The 2023 Abu Dhabi Festival Award ceremony took place on Wednesday at Emirates Palace. Photo: Admaf
The 2023 Abu Dhabi Festival Award ceremony took place on Wednesday at Emirates Palace. Photo: Admaf
The 2023 Abu Dhabi Festival Award ceremony took place on Wednesday at Emirates Palace. Photo: Admaf
The 2023 Abu Dhabi Festival Award ceremony took place on Wednesday at Emirates Palace. Photo: Admaf

Culture

Music & On-stage

Abu Dhabi Festival Award 2023 honours composers behind Symphony of Three

The award recognises lifetime achievements of those who have made significant contributions to music and arts

Razmig Bedirian
Razmig Bedirian

March 19, 2023

  • English
  • Arabic

The composers behind Symphony of Three: Peace, Love, Tolerance were among the six talents who received the Abu Dhabi Festival Award this year.

The annual award was established by the Abu Dhabi Music & Arts Foundation in 2012 and presented in association with the luxury brand Chopard. It is held as part of the Abu Dhabi Festival. Past recipients include record producer Quincy Jones, composer Philip Glass and author Amin Maalouf.

The ceremony for the 2023 award took place on Wednesday at Emirates Palace.

“Each year, the Abu Dhabi Festival Award recognises the outstanding lifetime achievements of those individuals who have made significant contributions to music and the arts,” said Huda Alkhamis-Kanoo, founder of Admaf and artistic director of the Abu Dhabi Festival.

Composers John Debney and David Shire and veteran film music producer Robert Townson were among those who received the award this year. They were honoured for their prolific careers, influence in shaping the music and film industries, as well as their contributions to the Abu Dhabi Festival commission and co-production of Symphony of Three.

Emirati composer Ihab Darwish and inshad singer Sheikh Mahmoud Al Tohamy were also awarded for their work on the Symphony of Three epic.

The symphonic performance brought together vocal ensembles, composers and musicians from Christian, Jewish and Muslim backgrounds to celebrate dialogue among different faiths. The piece was conceived in celebration of the Abrahamic Family House, the interfaith complex on Saadiyat Island. It is available to stream on YouTube.

“Together, Shire, Debney and Townson have brought joy to people around the world with their lasting contributions to the music and film industry," said Alkhamis-Kanoo.

The award was bestowed as well upon Iraqi oud master Naseer Shamma for his lifetime contributions and dedication to preserving Arab heritage.

“This year, we also recognise the remarkable accomplishments of oud master Naseer Shamma for his tireless commitment and dedication to music, to preserving Arab cultural heritage, and to establishing Bait Al Oud Al Arabi centres for music education in Abu Dhabi and beyond, further enhancing the Abu Dhabi Festival award’s status as the benchmark of cultural excellence," Alkhamis-Kanoo said.

  • Iraqi musician Sadiq Jaafar performed as part of Symphony of Three: Peace, Love, Tolerance. All photos: Abu Dhabi Festival
    Iraqi musician Sadiq Jaafar performed as part of Symphony of Three: Peace, Love, Tolerance. All photos: Abu Dhabi Festival
  • Turkish qanoon player Aytac Dogan is one of 350 musicians involved in the work
    Turkish qanoon player Aytac Dogan is one of 350 musicians involved in the work
  • The Beethoven Academy Orchestra is described as the 'foundation' of the symphony
    The Beethoven Academy Orchestra is described as the 'foundation' of the symphony
  • Guitarist Carlos Pinana and Egyptian ney player Ibrahim Fathi performed
    Guitarist Carlos Pinana and Egyptian ney player Ibrahim Fathi performed
  • American singer Lisbeth Scott also took part in the symphony
    American singer Lisbeth Scott also took part in the symphony
  • South Korea's Sumi Jo has collaborated numerous times with The Abu Dhabi Festival
    South Korea's Sumi Jo has collaborated numerous times with The Abu Dhabi Festival
  • Egyptian spiritual singer Mahmoud El Tohamy
    Egyptian spiritual singer Mahmoud El Tohamy
  • Conductor Diego Navarro leads the The Beethoven Academy Orchestra
    Conductor Diego Navarro leads the The Beethoven Academy Orchestra
  • Cellist Tina Guo recorded her performance in Los Angeles
    Cellist Tina Guo recorded her performance in Los Angeles
  • South Korean-born Dutch harpist Lavinia Meijer also took part in the symphony
    South Korean-born Dutch harpist Lavinia Meijer also took part in the symphony
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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.”

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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