabi, architect Sir David Chipperfield, American singer and songwriter Charlie Puth, British sculptor Sir Antony Gormley, philosopher and political scientist Achille Mbembe and sociologist Andras Szantos.
Panel discussions
Discussions will explore the post-Covid sector recovery and transformation, envisioning a new system that is more adaptable in the future. Also to be discussed is how the creative economy can advance the UN Sustainable Development Goals in education, economy, innovation and infrastructure, reduce inequality, and promote sustainable cities and communities.
These panel discussions will bring together a number of high-profile speakers, including Richard Armstrong, director of Solomon R Guggenheim Foundation and Museum; Tim Marlow, chief executive and director of the Design Museum; Laurent Gaveau, head of Google Arts & Culture Lab; Roger Brown, president of Berklee College of Music; Sheikha Hoor Al Qasimi; British artist and designer Es Devlin; and vegan speaker and activist Earthling Ed, among many others.
Case studies
The programme will also include case study presentations from institutions such as Google Arts & Culture Lab, presented by Lab project manager Marylene Ricci; the Arab Fund for Arts and Culture, presented by its executive director Rima Mismar; as well as from Lebanon's Sarkis Khoury from the Ministry of Culture; and Chiara Dezzi Bardeschi of Unesco's Working Group LiBeirut, who will be talking about the post-disaster rehabilitation.
Louvre Abu Dhabi's director Manuel Rabate will also discuss the museum's challenges and opportunities.
Artist talks
Local and international artists will also give talks. This includes Emirati artist Farah Al Qasimi, jeweller Azza Al Qubaisi, and Zuhoor Al Sayegh and Hashel Al Lamki of Bait 15. Lebanese artist Rayyane Tabet will also be conversation with Sasha Kalter-Wasserman of the Guggenheim Abu Dhabi project.
Performances
Similar to previous years, the summit will feature a number of performances by international artists, including a screening of work by contemporary artist Lawrence Abu Hamdan, which will be followed by a conversation with Jessica Cerasi, assistant curator at the Guggenheim Museum.
Iraqi oud player Naseer Shamma, Beninese-American singer-songwriter Angelique Kidjo, Moroccan singer-songwriter Oum and Tunisian musician Ghalia Benali will also perform.
Attendance is free and open to the public. Registration is live on the Culture Summit website
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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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