As architectural contrasts go, the difference between Alserkal Avenue's warehouse 44 – now rebranded as the d.Academy – and the exhibition it contains couldn't appear more profound.
Industrial, corrugated and contemporary, the warehouse, which is the new headquarters of the Young Architect and Design Programme, contains a modest show that outlines the work of the culture and heritage focused Aga Khan Historic Cities Programme.
Founded in 1992, the AKHCP uses the restoration of architectural masterworks in the Islamic world as a springboard for wider-reaching and long-lasting urban regeneration initiatives that focus as much on education, training and job creation as they do on conservation, restoration and craft.
"We take a whole neighbourhood; we don't just take one monument, fix a dead building and then leave it to die. We identify a catchment area around each site and use its revitalisation to spur wider regeneration," said Shiraz Allibhai, deputy director of the Aga Khan Trust for Culture, after his talk at the d.Academy's inauguration on Saturday.
“These projects are designed with the community. We go in and we sit down with the direct beneficiaries and engage in an intense planning process. What do they need? What would they like to see happen? What are their aspirations for their children and what kind of society and neighbourhood would they like to see them living in, not next year or in two years, but long-term?”
During its 25 years in existence, the AKHCP has overseen the conservation and restoration of Babur’s Gardens – the Bagh-e Babur – in Kabul, the site of the tomb of the first Mughal emperor; the great earthen Mosque of Mopti in Mali; and even Unesco World Heritage Sites such as the Mughal Emperor Humayun’s 16th-century garden tomb in New Delhi and the monumental citadel of Aleppo
in Syria.
At Al Azhar Park in Cairo, teams from the AKHCP have been working with local communities for almost 20 years, alongside its community, social and economically-focused sister agencies, all of which fall under the aegis of the broader Aga Khan Development Network.
“That allowed us to work on early childhood education, on health and vocational training and even on micro-financing and loans,” Allibhai explains. “That also affords us the ability to think proactively, to test, and in some instances to fail, but to come back again. If you have a one-year outlook or mentality, you can’t do that.”
While the d.Academy's inaugural exhibit is limited to a series of posters, the show's championing of a long-term, grass-roots approach to sustainable urban development – so different from the profit-focused model practised locally – has a resonance that gets to the heart of its organisers' mission.
"I've felt for a long time that we think about things on a very superficial level, that we never get down to understanding the depths of our environment, which is why I came up with this initiative," YADP founder Nazneen R Shafi explains. "For us, architecture was always about glitzy imagery, but talking about the values the Aga Khan Historic Cities Programme stands for – sustainable development, quality of life, social improvement, education and training – is very inspiring."
A non-profit educational initiative, the YADP is the product of a collaboration with Ismaili Centre and the Aga Khan Trust for Culture and was launched earlier this year with a month-long exhibition about the 2016 cycle of the Aga Khan Award for Architecture, also hosted at Alserkal Avenue.
At the time, the YADP, which operates under the mentorship of the Aga Khan Award for Architecture – drawing on the organisation for intellectual capital such as materials, speakers, events and exhibitions – had no permanent home, a situation that has now been rectified thanks to the support of Alserkal Avenue.
Aimed at young design professionals and the wider public in Dubai and throughout the Emirates, the YADP aims to fill in what Shafi sees as gaps in the UAE's architectural conversation. It uses talks, workshops, tours and exhibitions, such as a third show, about female Arab architects, that is scheduled to open at the d.Academy in January.
A UAE resident for almost 30 years, during which time she has run projects such as the Sheikha Manal Art Exchange Program and The Sheikha Manal Young Artist Award and curated The Reflective Mirror, an exhibition of work by 23 female UAE-based artists that was held at the UN headquarters in New York in 2010. But Shafi is not the only non-architect who is currently using Alserkal Avenue as a platform for architectural enquiry and debate.
On the other side of Alserkal's cultural campus, Sonia Brewin and Sven Mueller, her business partner in architecture and interior design studio SvenM, are currently doing the heavy lifting required to get Dubai's first architectural biennale off the ground. An Alserkal Avenue-focused affair, Arch.Season'17 is the launch event for the forthcoming Architectural Biennale and is intended to operate as a taster for the main event, which is scheduled for next year.
“The idea is that it will give people who might be keen but not able to see how they could get involved a window into the process,” says Brewin, a Londoner who has called Dubai home for more than a decade.
"[Next year] would involve a full month of programming, but not from us. We would facilitate it, but then we'd hope people would come forward with ideas. Those might be talks, panel discussions, guided tours."
Opening on November 11 and running until the first day of Dubai’s Big 5 construction expo on November 26, Brewin’s “biennalette” will feature architectural majlis discussion sessions; a mapping challenge aimed at teams of student architects from UAE-based universities; and an architecture-focused family adventure day, organised by and hosted at thejamjar community arts space, that will invite children of all ages to design and make their own building for Expo 2020.
Alongside these events, Brewin has organised behind-the-scenes, open-house-style tours of Dubai-based buildings such as Alserkal Avenue's Concrete, which will be led by the building's designer, Iyad Alsaka, a Dubai-based partner with Rem Koolhaas's OMA, and a tour of the Karam Coffee Factory in Al Quoz, which has a glass facade inspired by Renzo Piano's Maison Hermes in Tokyo.
“I’m really keen, as much as possible, to make it a really open platform and not to be didactic. It’s a calendar, there will be themes and then people can choose to put content onto that calendar and we will support people as much as possible,” Brewin says.
“We’ll pick a month, and the idea is that people would then be free to put on the calendar what they wanted to do and as long as it was thematically and practically correct, it will be accepted.”
Like Shafi, Brewin has a background in education, art and curating, and her perspective on architecture has been formed, in part, by her long-term residence in Dubai.
Trained as a fine artist at the Slade in London, Brewin embarked on her career in arts-focused programming by developing the outreach programme for the Prince's Drawing School (since renamed the Royal Drawing School) in London, which brought her to the UAE and Art Dubai, where she worked on arts-based outreach-and-education programmes. Brewin also sees her role as being the facilitator of a richer, more wide-ranging, "joined-up" conversation between architecture and design professionals, and also between the wider public.
“I think when you come here, if you come from outside, you come to work and because you are at work, your focus is not to indulge your intellectual curiosity, maybe your focus is something else – to start a life – and if you have to deliver, you’re mainly driven by what your boss or your client has asked for,” she says.
“But without that scrutiny, we’re all just bumping along, and there isn’t enough pause for reflection and maybe now, after 50 years of development, it’s time to talk about those issues before we get to the centenary.”
For more information about the Young Architect and Design Programme, see their Facebook page. For details about Arch.Season'17 and the Architectural Biennale, visit www.architecturalbiennale.com or see their Facebook page.
___________
Read more:
Dubai's Architectural Biennale: what's your favourite UAE building and why?
Abu Dhabi Art 2017: Key performance events
Lebanese artist Tarek Atoui on capturing the spirit of Mina Zayed
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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.”
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
ACC 2019: The winners in full
Best Actress Maha Alemi, Sofia
Best Actor Mohamed Dhrif, Weldi
Best Screenplay Meryem Benm’Barek, Sofia
Best Documentary Of Fathers and Sons by Talal Derki
Best Film Yomeddine by Abu Bakr Shawky
Best Director Nadine Labaki, Capernaum
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Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
PROFILE OF STARZPLAY
Date started: 2014
Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
Price, base / as tested From Dh173,775 (base model)
Engine 2.0-litre 4cyl turbo, AWD
Power 249hp at 5,500rpm
Torque 365Nm at 1,300-4,500rpm
Gearbox Nine-speed auto
Fuel economy, combined 7.9L/100km
Fixtures
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Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
57%20Seconds
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Killing of Qassem Suleimani
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