The UK’s largest fundraising concert for Palestine raised more than £500,000 ($680,982) from tickets, with online donations and merchandise sales on the night raising the total to £1.5 million ($2.04 million).
More than 12,000 people gathered at London’s Wembley Arena for the Together For Palestine event on Wednesday night.
The concert, organised by musician and producer Brian Eno, with appearances from footballer Eric Cantona and pop singer Paloma Faith, marked an end to the perceived silence of the mainstream music industry on the war in Gaza.
Actor Riz Ahmed and comedian Guz Khan, the evening’s hosts, welcomed guests as paintings by Palestinian artists, curated by Gazan artist Malak Mattar, were projected on stage.
Mattar told of her family’s displacement from Gaza, and how some had been able to reach the UK and were in the audience.
The concert took place days after a UN commission of inquiry declared that genocide was taking place in Gaza, and Israel launched a new ground offensive on Gaza city.
Collaborations between western and Palestinian artists were central to the event. Eno played with Paris-based Palestinian oud player Adnan Joubran, while Blur frontman Damon Albarn performed with the London Arab Orchestra on a series of songs.
Actor Benedict Cumberbatch read a translation of a poem by Mahmoud Darwish, and Palestinian singer and flautist Nai Barghouti collaborated with a gospel choir. The evening opened with a DJ set from British musician Jamie XX and Palestinian Sama Abdulhadi.
“The tragedy is too big and the silence is too dangerous. As Palestinians, even if we want to be just musicians, we cannot. The responsibility is there, and we have to carry it," Joubran said in The National's Tarab podcast this week.
“Many concert halls refuse to welcome any Palestinian musicians because they are scared of showing they're belonging to the Palestinian case."
West African singer Rachel Chinouriri dedicated her song Even to the people of Palestine. “Music is something that not only brings people together, but it has also been part of revolution and change,” she said.
The funds raised will benefit three Palestinian organisations leading in development and health care: Geneva-based Taawon, the US-based Palestinian Children’s Relief Fund and the Palestinian Medical Relief Society.
There have been few shows of support for Palestine in the UK music industry, despite widespread demand from fans. Electronic music band Massive Attack projected a Palestinian flag on stage at a major concert in Bristol last year.
But others have triggered controversy, such as Northern Irish band Kneecap who are accused of waving a flag in support of the Lebanese militia Hezbollah at a London gig, and duo Bob Vylan who chanted "Death to the IDF" at Glastonbury music festival.
Lebanese singer Sura Abdo, one of the artists in Wednesday’s show, said she hoped the concert and its scale would send a message of solidarity to people in Gaza and Palestine.
“It’s a moment to make louder the voices that have been silenced, and to tell the children of Palestine that we’re thinking about them and that we have not forgotten them,” she told The National.
Abdo was moved by the number of high-profile and established artists taking part in the show.
“You meet people who are really good at what they do, and they really believe in this event. They’re showing up with full energy,” she said during rehearsals on Tuesday.
Francesca Albanese, UN special rapporteur on Palestine, received a standing ovation when she appeared on stage, reminding people of the continuing suffering in Gaza and the occupied West Bank.
“As we gather here tonight celebrating life and hope … many Palestinians are holding their loved ones in makeshift tents, waiting for the next bomb,” she said.
Racha Koteiche, a London-based activist whose family were affected by Israel’s military campaign in southern Lebanon last year, was surprised to see so many friendly faces among the crowd.
“I love that I’ve seen so many different people that I recognise here. It’s a chance to come together,” Koteiche said. “If I really think about it I will tear up.”
Her family’s experience in Lebanon had brought her close to the British-Palestinian community from Gaza, and she helps to manage Palestine House, a cafe and arts venue in London.
London doctor Omar Abdel Mannan, who founded the campaign group Health Workers for Palestine, said the concert should have occurred sooner.
“We should have had the concert two years ago before the genocide was officially declared by the UN. But it's never too late,” he said. “What I’m looking forward to is supporting Palestinian NGOs on the ground.
"We’re actually helping the indigenous health worker and charity sector, which has largely been neglected during this. It is high time for them to be supported."
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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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