Small is beautiful
While the UAE is generally regarded as being all giant skyscrapers and vast shopping malls, it's refreshing to learn that not everything is made on such a large scale.
In fact, some things are minuscule - such as Farah Al Fardh's artwork. The young Emirati from Umm Al Quwain is one of the UAE's keenest quilling enthusiasts - a craft that makes meticulous artworks from strips of rolled paper.
From cartoon characters and small Emirati figures to trinkets, gifts and decorations, Al Fardh can mould the paper strips into virtually any shape. This is quilling, which originated during the European Renaissance and became a hugely popular pastime with ladies in the 18th and 19th centuries.
From small beginnings
Al Fardh discovered quilling in 2004 during a period of sickness. Stuck in bed, she decided to give the technique a try and found herself a keen adherent.
"It wasn't until 2007 when I put my artwork on an internet forum that I realised no one knew about it," she recalls. "There wasn't even a name for it in Arabic, so I gave it the name 'fan laf al warq', which means 'the art of rolling paper'."
Small wonders
The first gifts she made using the technique were for Eid Al Adha several years ago, and formed shapes in which money for the season could be presented to children.
Finding a huge response to her artwork on the forum, she decided to set up her own website in 2009 and began to hold workshops.
She then became the UAE's regional representative of the Quilling Guild, a UK organisation, and started to exhibit her works at home and abroad. She was further recognised in 2009 with the Tamaiaz Award for Entrepreneurship and again last year with a Sheikha Shamsa Award for Creative Women.
Small blessings
Al Fardh has taught her 11-year-old nephew the art of quilling. "My sister was very happy the day he did the quilling - he was very busy rolling the paper and there was no time to be naughty," she laughs. Al Fardh works in procurements and contracts for the Dubai World Trade Centre, and fits her art around her working day, dedicating evenings and weekends to quilling. She also dedicates most of her annual leave to the craft, which has so far taken her to the UK, USA, Japan and Germany.
Small print
The technique isn't difficult, she says: "I learnt by just looking at the book - I didn't even read it." Quilling can be used to make both two-dimensional and 3D creations, and while 2D is the basic version, 3D figures are more difficult to make. "With 3D quilling you use one shape and give it a dimension; the difficulty is in controlling the dimension," she explains.
Al Fardh took her skills to Jordan last month to teach orphans quilling techniques, supported by the Jordan Joud Foundation, a children's charity. Their artwork was then exhibited at the Jordan Quilling Exhibition.
For those in the UAE who are keen on learning the art, there will be a Ramadan Quilling Majlis in Dubai next month.
Visit www.farooha.net for details
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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