Ateez have joined a very exclusive club. The eight-member band are now one of only three K-pop artists – alongside BTS and Stray Kids – to have multiple albums topping the US Billboard 200 charts.
Their latest achievement comes thanks to their 11th EP, Golden Hour: Part 2, and its catchy lead track Ice On My Teeth. The music video for the song has been viewed more than 36 million times on YouTube since its release on November 15.
The group's name is an acronym for “A TEEnager Z,” symbolising their connection to youth and their aim to represent everything about teenagers, from A to Z. And it looks like they are succeeding.
Beyond their impressive accolade, Ateez are not content to simply follow in the footsteps of their peers. They’re forging their own path by seeking opportunities to perform around the world and expanding their global reach.
This year they became the first K-pop boy group to perform at Coachella in the US and the first K-pop artists to headline the Mawazine Festival in Morocco. They are also the first South Korean act to have three different releases in the top 10 of the UK Official Albums Chart within a single year.
Formed in 2018 by KQ Entertainment, Ateez consisted of Yunho, Seonghwa, San, Yeosang, Hongjoong, Wooyoung, Jongho and Mingi. Back then, performing on global stages like Coachella or the Mawazine Festival might have seemed like an ambitious goal. Today, those goals have become a reality.
“Festivals like Coachella or the Mawazine Festival are what I think can be considered dream stages for all artists,” Mingi tells The National. “So, really, it was such an honour. Also, being able to watch and experience the performances of the artists we respect and whose music we’ve always enjoyed was truly a happy and memorable experience for us.”
After being together for more than six years, the band hopes to create more memorable experiences. They recognise that much of their success is also thanks to their fan base. They are also known as Atiny. The moniker is a combination of “Ateez” and “destiny,” which is meant to represent the strong bond between the group and their fans.
“I think we've grown a lot as artists,” says Yunho. “The area where I feel we've grown the most is the love we have for our Atiny. I feel like that love keeps growing more and more.”
“There have been so many surprising and unexpected moments, and the fact that so many of our Atiny continue to love and support us is something that always amazes me. Because of that, I think our love for them just keeps growing stronger.”
Finding success in the K-pop world can be challenging, as not all groups manage to maintain their popularity in such a competitive industry. One of the hurdles ahead is military conscription, which is mandatory for all South Korean male citizens and must be fulfilled in the next few years.
However, even with the uncertainty this brings, Ateez remain optimistic. They’re committed to their music and their fans, focusing on making the most of their time together now while looking forward to what lies ahead.
“I hope the eight of us can stay healthy and happy as we continue our activities together for many more years to come,” says Jongho. “I also hope that as a group, we can keep growing steadily without rushing, while continuing to show our progress and growth. I want us to become artists who can share even better music and more amazing performances with everyone.”
Looking ahead, could a worldwide tour be on the horizon? Last year, Ateez brought their electrifying energy to Saudi Arabia for The Fellowship: Break The Wall concert at the Jeddah Superdome, marking their third appearance in the kingdom.
The group's performances in the Middle East have drawn praise for their ability to connect with fans across cultures. So, with a new album out, could this mean a tour with a long-awaited stop in the UAE is on the cards? While Ateez would not confirm any plans, they remain grateful to their fans in the region.
“First of all, thank you so much for supporting Ateez from far away,” says Wooyoung. “Our concert plans are currently a secret. But we really want to perform there.”
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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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