One of Lebanon's most enduring cultural festivals returns on July 20.
Held on the grounds of the two-century-old palace in the Chouf Mountains that it is named after, the annual Beiteddine Festival has been hosting eclectic events since launching in 1984.
Past performers have included everyone from pop stars Mariah Carey and Phil Collins to Lebanese music titans Fairouz and Majida El Roumi.
This year, the draw of the bill is Lebanese-Armenian pianist Guy Manoukian. His shows on July 22 and 23 are sold out, but here's who else is playing this year's Beiteddine Festival.
July 20: Farrah El Dibany
The opening concert will have Lebanese mezzo-soprano El Dibany perform popular arias and classic Arabic songs by artists such as Asmahan, Fairouz and Dalida.
A seasoned singer, having performed regularly at the Paris Opera as well as the Bolshoi Theatre, El Dibany also performed as part of the closing ceremony of the World Cup Qatar 2022.
She will be accompanied by an orchestra conducted by Lubnan Baalbaki of the Lebanese Philharmonic Orchestra.
Show starts at 8.30pm; tickets from $20
July 25: Donna Khalife and Arthur Satyan
Two fine jazz musicians will team up for a special concert.
Lebanese vocalist and double bassist Khalife has been performing for more than two decades with shows at home and abroad as band leader or side woman.
The festival could be the ideal place for her to showcase new works from her coming third album.
Armenian pianist and composer Satyan is the present dean of the jazz department at the Lebanese National Higher Conservatory of Music.
Having performed with jazz stars Larry Coryell and Sonny Fortune, he is renowned for his authentic approach recalling artists such as Charlie Parker and Thelonious Monk.
Show starts at 8.30pm; tickets from $20
July 27: Mayssa Karaa
Berklee Abu Dhabi artistic director Karaa returns to her native Lebanon for a concert alongside colleagues from the UAE conservatory.
The singer will showcase her eclectic body of work, veering from Arabic folk and pop to rock and electronica. Last month she released Netla'a Bi Beirut (We'll meet in Beirut), a song in which she yearns for the city of her birth.
She will be accompanied by an ensemble led by Jordanian composer and violinist Yaurb Smarait, and Lebanese oud player Charbel Rouhana will make a guest appearance.
Show starts at 8.30pm; tickets from $20
August 2, 3 and 5: Chicago the Musical
An Arabic version of the much-loved musical Chicago will be performed.
Created by US theatre stalwarts John Kander and Fred Ebb, it features choreography by Bob Fosse.
A glamorous tale of love and deceit, Chicago went on to become a mainstay of New York’s Broadway and London’s West End.
A lot of its appeal comes down to its catchy tunes, such as Razzle Dazzle, Cell Block Tango and All That Jazz.
Show starts at 8.30pm; tickets from $25
More information is available at beiteddine.org
Abu Dhabi Sustainability Week
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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.”
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
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