A song by a Jordanian teenager has become a viral sensation.
Released last September, Hadal Ahbek by singer-songwriter Issam Alnajjar is one of Spotify's most streamed songs.
The track currently sits on the top spot of the platform's Global Viral 50 – a chart measuring how songs are shared on the platform, blogs and social media.
That rise to the top is the culmination of reaching several number one positions in similar country-specific charts on the platform, including in the US, UK, UAE, Saudi Arabia, Malaysia and India.
This means Alnajjar's track, the title of which translates to I'll Keep Loving You, is right now being shared more than those of superstars Justin Bieber and The Weeknd.
The song found similar success on a range of social media platforms and streaming sites.
At present, it is on top of music discovery app Shazam's Global chart with 1.7 million hits, while on YouTube, Hadal Ahbek's music video has achieved more than 17 million streams.
On TikTok, the song generated more than 91,000 videos that were watched by 45 million users. The song's associated hashtag #hadal_ahbek also resulted in 301 million views to date on the app.
"We are so happy to see that one of our Mena music creators was able to make it, not just regionally but also globally," TikTok's head of video and creative Rami Zeidan tells The National.
"Issam Alnajjar is a brilliant young upcoming artist and we look forward to continuing to be part of his growth journey through Arabic music."
Why is it so popular?
Simply put: the song is catchy in all the right ways.
Where viral tracks have a habit of quickly outstaying their welcome, Hadal Ahbek's slow-burning success comes from how organic it all sounds.
Built on breezy folk arrangements recalling singers Ed Sheeran or Jason Mraz, the song exudes a gentle melancholy as it details a rocky relationship.
With a mixture of candour and conviction, Alnajjar's lyrics directly address his partner, as he promises he will remain by her side.
“I will always be with you,” he croons. “Even if everyone is against you I'll keep loving you.”
The best part of all is the ingeniously simple scatting chorus ("Ra-pa-pa-pa-ra-pa-ra-pa"), which makes it hummable from Amman to Amsterdam.
A new star on the scene
Alnajjar, who is based in the Jordanian capital, seemingly burst on to the scene less than a year ago.
His YouTube channel, which has 326,000 subscribers, only has four songs, with Hadal Ahbek being one of two originals. The other self-penned tune is One Of A Kind, a more bluesy affair that was uploaded in June 2020.
That Alnajjar has yet to make a major media appearance is also in line with the low key vibe of his social media channels. His Instagram account rarely alludes to the fact that he is one of the most talked-about artists in the music industry. Instead, we are treated to videos of bedroom performances on his acoustic guitar and intimate snaps with "BFFs".
However, a rare post acknowledging his growing popularity is found in November.
Wearing a hoodie with Hadal Ahbek emblazoned across his chest, Alnajjar looks at the camera with a hand stretched.
The caption reads: "the dream is coming true."
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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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.”
