This year's Xposure International Photography Festival in Sharjah will take place from February 10 to February 13, exhibiting the works of 51 acclaimed photographers as part of its programme.
The photographic works presented in the festival, which is organised by the Sharjah Government Media Bureau, stretch across a broad range of styles and subjects, from wildlife to conceptual photography, and tackle social, political and environmental issues.
Among Xposure's list of photographers is Seagram Pearce, whose series The Tobacconist features portraits of a shopkeeper in Cape Town, South Africa.
He recalls walking past a gentleman's shop on the city's Shortmarket Street countless times, but never venturing inside. When he finally did, he met the tobacconist, an older man who had "never smoked in his life". The artist asked the subject to pose with a pipe for his photograph. The works are an extension of a portraiture project that Pearce has been working on.
Photographer Muhammed Muheisen will present his portraits of Zahra Mahmoud – one from 2016 and the other from 2020. The photographer met the young Syrian refugee in Jordan in 2015. "She was very sad, very quiet and the scars of war can be seen all over her tiny face," he says. One of the portraits earned the photographer Unicef Photo of the Year in 2017.
Muheisen, who has won the Pulitzer Prize twice in the Breaking News category, has visited Zahra and her family in their tented settlement in Jordan at least once a year since they met. The last time he saw Zahra in person was in February 2020, before the Covid-19 pandemic hit. In April 2020, he says he was able to contact her via video call.
In David Newton’s photograph, the mountains around Lake Matheson in New Zealand are reflected in the tranquil water. Newton’s work spans landscape, sport, products and architecture.
Meanwhile, an image by Brian Hodges presents a snapshot of schooling in Gulu, Uganda. Taken in 2018, the photograph captures the moment a teacher's hand passes a piece of chalk to a student, framing another student standing in the background.
This series of works is part of Hodges’s efforts to raise awareness for the African Women Rising organisation, which provides education and micro-funding to girls and women in Uganda.
Other photographers involved in this year's Xposure festival are Brent Stirton, whose documentary work looks at wildlife, conversation and the environment; Chris de Bode, who has collaborated with Save the Children Netherlands to cover the plight of Syrian refugees; and former photojournalist Juan Pablo Ramirez, whose recent project chronicles the lives of Iranian sailors residing by Dubai Creek.
Participating photographers living in the UAE include Abdulla Albuqaish, who focuses on cityscapes; advertising and fashion photographer Ashok Verma; and landscape photographer Mohammad Kamal.
Held at the Expo Centre Sharjah, the festival will also include seminars and talks in the auditorium held by the photographers. Organisers have said that seating will be distanced and the area will be sanitised after every talk.
Entry to Xposure is free, though visitors must register online before arriving. Attendance to the talks is also free.
More information can be found at xposure.ae
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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