Nadia Al Barwani. (Courtesy: Nadia Al Barwani)
Nadia Al Barwani. (Courtesy: Nadia Al Barwani)
Nadia Al Barwani. (Courtesy: Nadia Al Barwani)
Nadia Al Barwani. (Courtesy: Nadia Al Barwani)

Venice Architecture Biennale: Reporting from the front line


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The Venice Architecture Biennale is currently underway and each month, the UAE sends a team of interns to man our national pavilion. The Art Blog has teamed up with the National Pavilion of the UAE and asked each intern to send us a report on another pavilion that they particularly enjoyed.

Here Nadia Albarwani talks about the German Pavilion:

Germany’s national pavilion is titled Making Heimat. Germany, Arrival Country. It is a true response to the theme of the entire biennale Reporting from the front as outlined by the general curator Alejandro Aravena.

Germany has been at the front of the media very frequently in 2016 for its open policy in the ­­welcoming of refugees. The fact that over a million refugees arrived in Germany during 2015 with similar expectations for this year, the need for housing is urgent, but just as urgent is the need for new ideas and reliable approaches to integration. The exhibition consists of three parts: the first part surveys physical refugee shelters - the actual solutions that have been built to cope with the acute need. The second part seeks to define the conditions that must be present in an ‘arrival city’ in order to turn refugees into immigrants. The third part of the exhibition is the spatial design, which serves to underline the German ideologies of having open doors. ­­Upon entering the German pavillion, one may notice that unlike the other pavillions, it has multiple doorways. Some of which are lined with green steel structural beams - an architectural element associated with modern construction and speed.

In an effort to visualise the German policy and views towards the refugee crisis the design team removed the bricks from the pavilion, creating four large openings in the walls and effectively converting it into an open house. Over 48 tonnes of brick were removed from the landmark-protected walls and are on display sitting both inside and outside the pavilion. The pavilion is open. Germany is open.

Displayed within the pavilion are visual representations of the bricks that have been removed and that are awaiting to be reinstalled again at the closing of the biennale. The curators of the pavilion - Deutsches Architekturmuseum (DAM) – have gathered projects for refugees and migrants that are already finished or still underway since October 2015 and have displayed them as a variety of housing types and structure.

The idea of the arrival city was developed in close collaboration with Doug Saunders, author of Arrival City: How the Largest Migration in History Is Reshaping Our World. DAM intends the theses to address the following question: what conditions must be met in Arrival Cities, from an urban planning and architectural perspective, for immigrants to integrate successfully into Germany?

These immigrants must be given the chance to make Germany into their second home. This is what the title of the exhibition is meant to convey: Making Heimat implies that the stay in Germany will be a permanent one.

Nadia AlBarwani is an architecture student at the American University of Sharjah. Born and raised in Scotland and now living in Oman, she wishes to one day have her own firm and focus on designing architecture to better suit the cultural needs and every-day life of people living in the Middle East.

Instagram: @n_aaadia and @veniceinterns

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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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