Juliana Yazbeck is talking about her last gig with the kind of brash, unblinking confidence that, you suspect, can only come from being born in New Jersey. "We got to Liverpool and I said to the band: 'This is it. We're gonna kill it. Y'all ready?' It was, like, one of those 'you have to be there' moments. And the gig was so good. Off the hook. Magic."
The thing is, those who actually went to see Yazbeck – whose Lebanese parents returned to post-war Lebanon when she was six– at the Liverpool Arab Arts Festival earlier this month, said exactly the same things. They took to Twitter to call her voice "beautiful", "powerful", "breathtaking". There's a tangible sense of momentum to Yazbeck's career as her debut album Sungod, self-released last year and featuring a fantastic combination of traditional Arabic sounds, electronica, rock and hip-hop, finally gains traction. "It's snowballing," she says, ahead of another major gig on Sunday at the National Theatre River Stage in London, her home town these days, as part of the Shubbak Festival.
Yazbeck deserves the acclaim and, by the way, isn't the least bit cocky about it. When she tells me she's in love with her album, it's not meant narcissistically, it's merely a reflection of a musician who is thrilled she has made a record that is a deep "cementing of my identity".
Sungod takes on some big issues – most notably gender inequality and the immigrant experience – but it's also a spiritual, almost transcendental record. Diverse, too. "People often ask me whether it mirrors my mixed upbringing, but actually I think it's more of a reflection of my listening habits," she says.
“My Spotify playlist wouldn’t make sense to anyone in the world apart from me! I’ll obsess over Irish singing, indigenous American drumming, electronica from Scandinavia, traditional Arabic music. All of this makes sense for me because it comes from a place of deep truth, it’s very rooted in culture and it’s indigenous. There’s something unifying about that, I think.”
If you don't understand the words, that doesn't mean you don't get the emotional scope of the music. So yeah, it's a small act to sing in Arabic, but it feels like I'm claiming my space.
Which is why Yazbeck was keen that Sungod has tracks in Arabic and English, and also why she's unapologetic about not translating them. It's a statement of empowerment, and recognition that not everything has to be Anglocentric.
"To be honest, I know the listeners don't care," she says. "Acts like Ibeyi sing in French, Spanish and Yoruba as well as English. Eivor is a singer-songwriter in Faroese, Icelandic, Danish, Swedish and English. They're not shoved into the world music niche – they're completely mainstream. If you don't understand the words, that doesn't mean you don't get the emotional scope of the music. So yeah, it's a small act to sing in Arabic, but it feels like I'm claiming my space."
Actually, the whole process of writing in Arabic was a major turning point for Yazbeck. She admits that as an immigrant child, she wanted to assimilate, move away from her culture. "Be white, basically", she laughs.
So Yazbeck grew up doing musical theatre and jazz, and never considered singing in Arabic. But as she began the spiritual journey that is a key part of the record, she realised something was pulling her back to her ancestors. The key to enjoying Sungod is that it can channel those historic sensations – most notably in the opening track Aqef Fi Beirut – but then move forward into the 21st century.
“We can’t separate ourselves from our heritage and the legacies of those who came before us,” she agrees. “It’s our duty to understand it, to know it, to work with it, to heal the parts that need to be healed and carry that forward into the future – in an uplifting way. The type of music I make – electronic elements, the beats, the hip-hop poetry, the spoken word – also makes a lot more sense to me than just super traditional Arabic music.”
And Sungod has already been uplifting. Yazbeck wanted the record to have a message of empowerment for young women and immigrants, "plant the seeds for the future", as she puts it, and the messages she's received from her target audience suggest she has struck a chord.
“To have someone write to you and say: ‘this was a life changing moment, I will never look at myself in the same way’ … wow, that was the biggest honour I could have. It made me so happy. I searched for something for so long, for a voice, for a style of music. I couldn’t find a place to belong. But maybe the fact this kind of record didn’t exist before now … maybe it was my divine purpose, to make it myself. It became like a rite of passage.
“I see so many other young women in the same place; rather than feel ashamed about who we are and our background, we can claim it as our purpose.”
So is Sungod a political album? Yazbeck has to pause to consider the scope of a six-track, 26-minute record. "Well, whether I like it or not, my existence in this world is political. The record challenges the status quo, so of course it's political, too. And good – it should be. I don't shy away from the word political, because isn't everything these days, particularly for people like me? So many people have this experience of being immigrants or refugees, of living in multiple places or speaking multiple languages. So why do we still feel marginalised, ashamed, lost?"
The great achievement of Sungod is that it crystallises these feelings, but with a deftness of touch and, sometimes, pop sensibility that steers the record well away from suffocating polemic. So it makes perfect sense when Yazbeck – who is working on new material and planning a new tour for later this year – has a giggle about her dream collaborators and gigs.
“I’m a fan of musicians who make art for the sake of changing the world,” she says. “So Hozier, the Irish dude. I’m mad about his album. Eivor, who I mentioned before. A Tribe Called Red, a first nation Canadian electronic duo, 27 Soul, a Palestinian electronic band … I could go on and on.
"And there's a beautiful festival in my home town in Lebanon, Batroun. It's what the song Little Home on the album is about. So we have to play there. It would be my dream.
“But I’m ready for anything,” she laughs. “I’m like, bring on the blessings. Let’s do this.”
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.”
JAPANESE GRAND PRIX INFO
Schedule (All times UAE)
First practice: Friday, 5-6.30am
Second practice: Friday, 9-10.30am
Third practice: Saturday, 7-8am
Qualifying: Saturday, 10-11am
Race: Sunday, 9am-midday
Race venue: Suzuka International Racing Course
Circuit Length: 5.807km
Number of Laps: 53
Watch live: beIN Sports HD
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
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%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EPyppl%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEstablished%3A%20%3C%2Fstrong%3E2017%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EAntti%20Arponen%20and%20Phil%20Reynolds%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20financial%20services%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20%2418.5%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEmployees%3A%3C%2Fstrong%3E%20150%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%20stage%3A%3C%2Fstrong%3E%20series%20A%2C%20closed%20in%202021%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20venture%20capital%20companies%2C%20international%20funds%2C%20family%20offices%2C%20high-net-worth%20individuals%3C%2Fp%3E%0A
Asia Cup 2018 Qualifier
Sunday's results:
- UAE beat Malaysia by eight wickets
- Nepal beat Singapore by four wickets
- Oman v Hong Kong, no result
Tuesday fixtures:
- Malaysia v Singapore
- UAE v Oman
- Nepal v Hong Kong
Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg
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The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.