The artist Marwan Sahmarani, the curator Mahita el Bacha Urieta and the chairwoman of hte Abraaj Capital Art Prize Savita Apte at the announcement of the 2010 winners.
The artist Marwan Sahmarani, the curator Mahita el Bacha Urieta and the chairwoman of hte Abraaj Capital Art Prize Savita Apte at the announcement of the 2010 winners.
The artist Marwan Sahmarani, the curator Mahita el Bacha Urieta and the chairwoman of hte Abraaj Capital Art Prize Savita Apte at the announcement of the 2010 winners.
The artist Marwan Sahmarani, the curator Mahita el Bacha Urieta and the chairwoman of hte Abraaj Capital Art Prize Savita Apte at the announcement of the 2010 winners.

Curators of culture


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The Abraaj Capital Art Prize rewards unique partnerships between artists and museums. Ed Lake on the 2010 winners "It's like winning a gold medal without running," said the Lebanese painter Marwan Sahmarani on Sunday. For him, the race is still to come. He is one of the three artists to receive the 2010 Abraaj Capital Art Prize, the most generous art award in the world. His fellow recipients, announced to leading figures in the UAE art world at a ceremonial iftar at the DIFC, are the Egyptian photo artist Hala Elkoussy and the Algerian sculptor Kader Attia. Each artist now gets roughly Dh750,000 to produce his or her most ambitious work to date, in time for a grand unveiling at Art Dubai in March.

The hope, as Abraaj's executive director Frederic Sicre explained, is that they will "produce pieces of work that reflect the cultural diversity of our region and that can be used internationally as ambassadors of this part of the world". The plan seems to be working. The fruits of last year's prize - a film by Kutlug Ataman, a rug by Nazgol Ansarinia and a mirrored, star-emblazoned pagoda by Zoulikha Bouabdellah - are about to be exhibited at the Museum of Art and Design in New York.

Size isn't the only unusual feature of the Abraaj Capital Art Prize. It also has an unconventional format: it's essentially a reward for a successful tender. A curator must nominate an artist from within the Menasa region (Middle East, North Africa and South Asia) who then pitches a projected artwork, ideally one that would require a giant budget as supplied by the private equity firm Abraaj Capital. One might have expected that the worldly, entrepreneurial curators would lead the charge under this arrangement, but apparently that hasn't been the case.

"If you talk to all of the recipients this year, it was the artist in each case that proposed the project to the curator," said Laurie Ann Farrell, the curator at the Savannah College of Art and Design and sponsor of Attia. "In this day with the internet, artists are so savvy. I think that all of the artists from this region are really plugged in to watching Art Dubai develop." Elkoussy was enthusiastic about the way the prize altered the working relationship between artist and curator. "A lot of the time you get the curator involved with the artwork after it's finished," she said. "Sometimes a curator is able to commission work but the scale of the Abraaj Capital Art Prize is quite unique in that sense."

Still, her sponsor, Jelle Bouwhuis of the Stedelijk Museum Amsterdam, was modest about his contribution. "Basically, most of the work will be done by her," he said. None of the new crop of artist-curator partnerships were giving much away about their plans for the prize money. Elkoussy revealed only that her project would be "deeply rooted within the contemporary visual culture of Cairo" and would consider "how such a diverse culture that is sitting at the cusp of a lot of change is dealing with the process of writing its history". Cryptic as this sounds, work is well advanced on the finished product. Elkoussy and Bouwhuis were told about their victory several weeks ago. "We had to keep it a secret," said Bouwhuis, straight-faced. "My mother doesn't know," added Elkoussy.

Sahmarani was even more inscrutable about his plans. "We have an idea. A vague idea," he said. "It's a painting installation." It may have been intrinsically impossible to say what the finished object would be like. "Painting always changes during work," he said. "You never know where to go in the painting. You begin with something, you end up with something completely different." One wonders what he can have said to the prize committee. Perhaps they felt his existing body of ghostly, aqueous figurative canvases spoke for itself. Still, would he be able to burn through $200,000 when performing his prize commission?

"Everybody asks me this question!" he said. "You know what? On the contemporary art scene - I'm not saying in the Middle East - but in the contemporary art world, $200,000 is nothing. Matthew Barney [the American video artist behind the Cremaster cycle] did a whole project and I'm sure it's more than $200,000, so $200,000 could easily be used. It depends if I want to, but my aim is to go full on the project."

Attia preserved his aura of mystery by not attending the prize announcement at all. Nevertheless, Farrell, his curator, promised a "truly experiential installation" that will deal with architecture and memory with "a little bit of a political twist. He's so steeped in theory and poetry and aesthetics and looking at the history and modernism as it's unfolded in North Africa. I think you're in for a bit of a surprise".

The three finished artworks will be presented at the 2010 Art Dubai art fair in March.

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PROFILE

Name: Enhance Fitness 

Year started: 2018 

Based: UAE 

Employees: 200 

Amount raised: $3m 

Investors: Global Ventures and angel investors 

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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.”

Company profile

Company: Verity

Date started: May 2021

Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif

Based: Dubai

Sector: FinTech

Size: four team members

Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000

Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors

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What is graphene?

Graphene is extracted from graphite and is made up of pure carbon.

It is 200 times more resistant than steel and five times lighter than aluminum.

It conducts electricity better than any other material at room temperature.

It is thought that graphene could boost the useful life of batteries by 10 per cent.

Graphene can also detect cancer cells in the early stages of the disease.

The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.

Greatest Royal Rumble results

John Cena pinned Triple H in a singles match

Cedric Alexander retained the WWE Cruiserweight title against Kalisto

Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus

Jeff Hardy retained the United States title against Jinder Mahal

Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos

Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe

AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out

The Undertaker beats Rusev in a casket match

Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match

Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last

'Nope'
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Specs
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What is Genes in Space?

Genes in Space is an annual competition first launched by the UAE Space Agency, The National and Boeing in 2015.

It challenges school pupils to design experiments to be conducted in space and it aims to encourage future talent for the UAE’s fledgling space industry. It is the first of its kind in the UAE and, as well as encouraging talent, it also aims to raise interest and awareness among the general population about space exploration. 

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RESULTS
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My Country: A Syrian Memoir

Kassem Eid, Bloomsbury

Biography

Her family: She has four sons, aged 29, 27, 25 and 24 and is a grandmother-of-nine

Favourite book: Flashes of Thought by Sheikh Mohammed bin Rashid

Favourite drink: Water

Her hobbies: Reading and volunteer work

Favourite music: Classical music

Her motto: I don't wait, I initiate

 

 

 

 

 

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