Keyboardist Dizzy Reed on Guns N' Roses

Five years on and the Guns N' Roses keyboardist Dizzy Reed feels Chinese Democracy will begin to make sense to listeners.

Speaking before the hard rockers’ return to Yas Island on Thursday, Reed says the band’s dense sixth album wasn’t designed for easy listening.

"It's not like it's Led Zeppelin's [fourth album] IV where you can just sit there and listen to it beginning to end," he says.

“There is a lot of information on the record to digest. It needs three or four listenings and then, over time, you will begin to realise there is something in there for everybody. I think over time people will think it’s a fantastic record.”

While the album’s lacklustre sales prove otherwise, the masses have enthusiastically embraced the return of Guns N’ Roses to the live touring circuit.

After a tough time in 2001, with a string of cancelled dates and no-shows, the band have been touring regularly since 2006. Reed shared fond memories of their maiden Abu Dhabi tour in 2010.

“It was trippy,” he chuckles.

“We saw Emirates Palace and saw the world’s most expensive Christmas tree. We also caught a soccer game and this yacht club – it was pretty amazing.”

Reed says the band’s set has evolved since their last Abu Dhabi appearance. As well as the hits, he describes the set list as more representative of the band’s career.

“When it comes to the band’s line-up, I think this is probably the best combination,” he says.

“We are also changing things up with the songs. There is more material in the set and the show, I think, has a great flow and keeps us on our toes.”

And that’s how the band’s leader, Axl Rose, likes it.

Reed explains the singer’s demand for dedication is often led by example.

“All the time I spent with Axl in the studio and watching how hard he prepares to go on stage every night; if that was anybody else – I would never work as hard,” Reed says.

“I would also not be as good as I am because of that – and that’s why I will always be grateful.”

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Guns N’ Roses play at du Arena on Yas Island on Thursday. Doors open at 7.30pm. Tickets start at Dh250 from www.thinkflash.ae or 800 FLASH (35274)

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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.”

Keyboardist Dizzy Reed on Guns N' Roses

The Guns N' Roses keyboardist Dizzy Reed remembers his 'trippy' Abu Dhabi experience.