Mayyas and Firdaus Orchestra achieved this weekend what many in the entertainment industry could only dream of — sharing a stage with Beyonce.
Queen Bey, as she's popularly known, hit the stage in Dubai to celebrate the grand preview of the much-awaited Atlantis The Royal, drawing in A-list celebrities from all over the world, including Kendall Jenner, Rebel Wilson and Amir Khan.
With her were the Lebanese dance troupe and America's Got Talent 2022 winners, alongside the all-female orchestra that debuted to the public at Expo 2020 Dubai.
"It was an absolute honour to share the stage with the one and only Queen Beyonce," Mayyas posted on its official Instagram account following the performance.
"This moment is dedicated to all the dreamers and believers of the world. Thank you @beyonce and the @parkwood team for allowing us to be a part of your magical world."
Firdaus Orchestra, a 48-member all-female orchestra mentored by Academy Award-winning composer A R Rahman, performed a specially arranged version of Spirit of Rangeela with the superstar on the night.
"Check check check," they wrote on Instagram alongside a gallery of images of them on stage and behind the scenes. "Forever grateful to our home @expocitydubai and our mentor @arrahman ... for our spotlight moment last night!
"Thank you Beyonce and team for an irreplaceable night."
Paying tribute to the region with music and fashion
Putting these regional acts into the limelight was not the only way Beyonce paid tribute to the Arab world. She also chose a series of regional designers for her stage wardrobe.
Opening the show, she appeared wearing a custom-made canary yellow corset-style gown, framed with extravagant feathers, by Dubai house Atelier Zuhra.
For her second look of the night, she chose Lebanese designer Nicolas Jebran, who created a red princess-cut dress with gold sequin detailing and embellished sleeves.
The singer wowed crowds with an hour-long set that included an eclectic mix of hits from her extensive back catalogue, as well as a surprise guest performance by her eldest daughter, Blue Ivy, 11.
Her performance was followed by a spectacular fireworks display and a DJ set from Swedish House Mafia.
Spanning 63 hectares and housing 795 rooms and suites, as well as countless hospitality venues and no fewer than 90 swimming pools, the resort’s opening has been anticipated for years.
There will be 17 restaurants at the resort, including the Middle East's first Dinner by Heston Blumenthal, from the famed British chef; Cantonese restaurant Hakkasan; and Ariana's Persian Kitchen by the Iranian-American celebrity TV chef and cookbook author Ariana Bundy.
Scroll through the gallery below to see celebrities at Atlantis The Royal's preview weekend
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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