Al Ain Chamber Orchestra performing at the Al Ain Music Festival last year. Paolo Rossetti
Al Ain Chamber Orchestra performing at the Al Ain Music Festival last year. Paolo Rossetti
Al Ain Chamber Orchestra performing at the Al Ain Music Festival last year. Paolo Rossetti
Al Ain Chamber Orchestra performing at the Al Ain Music Festival last year. Paolo Rossetti

Al Ain music festivals will feature wealth of local talent next month


Saeed Saeed
  • English
  • Arabic

Al Ain will be a hub of music next month with two festivals running simultaneously.

The Al Ain Music Festival returns for its second edition on October 31. The three-week event will feature local and international artists and a wide variety of musical styles, ranging from rock and blues to folk and classical.

A more competitive atmosphere can be found in the Al Ain Festival Competition: The Gardens of Sheikh Zayed, which runs from November 11 to 16.

Organised by the Elite Music Institute in collaboration with the United Arab Emirates Ministry of Culture, Youth and Community Development, the event will also feature guest performances by international artists.

The Al Ain Music Festival

Year two is bigger and better than the inaugural event, according to the

organiser and Al Ain resident Martin Hill, who says the festival will continue to feature its mix of local and international acts.

The opening night will be a rocking affair, with The Halloween Rock and Blues Evening at Sands Club. It will feature minor music royalty, with Bryan Dedman fronting his own band. The American is an insructor at the House of Arts Music Institute in Al Ain and an acclaimed multi-­instrumentalist who has performed with the likes of B B King, Jewel and Hootie and the Blowfish.

“He is a world-class talent,” says Hill. “And he lives only a few kilometres away, so the festival is a great place to see some of the local talent we have.”

The Al Ain Festival also has an ­educational element, with woodwind instruments this year’s key topic of discussion. A woodwind evening will be held on November 14, featuring performances and discussions by the Auburra Duo at the Al Ain International School.

The bill also includes a folk music night, with the English duo Kevin Dempsey and Joe Broughton headlining the Sands Club on November 20.

The festival rounds off the following night at the Al Ain International School with Classics and More, a concert featuring a performance by the Al Ain Chamber Orchestra.

The Al Ain Festival Competition: The Gardens of Sheikh Zayed

This new event aims to cater to classical-music lovers and children, says organiser and Elite Music Institute managing director Marina Zamfir.

“It’s about promoting musical and cultural traditions,” she says. “We want to encourage children and young people to study music, while at the same time enhancing Emirati talent.”

The festival has two components: on the live music front there will be two free piano recitals by international guests at The Municipality Theatre.

On November 12, South Africa’s Richard Lewis will bring his minimalist compositions to Al Ain. The following night the acclaimed Russian performer Polina Fedotova and Ioannis Potamousis from Greece will take to the stage for a joint performance.

All of the international performers will also take part in lectures and workshops during the festival.

November 15 is reserved for the competition, with sections for piano, stringed instruments, wind instruments and percussion, singing, acting and poetry.

All of the categories are open to contestants of all nationalities, with categories for children and adults.

The winners will receive diplomas, gifts and a chance to perform at the festival’s closing concert.

Al Ain got talent

Hill says the aim of the Al Ain Music Festival is to showcase the city’s talents to the whole country, and the people of Al Ain in particular.

“We want them to believe in the talents they have in their community,” he says. “There is this deception that all good music is outside, with concerts on Yas Island and at Meydan racecourse.

“What we are saying is that there are plenty of talented people living nearby and it would be unfortunate if people don’t see that.”

Zamfir says that the Al Ain Competition is about implementing a musical culture among the locals: “We want to plant the seeds of development and provide the necessary talent to enrich the minds of all music lovers.”

For more details about the Al Ain Music Festival, visit www.alainmusicfestival.com. For information about the Al Ain Competition, call Elite Music Institute on 02 445 4909 or 050 102 7978

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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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