When he took to the stage in Saudi Arabia's AlUla on Thursday, Andrea Bocelli was moved by the "great privilege" of becoming the first artist to perform at the Unesco World Heritage Site of Hegra.
Set among the Nabataean tombs of the ancient city, the Italian tenor enchanted audiences and, when he left, took with him the "splendour of the silences" he experienced in the desert.
"AlUla is an archaeological paradise of overwhelming beauty, and it is not surprising that it is recognised as a Unesco World Heritage site," Bocelli, 62, tells The National in an exclusive interview. "I am proud to have once again lent my voice to an evening that ideally involved East and West in a great embrace."
The star is no stranger to AlUla, having previously performed twice at the Winter at Tantora Festival. Thursday's intimate concert, which was performed in front of fewer than 300 people, is believed to be the first to take place within the walls of Hegra.
Bocelli describes the region's desert as a "rugged and dazzling beauty", adding he and his family "fell in love" with Saudi Arabia.
"It is a land that never ceases to amaze us, from the refinement of the food to the depth of its artistic and cultural heritage," he says. "Returning to Italy, I carry with me the memory of one of the most evocative places in the world."
During last week's show, Bocelli performed for the first time with his children Virginia and Matteo, along with musicians from the Arabian Philharmonic orchestra and special musical guests Loren Allred, soprano Francesca Maionchi and pianist Eugene Kohn.
"As I jokingly remarked in front of the AI Ula audience, singing at the Bocelli house seems to be contagious," says the tenor.
Bocelli and Matteo, 23, performed Fall On Me, while Virginia, 9, sang a rendition of Leonard Cohen's Hallelujah with her father.
"Singing with my children is a further gift that I receive from life and that fills me with joy," says Bocelli. "My family is my strength and it was wonderful to have them by my side, in a place that speaks to the heart and testifies to another large family, the one – thousands of years old – that embraces all human beings, an interconnected community."
The ancient desert city, built in the first century BCE by the Nabataean Kingdom, is home to thousands of tombs cut into sandstone mountains. At least 100 tombs have elaborate carved facades, showing off the skills of Nabataean craftsmen.
When asked what continues to inspire him creatively, Bocelli encapsulated his answer in a single word: love.
"Love is fire, the engine of the world: without it, life would have no meaning," he says. "I set up my entire existence by paying homage, through singing, to the power of love and therefore to life, which is the most beautiful and the greatest of gifts."
I dream for our children and for future generations a planet without wars, where good wins over evil
During Thursday's performance, the Andrea Bocelli Foundation (ABF) put a guitar autographed by the tenor up for auction to raise money for the charity, which works to support communities affected by poverty, illiteracy and illness.
The star describes his philanthropic efforts as "not just a moral duty", instead deeming it "an act of intelligence".
"For me, solidarity means the joy of sharing," he says.
Bocelli describes his namesake foundation, established in 2011, as "a large extended family that carries out ... projects aimed at giving opportunities".
"I dream for our children and for future generations a planet without wars, where good wins over evil," he says. "And, despite everything, I remain optimistic: in spite of all those who do not pursue the good, the world is getting better and people of goodwill are more and more."
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.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Profile of RentSher
Started: October 2015 in India, November 2016 in UAE
Founders: Harsh Dhand; Vaibhav and Purvashi Doshi
Based: Bangalore, India and Dubai, UAE
Sector: Online rental marketplace
Size: 40 employees
Investment: $2 million
