It is a fair guess that most readers will be familiar with the 13-year-old would-be pop star Rebecca Black by now.
Ever since her debut single Friday and its accompanying video became the latest YouTube sensation, millions have struggled to digest its meaning.
Is it simply another ultra-trashy piece of teenage pop? Is it the worst song of this generation? Or is it an ingeniously subtle satire on mass consumerism?
While internet forums and social networking sites savaged the young performer, she received support from some surprising quarters, including the pop diva Lady Gaga, who hailed Black as “a genius” in a question-and-answer session organised by Google.
The American Idol creator Simon Cowell praised Friday in People magazine, describing the song as one "girls sing into their hairdryers as they are getting ready to go out".
Cowell, who is responsible for the marketing behind such mega-selling artists as Leona Lewis and Susan Boyle, went further by declaring his admiration for those responsible for bringing Black to the masses, stating: “Anyone who can create this much controversy within a week, I want to meet.”
Cowell's wish may come true as Patrice Wilson, the founder and chief executive of Ark Music Factory, the Los Angeles-based label behind Friday, has announced that he was the co-writer and producer responsible for the viral sensation.
Wilson, who also goes by the stage name Pato and appears as the rapping limo driver in the Friday video, said in an "exclusive" video interview released through the label's website that he used to be a "big" Euro-pop artist, successful in Poland and Slovakia. His motive for going to the US and starting a label, he claimed, was to produce "great pop music that is clean and fun".
What makes the six-minute interview a little chilling is Wilson's statement of his intention to scour America and create a stable of young pop stars delivering more songs in the vein of Friday.
Describing his label as less interested in its artists' musical development than in simply lodging their songs in the listener's brain, Wilson unapologetically defends Friday's heavy use of Auto-tune and repetitive lyrics as an attempt to create "that radio sound."
“A pop tune is supposed to be really, really catchy, regardless of how easy the lyrics might be,” he maintains. “The whole point of creating tunes and songs like that is we want people to keep singing along and saying, ‘I can’t get this song out of my head’.”
But perhaps the biggest controversy is Wilson’s pay-per-song business approach. Youngsters wanting a taste of pop stardom can pay between US$2,000 (Dh7,340) and $4,000 for a package that includes a prewritten song, a video clip and “lunch”. In some deals, royalties go directly to the label, though in Black’s case they are shared with 40 per cent going to the label and the rest to the artist.
Some critics have described the process, essentially a musical form of vanity publishing, as exploitative of the children involved. However, searching through the label’s current list of eight artists, Pato included, reveals what could be a shrewd marketing move to fill a hole left by the major music labels by creating pop music free of racy themes for young teenagers and pre-teenagers.
Ark Music Factory’s artists sing mostly of wholesome topics such as first crushes while the video clips are set in suburban high schools, homes and tepid pool parties. They eschew the parent-troubling sauciness that saw artists such as Britney Spears, Christina Aguilera and Miley Cyrus jump from teenage pop to mainstream stardom.
The absence of decent tunes might limit their chances of crossover success and, perversely, after listening to them it becomes apparent that none of the other songs possesses the sheer awfulness that makes Friday stand out. Abby Victor's Crush on You and Kaya's Can't Get You Out of my Mind are run-of-the-mill Euro-pop numbers that could have been made in well... Poland or Slovakia.
The only remotely redeeming song in the mix is Sarah Maugaotega's Take It Easy, with its breezy Hawaiian rhythms.
It is also, coincidentally, the only song on this list in which Wilson’s inane rapping doesn’t make an appearance.
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Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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Fixtures
Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs
Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms
Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles
Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon
Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon
MATCH INFO
Euro 2020 qualifier
Fixture: Liechtenstein v Italy, Tuesday, 10.45pm (UAE)
TV: Match is shown on BeIN Sports
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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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Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.