Singers Assala Nasri and Abdallah Al Rowaished to perform at Khorfakkan Amphitheatre

One of the UAE's newest performing venues is set to host a concert series.

The stunning Khorfakkan Amphitheatre, on Sharjah's east coast, will host a number of Arabic music concerts over the cooler months, with Assala Nasri and Abdallah Al Rowaished set to be the first to perform next Friday.

Under the banner of Let’s Khorfakkan, the Syrian and Kuwaiti singers, respectively, will take the stage for an evening of regional hits spanning 30 years.

Nasri is no stranger to such an occasion, having been one of the first Arab artists to play at Abu Dhabi’s Etihad Arena in July as part of Eid Al Adha celebrations.

Al Rowaished is a firm Sharjah favourite, having sold out a 2019 concert at the Al Majaz Amphitheatre.

The news comes after the initial opening concert featuring Iraq's Majid Al Mohandis and Saudi singer Dalia Mubarak was pushed back to Friday, January 14.

Also announced for Let's Khorfakkan is Nawal El Kuwaitia, with the Kuwaiti songbird playing on Thursday, November 18.

An imposing structure

The concert series marks a worthwhile spectacle for one of Mena's most striking music venues.

Formally inaugurated in 2020 by Sheikh Dr Sultan bin Muhammad Al Qasimi, Ruler of Sharjah, the semi-circular structure has an imposing stone facade that includes 234 arches and 295 columns.

The project is part of a plan to promote tourism in Khor Fakkan. Old markets have been restored, shops rejuvenated and plans are in place to develop boutique heritage accommodation in the town.

Emirati singer Hussain Al Jassmi headlined the first concert at the amphitheatre on New Year's Eve 2020.

The beat goes on

Let's Khorfakkan is one of a number of concerts currently taking place in the UAE.

Expo 2020 Dubai is hosting a number of in-house music festivals until March including Infinite Nights, featuring concerts by Arab pop stars including Nancy Ajram, as well as Jalsat Nights which is dedicated to sounds from the Gulf.

This month, Abu Dhabi Classics also returned with an opening concert by Mexican tenor Rolando Villazon and French harpist Xavier de Maistre, at the Cultural Foundation.

Four more concerts have been announced for the UAE capital as part of the series, including a gala show by La Scala Academy Orchestra, the in-house ensemble of Milan's prestigious Scala Theatre, at Etihad Arena on Thursday, November 25.

Scroll through the gallery below for images of the Khorfakkan Amphitheatre:

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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.”