Lucy Orta's piece Clouds:Meteros was installed at St Pancras railway station in London earlier this year. Courtesy Lucy Orta
Lucy Orta's piece Clouds:Meteros was installed at St Pancras railway station in London earlier this year. Courtesy Lucy Orta
Lucy Orta's piece Clouds:Meteros was installed at St Pancras railway station in London earlier this year. Courtesy Lucy Orta
Lucy Orta's piece Clouds:Meteros was installed at St Pancras railway station in London earlier this year. Courtesy Lucy Orta

Lucy Orta brings her message to Abu Dhabi’s TEDxWWF: One Planet Living


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In the past few months Lucy Orta's public art has been catapulted into the public eye. In April, Clouds:Meteros was installed in St Pancras International station in London and a series of river nymphs were unveiled in and around the French city of Marseille. Although they are quite different, Orta describes them as branches from the same trunk; an exploration into the subject of water through contemporary art that she and her husband Jorge have been working on for many years. This week, Orta is in Abu Dhabi for TEDxWWF One Planet Living, where she will speak about her practice, recount her personal history and let her pieces of art convey the environmental message.

On bottles

The beautiful and nebulous cloud sculptures hanging in the lofty reaches of the London station are a long way from the dusty outskirts of Cairo, where the idea was born. After a visit to the Zabbaleen, a community of people living on an enormous rubbish dump outside the Egyptian capital, the Ortas were inspired to use the plastic bottle as a symbol to represent the transition of water from a global resource to an economic commodity.

"We saw mountains of plastic bottles and that made us think of sculpture," she says. "This thought developed into the cloud series."

Using many recycled plastic bottles, Orta and her husband embarked on a series of conceptual works depicting clouds in many forms and colours. "We are interested in many issues, the resource itself and how it gets distributed. Using the plastic water bottle, all these issues come into play."

On clouds

"We chose clouds because they are a thermodynamic machine for recycling water," says Orta. "They are a meteorological phenomenon but at the same time they represent the discourse we are trying to create. The piece in St Pancras is a manifestation of that idea."

By describing the process of creating this piece as well as the thinking behind it, Orta hopes to plant some seeds of questioning in the audience. "First and foremost, our art has to be poetic. You might see a cloud and not realise we are opening the subject of water, it is a question of interpretation. It is the prefix that allows people to centre onto the subject matter."

On the environment

Although Orta graduated in fashion and knitwear, she has been working on art with an environmental message since she met her Argentinian husband in France in the 1990s. They have travelled to Antarctica, where they created a series of flat-pack survival kits, and they collaborated with the World Wide Fund for Nature (WWF) on a project called Pandamonium, where they made "body extensions" from plastic bottles as a way of talking about the contradictions surrounding the water issue.

"There is a contradiction because on the one hand it is a global resource necessary for survival but on the other, it is an excess and a commodity. Water is actually easy to purify and distribute but it is not because it is in the hands of so few."

The event

Orta will join a group of speakers from a variety of backgrounds for the TEDxWWF event. Also presenting will be Andy Ridley, the executive director and co-founder of Earth Hour, Ginger Krieg Dosier, the inventor of the Bio-Brick, and Majid Al-Qassimi, an Emirati veterinarian and advocate who works with the Abu Dhabi Environment Agency to protect endemic species. "The theme stems from our overall vision to create a world where we can all live in harmony with nature within the limits of our one planet," a WWF representative said in a statement.

• TEDxWWF: One Planet Living takes place on Tuesday from 9am to 5.30pm at the Sofitel Abu Dhabi. To apply for a ticket, visit www.tedxwwf.com

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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.”

RESULT

Chelsea 2

Willian 13'

Ross Barkley 64'

Liverpool 0

Results

5pm: UAE Martyrs Cup (TB) Conditions Dh90,000 2,200m

Winner: Mudaarab, Jim Crowley (jockey), Erwan Charpy (trainer).

5.30pm: Wathba Stallions Cup (PA) Handicap Dh70,000 1,400m

Winner: Jawal Al Reef, Richard Mullen, Hassan Al Hammadi.

6pm: UAE Matyrs Trophy (PA) Maiden Dh80,000 1,600m

Winner: Salima Al Reef, Jesus Rosales, Abdallah Al Hammadi.

6.30pm: Sheikha Fatima bint Mubarak (IFAHR) Apprentice Championship (PA) Prestige Dh100,000 1,600m

Winner: Bainoona, Ricardo Iacopini, Eric Lemartinel.

7pm: Sheikha Fatima bint Mubarak (IFAHR) Ladies World Championship (PA) Prestige Dh125,000 1,600m

Winner: Assyad, Victoria Larsen, Eric Lemartinel.

8pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown (PA) Group 1 Dh5,000,000 1,600m

Winner: Mashhur Al Khalediah, Jean-Bernard Eyquem, Phillip Collington.

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Aston martin DBX specs

Engine: 4.0-litre twin-turbo V8

Transmission: nine-speed automatic

Power: 542bhp

Torque: 700Nm

Top speed: 291kph

Price: Dh848,000

On sale: Q2, 2020
 

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Date of launch: November 2016

Founder: David Tobias

Based: Jumeirah Lake Towers

Sector: Technology

Size: 18 employees

Stage: Embarking on a Series A round to raise $5 million in the first quarter of 2019 with a 20 per cent stake

Investors: Seed round was self-funded with “millions of dollars” 

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1) Phishing

Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.

2) Smishing

The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.

3) Vishing

The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.

4) SIM swap

Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.

5) Identity theft

Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.

6) Prize scams

Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.

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A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

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Rating: 1/5

'Gold'

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Short-term let permits explained

Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.

Tenants also require a letter of no objection from their landlord before being allowed to list the property.

There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.

Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.