Nancy Ajram. Courtesy MBC
Nancy Ajram. Courtesy MBC
Nancy Ajram. Courtesy MBC
Nancy Ajram. Courtesy MBC

Nancy Ajram new judge on Arab Idol


Saeed Saeed
  • English
  • Arabic

Nancy Ajram is the new judge on season two of Arab Idol, which will return to TV screens next month. Arabic satellite channel MBC announced the inclusion of the Lebanese superstar in a high profile press conference at Dubai's Zabeel Saray hotel this afternoon. Present at the launch was Ajram as well as last year's debut season judges Emirati singer Ahlam, Egyptian music producer Hassan El Shafei and Lebanese crooner Ragheb Alama. “At first I was a little nervous on joining such a platform,” Ajram said. “But after watching how the show developed last year I really felt comfortable with it and I am so happy to join.

”With Ajram joining, the judging panel will now consist of an even number, a situation remedied with the contestant qualifying if they receive at least three yes votes from the judges. Such a development guarantees to unleash some excitable exchanges from the judging panel, some of which gave the press a taste of what's to come. It seems like the time off hasn’t cooled the friendly but feisty rivalry between Ahlam and Alama.

The duo wasted no time in stating they were looking forward to their on air squabbles.“The thing with Ahlam is she likes to argue,” Alama chuckled.“Even if it’s with her self.”

Ahlam said their on-screen rivalry is not merely for entertainment. Instead, it comes from a deep-seated concern for the contestants.“Yes we may not see eye to eye on a lot of things,” she said. “But at the end of the day, all we care about is the future of the contestants. As judges, that is what we are here for.”

El Shafei explained the success of the debut season allowed for a higher caliber of contestants to audition this year.“ We were surprised by how good some of them were,” he recalled. “It was because of that the decisions became more unanimous during those early stages because the quality was there.”

MBC spokesperson Mazen Hayek explained the programme will not undergo many changes from the previous season, with the exceptions of Ajram’s addition and the judging panels not traveling to every major Arab city for auditions. “Like the American format we sent a production team to some destinations for the auditions before we brought them to the judges,” he said.

Whatever the level of talent, Alama explained, he is looking forward to offering some help.“You know, it has always been a dream of mine to do something like this,” he said.“I have achieved a level of success and the opportunity to give back and help find the next level of stars is something I always wanted to do. I think it is something that a lot of us who reached a certain level must do.”Ajram is not the only new face to hit our screens this season.

Egyptian singer and actor Ahmad Fahmy has been tapped to co-host the weekly program with Lebanese model Annabella Hilal.

He is looking forward to using his musical background to help contestants.“I first started out as a musician and I also studied in a conservatoire,” he explains. “Also I feel that I wanted to show my fans a new side of me and judging from the feedback, they seem very supportive.” Ahlam also revealed a juicy piece of backstage information in that she admitted to signing on as judge on the debut season at literally the last minute. “The press conference and the journalists were taking their seat,” she recalled.“I signed the contract backstage just before I walked on to stage to be announced.”

* Arab Idol will appear on MBC 1 and MBC Masr in March. The date and broadcast time will be revealed soon. For more details go to www.mbc.net

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.”

Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

VEZEETA PROFILE

Date started: 2012

Founder: Amir Barsoum

Based: Dubai, UAE

Sector: HealthTech / MedTech

Size: 300 employees

Funding: $22.6 million (as of September 2018)

Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC

'Shakuntala Devi'

Starring: Vidya Balan, Sanya Malhotra

Director: Anu Menon

Rating: Three out of five stars

MATCH INFO

UAE Division 1

Abu Dhabi Harlequins 12-24 Abu Dhabi Saracens

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Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

Countries offering golden visas

UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.

Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.

Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.

Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.

Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence. 

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