The spirit of the Holy Month captured in photography

The Emirates Photography Society has an exhibition of more than 80 unique images that aims to reveal the spirit of Ramadan.

Mai El Shoush

August 02, 2012

An exclusive Ramadan-themed photography exhibition featuring more than 80 unique pieces by 30 Emirati photographers is being hosted at Deira City Centre, in continuance of the mall's Love Art initiative.

In collaboration with the Sharjah-based Emirates Photography Society, a non-profit group of amateur and professional Emirati photographers, the exhibition, which will continue to run until the last day of Ramadan, is located at the Bridge Gallery, a dedicated arts space nestled in the Metro Link.

Each image conveys a key message associated with the Holy Month, with the themes of giving, community, generosity and embracing family and friends dominant in the art work.

The aim, say the organisers, is to inspire visitors and to help spread the spirit of Ramadan and what it represents.

The Love Art campaign itself is a platform that promotes local and regional talents within the arts scene by offering free space in key mall locations for gallery exhibitions.

The collaboration with the Emirates Photography Society supports creative beginners, hobbyists and professional photographers by connecting them directly with the public, thus offering an insight into Emirati culture and heritage though artistic imagery.

It is mainly through the support of bodies such as the Ministry of Social Affairs that the Emirates Photography Society is able to commit to such projects that develop and nurture art among the community, with platforms such as Love Art.

The photographic collection will also complement Deira City Centre's Make a Difference this Ramadan charity initiative, which encourages shoppers to donate household items to local charities and the underprivileged. If you are doing a spot of shopping in Deira City Centre, it's worth checking it out.

For more information, visit www.facebook.com/DeiraCityCentre

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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