Bertrand Epaud has lived in 35 countries during an exotic career. At present he is in Dubai, where he established a branch of the Opera Gallery franchise in the Dubai Mall.
Bertrand Epaud has lived in 35 countries during an exotic career. At present he is in Dubai, where he established a branch of the Opera Gallery franchise in the Dubai Mall.

The sesame touch



The carpet is purple and the walls are bright orange, but the first thing that catches your eye as you walk into Opera Gallery is a huge red samurai cat standing guard beside the "black room" where a brief, astonished glance reveals what looks suspiciously like a Chagall. And could that be a Picasso hanging close by, near what might even be a genuine Dalí sculpture? It's just all so, well? accessible. Surely art galleries are supposed to be grander and more forbidding and not for people who just wander in off the street - or even worse, from the mall - for a browse.

Not so, according to Bertrand Epaud, the debonair Frenchman who has brought the Opera Gallery franchise to Dubai. There has been a gallery in the Gate Village at the DIFC since 2008, but a new one opened this month in the Dubai Mall and Epaud is determined that even the most casual of browsers will receive a warm welcome. "There is a great deal of snobbery in the art world," he says. "When we decided to open here in the Dubai Mall some people were making fun of us. They said things like: 'How can you think of putting art in a shopping mall?' and they call us the McDonald's of the art world. They can't understand how we sell masterpieces alongside new artists. But at the end of the day it works very well."

The whole concept of selling high-end contemporary art alongside masterpieces and sculpture was formulated by Opera Gallery's founder, Gilles Dyan, who opened the first gallery in a prime location next to the Place Vendôme in the rue St Honoré, Paris, in 1994, backed by wealthy collectors and business people with an interest in art as an investment. The highly successful formula has been repeated in key cities around the world, including Monaco, Geneva, Hong Kong, London and Venice. Dyan and Epaud became friends more than 10 years ago when the latter was a customer building up his own collection and in 2008 Dyan invited his friend to Art Dubai with a view to opening an Opera Gallery in the city.

Epaud's experience designing and running the Paris Opera House shop, combined with a globe-trotting 12 years as a business analyst living in 35 countries and travelling in many more, made him the ideal candidate to open a gallery in a multicultural city such as Dubai, not to mention a period of Boy's Own adventure in his twenties, which saw him cycling through the remote areas of the Karakorams on a Chinese bicycle with one gear, disguised as a Turko-Mongol. But more of that later.

The 42-year-old Frenchman needed every ounce of his adventurous spirit after the DIFC Opera Gallery opened in 2008, a week before the global financial meltdown. "In August I started to supervise the construction of the DIFC gallery and one week later the global recession was announced. You could say it was something of a challenge," he says wryly. "Lots of people were being fired as the financial world was collapsing and all work was delayed.

"I thought if I stayed behind my desk and did the normal job we would close down. Since I was well-travelled and had worked with top businessmen I knew how to approach them, so I asked Gilles if I could take some of the masterpieces out to collectors in the region." His first major foray was to Oman in April, 2009, and the Muscat municipality became a local partner in the venture. Epaud was advised to stick to calligraphy and recognisable Islamic art, advice that he totally ignored.

"In the middle of the financial crisis when we opened, we sold 10 paintings in the first hour. I was shocked. It was as if I was giving them oxygen. The buyers bought everything that I was advised not to bring," he says. Next, he mounted an exhibition in Beirut which threw up other challenges, not least of which was security. "We had to have guards with Kalashnikovs. We did some good sales, but more importantly, we gained the interest of the Arab media and we started going out to schools."

Bahrain, Kuwait and Qatar followed and then Abu Dhabi, with an exhibition featuring 25 masterpieces and 75 contemporary works at the Emirates Palace and a tie-up with the Make A Wish Foundation. Artworks included a 1968 painting called Le Grand Cirque by Marc Chagall worth $8million (Dh29.4m), a $7.5m Monet, two Picasso drawings and a portrait by Renoir of his son. For every masterpiece sold, Opera Gallery donated five per cent to the foundation with 15 per cent for contemporary works.

"Art holds its value in recessions and can do really well. Some people do not want to invest in property or gold and art provides an alternative," says Epaud. Clearly, the opening of a second Opera Gallery in Dubai proves his point. Within a week of its doors opening, Epaud has had three serious enquiries about the Chagall and the Picasso drawings. Epaud has also offered the galleries to high-end companies such as Cartier and Van Cleef for upmarket product launches, and he sometimes allows the galleries to be used for private dinners. His reasoning is simple: he wants the right people to be exposed to the art that they might one day be interested in buying.

He travels frequently to art fairs and conferences looking for new markets, and says Pakistan and Azerbaijan are two that are becoming interesting. Another innovation is an educational project that started at the American University in Kuwait to find original work among art students who were given a year to come up with pieces that could be displayed alongside the masters. Epaud is hoping to involve UAE universities in the project.

"The region is hungry for art and to have an identity. We want to support emerging artists," he emphasises. In every gallery there is a large catalogue of the works hanging in other branches around the world, and if a client is interested, a painting will be sent to Dubai. There are exhibitions every two months. Says Epaud: "If it's Latin-American art we will ship items from all our other galleries. Usually the artists themselves select the pieces. We sell more than 300 paintings a month around the world.

"At the end of the day, it worked really well putting completely different artworks together beside each other. When you walk into the gallery you see a lot of different artwork from around the world with unique techniques. None of them are copy paste of what has already been done. "We represent a very large spectrum of artists. We have 300 contemporary living artists from the very well-established to the completely unknown and emerging ones. It's unique. But if you are interested in buying a Picasso, there's no reason why you shouldn't be interested in an emerging artist."

The paintings are changed every 10 days and the current crop in the new gallery includes works by the Colombian artist Federico Uribe, made out of coloured pencils, and pieces like the Samurai Cat by Hiro Ando, a young Japanese artist who is part of a group of 10 artists all aged between 25 and 35, who call themselves The Crazy Noodle Group. Alongside a Picasso, there are a painting by Matisse and the Chagall, plus a painting by Fernando Botero.

Local collectors can be divided into three types, according to Epaud. First, there is the person who wants a piece of art to decorate his or her home; secondly, there are the collectors who like to buy a particular artist's work. "The third type are people who want to make an investment and are often interested in emerging artists. I have a Saudi customer who buys 10 pieces a time for $10,000 - $15,000 each piece," says Epaud.

"Last time he came, he looked at the price list and one artist that he bought several years ago from us cost him $15,000 and now each piece is worth $1 million. He bought three of them at the time, so his investment has been successful and he was very happy. Because he buys so much, we store his art works for him in our storage facility." Opera Gallery owns all the work it exhibits around the world and likes to seek out emerging artists, buying their work up front at a good price, although it occasionally takes pieces on consignment to test reaction before buying. Some years ago an art fund was created for purchases with a percentage of sales going back into the fund to generate income.

Epaud's previous career as a business analyst living in 35 different countries makes him ideally equipped to seek out and talk to wealthy investors and collectors. Born in Brittany, he studied international business management in Paris, London and Frankfurt after which there was a brief spell as a trader in non-ferrous metals working for a Belgian company in Brussels, but he quickly realised he disliked the "killer" atmosphere of the trading floor and, inspired by the adventurous spirit of his grandfather, set off on expeditions of his own in his twenties. "I wanted to visit Moscow and Leningrad but I had no money, so I went into a travel agency and they told me that if I brought 15 people I would get a free trip. After a few weeks I came back with 30 people."

That was the start of a five-year stint as a tour organiser and guide, and along the way he learnt several oriental languages including Chinese, Mongolian and Tibetan, as well as Russian. "My first trip was to take a group to China," he says, and recalls that they arrived on the day of the Tiananmen Square massacre. "It took me 10 days to get out of the country. We had our car overturned so we went from one place to the other, trains stopped in the middle of nowhere with people fighting to get tickets. I managed to get the group out safely and improvised a three-week trip to the Philippines."

He quickly established a reputation as a resourceful tour guide and one group laid down a challenge for him to enter a competition run by the City Hall of Paris, whose mayor at the time was Jacques Chirac, to come up with an idea for an expedition. "In sonorous tones I stood up and off the top of my head I solemnly announced that I was going to cross the desert of no-return and go to Taklamakan in the western part of China, cross the Pamir range of mountains, the Himalayas, the Hindu Kush and the Karakorams riding a Chinese bicycle with one gear. It was just for fun, but the next day I got a call from a student who went to the city hall to get a form and entered my proposal."

To his intense surprise he was one of the 10 winners of the prize and a month later found himself setting off on the journey of a lifetime with the aforementioned Chinese bicycle. "I suggested that because I'm the worst technician in the world, I couldn't fix a car if it broke down but I could fix a bicycle." He spent three months travelling alone in some of the most remote and dangerous areas of China, carrying only enough provisions for one day and often wearing a disguise. "I was flirting with death the whole trip, but this trip made me who I am today. It pushed my limits physically and mentally. I would wake up one morning surrounded by snow in a yurt with yaks all around. I would arrive in a place where there is no road, and some places were so hot that the tarmac was melting so I couldn't stop, otherwise I would get glued to the road. I would only take food for one day. I just wanted to trust my fate that I would meet someone who gave me shelter and I did. It was a fantastic experience.

"One day somebody stole my bicycle and it was a great relief, because I could then travel on local buses." When he returned to Paris, a friend offered him a job creating the shop at the Paris Opera House, whose president was then Pierre Bergé, the founder of Yves Saint Laurant. It was so successful that it became a template for other opera shops in France. Epaud persuaded wigmakers and costume designers to show their work in the tall windows of the opera building and worked with Rudolph Nureyev and other dancers, selecting photographs to be sold in the shops.

After three years he was offered a job doing economic analyses and country reports and his peripatetic life began afresh. For the next 12 years he travelled and lived in 35 different countries including Spain, Romania, Turkey, Russia, Kazakstan, Russia, the Philippines,Tunisia, Egypt, Kenya and Saudi Arabia, where he was living when he got the call from Gilles Dyan inviting him to Dubai. "I feel that all my travelling and adventures, as well as the work I did at the Paris Opera, were wonderful preparation for what I am doing now. It's just a different kind of adventure and it is wonderful to be able to make art more accessible to people."

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.”

Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

Company Profile

Company name: myZoi
Started: 2021
Founders: Syed Ali, Christian Buchholz, Shanawaz Rouf, Arsalan Siddiqui, Nabid Hassan
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Number of staff: 37
Investment: Initial undisclosed funding from SC Ventures; second round of funding totalling $14 million from a consortium of SBI, a Japanese VC firm, and SC Venture

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

Women’s T20 World Cup Qualifier

From September 18-25, Abu Dhabi . The two finalists advance to the main event in South Africa in February 2023

Group A: United States, Ireland, Scotland, Bangladesh
Group B: UAE, Thailand, Zimbabwe, Papua New Guinea

UAE group fixtures:
Sept 18, 3pm, Zayed Cricket Stadium – UAE v Thailand
Sept 19, 3pm, Tolerance Oval - PNG v UAE
Sept 21, 7pm, Tolerance Oval – UAE v Zimbabwe

UAE squad: Chaya Mughal (captain), Esha Oza, Kavisha Kumari, Rinitha Rajith, Rithika Rajith, Khushi Sharma, Theertha Satish, Lavanya Keny, Priyanjali Jain, Suraksha Kotte, Natasha Cherriath, Indhuja Nandakumar, Vaishnave Mahesh, Siya Gokhale, Samaira Dharnidharka

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Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

UAE SQUAD

Khalid Essa, Ali Khaseif, Fahad Al Dhanhani, Adel Al Hosani, Bandar Al Ahbabi, Mohammad Barghash, Salem Rashid, Khalifa Al Hammadi, Shaheen Abdulrahman, Hassan Al Mahrami, Walid Abbas, Mahmoud Khamis, Yousef Jaber, Majed Sorour, Majed Hassan, Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Khalil Al Hammadi, Fabio De Lima, Khalfan Mubarak, Tahnoon Al Zaabi, Ali Saleh, Caio Canedo, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

UAE currency: the story behind the money in your pockets
DEADPOOL & WOLVERINE

Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin

Director: Shawn Levy

Rating: 2.5/5

SPECS

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

OIL PLEDGE

At the start of Russia's invasion, IEA member countries held 1.5 billion barrels in public reserves and about 575 million barrels under obligations with industry, according to the agency's website. The two collective actions of the IEA this year of 62.7 million barrels, which was agreed on March 1, and this week's 120 million barrels amount to 9 per cent of total emergency reserves, it added.

The Land between Two Rivers: Writing in an Age of Refugees
Tom Sleigh, Graywolf Press

COMPANY PROFILE

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Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Part three: an affection for classic cars lives on

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

Dunki

Director: Rajkumar Hirani 

Starring: Shah Rukh Khan, Taapsee Pannu, Vikram Kochhar and Anil Grover

Rating: 4/5

The specs: 2018 BMW X2 and X3

Price, as tested: Dh255,150 (X2); Dh383,250 (X3)

Engine: 2.0-litre turbocharged inline four-cylinder (X2); 3.0-litre twin-turbo inline six-cylinder (X3)

Power 192hp @ 5,000rpm (X2); 355hp @ 5,500rpm (X3)

Torque: 280Nm @ 1,350rpm (X2); 500Nm @ 1,520rpm (X3)

Transmission: Seven-speed automatic (X2); Eight-speed automatic (X3)

Fuel consumption, combined: 5.7L / 100km (X2); 8.3L / 100km (X3)

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Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
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Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government