Jeffar Khaldi's The Infinite and Beyond. Courtesy The Auction Room
Jeffar Khaldi's The Infinite and Beyond. Courtesy The Auction Room
Jeffar Khaldi's The Infinite and Beyond. Courtesy The Auction Room
Jeffar Khaldi's The Infinite and Beyond. Courtesy The Auction Room

On the heels of a successful Middle Eastern Contemporary Art auction, the curator talks about the position of the Arab market


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  • Arabic

It may not have had the high theatre of an auctioneer’s gavel signalling a record-breaking sale to an excited throng of art lovers, but when bidding closed on London-based The Auction Room’s online Middle Eastern Contemporary Art sale last Wednesday, the ripples were felt across the art world.

It wasn’t the prices that works by the likes of the Iraqi artists Hayv Kahraman or Dia Azzawi went for that created a buzz – The Auction Room doesn’t reveal its results, for reasons we shall discover.

Much more interesting were the people buying the work. For, after years in which faceless western collectors snapped up Middle Eastern art for investment purposes, the majority of the activity in this auction was from the Arab world.

“And that’s so encouraging,” says Janet Rady, the curator of the auction and a specialist in contemporary art from the Middle East.

“Arab people are getting excited about art from their part of the world and we’re finding that it’s not just for investment purposes, but because they love the work and want to put it on their walls. It’s for the right reasons and that’s really pleasing.”

Headline news was the sale of Hayv Kahraman's oil painting Flaying the Lamb, which went, says Rady, for more than a work from the same series at Sotheby's Contemporary Art auction in Doha last year. That created headlines at the time by going for double its list price of US$60,000 (Dh220,377) – so why doesn't The Auction Room celebrate its big sellers in the same way, by revealing the selling prices?

“We find that buyers and sellers don’t necessarily want people to know the price tag,” explains Rady. “Galleries don’t publish their results when they sell a work, so why should auction houses? Really, it’s only the press that get worked up about publishing the results. We’re just happy that it indicates the market for Kahraman’s work is incredibly strong. She’s a fantastic artist, it’s as simple as that.”

Kahraman, who is represented by The Third Line gallery in Dubai, is in many ways the success of the contemporary Middle Eastern art scene in microcosm. Technically beautiful, her work can be read on many political, feminist, social and religious levels. Shortlisted for the ­Jameel Prize in 2011, Flaying the Lamb was also in Saatchi Gallery's critically acclaimed ­Unveiled exhibition – as was work from many other artists in the auction, including the Dubai residents Rokni and Ramin Haerizadeh. Five years on, it's tempting to suggest that Saatchi's survey, subtitled New Art from the Middle East, was a turning point.

"The Saatchi exhibition was very carefully curated," agrees Rady. "Almost all the artists have gone on to do very well, because they got that reputation from Unveiled. Who knows? The exhibition Here and Elsewhere that's just finished at New York's New Museum, may have the same impact in years to come. Big group exhibitions are still really important to the development of Middle Eastern art."

Rady mirrored that same sense of careful ­curation for the auction. It’s not, she says, about being a clearing house for “stuff” that’s for sale, but choosing works that are impactful, accessible and have a strong message.

“It’s why we had 42 lots when we could have had more than 80,” she says. “But I think with Arab artists in particular, it’s important to celebrate what they’re really good at.

“Time and time again, the artists tell me they are storytellers and they have passions they want to express in art. Growing up in a war-torn country or living with restrictions about what they can do – it’s what makes their work very powerful.”

So the auction struck an encouraging note for the future of contemporary Middle Eastern art. Rady is cautiously pleased by how the market is maturing into 2015.

“I would say there possibly isn’t as much interest from the West as there was two or three years ago, but that’s fine,” she says.

“You have contemporary art in Dubai from the diaspora artists such as Rokni and Ramin Haerizadeh. There are young Arab street artists, political artists, Arab modern artists, and the Middle Eastern collectors themselves are really focusing on modern and contemporary works.

“The market is layering – and then you get someone like Hassan Hajjaj, who is really taking off, doing extraordinary work.”

Or the “Andy Warhol of Marrakech”, as he’s been dubbed.

One thing’s for sure, Middle Eastern artists are now enjoying much more than 15 minutes of fame.

www.theauctionroom.com

www.janetradyfineart.com

artslife@thenational.ae

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

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MATCH INFO

Delhi Daredevils 174-4 (20 ovs)
Mumbai Indians 163 (19.3 ovs)

Delhi won the match by 11 runs

UAE currency: the story behind the money in your pockets
The specs

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Power: 360bhp

Torque: 500Nm

Transmission: eight-speed automatic

Price: from Dh282,870

On sale: now

BUNDESLIGA FIXTURES

Friday (All UAE kick-off times)

Borussia Dortmund v Eintracht Frankfurt (11.30pm)

Saturday

Union Berlin v Bayer Leverkusen (6.30pm)

FA Augsburg v SC Freiburg (6.30pm)

RB Leipzig v Werder Bremen (6.30pm)

SC Paderborn v Hertha Berlin (6.30pm)

Hoffenheim v Wolfsburg (6.30pm)

Fortuna Dusseldorf v Borussia Monchengladbach (9.30pm)

Sunday

Cologne v Bayern Munich (6.30pm)

Mainz v FC Schalke (9pm)

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2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

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Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

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COMPANY PROFILE

Company name: Happy Tenant

Started: January 2019

Co-founders: Joe Moufarrej and Umar Rana

Based: Dubai

Sector: Technology, real-estate

Initial investment: Dh2.5 million

Investors: Self-funded

Total customers: 4,000

Company profile

Company: Verity

Date started: May 2021

Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif

Based: Dubai

Sector: FinTech

Size: four team members

Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000

Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors

The specs: 2018 Audi RS5

Price, base: Dh359,200

Engine: 2.9L twin-turbo V6

Transmission: Eight-speed automatic

Power: 450hp at 5,700rpm

Torque: 600Nm at 1,900rpm

Fuel economy, combined: 8.7L / 100km

Yahya Al Ghassani's bio

Date of birth: April 18, 1998

Playing position: Winger

Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

The years Ramadan fell in May

1987

1954

1921

1888

UAE currency: the story behind the money in your pockets

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.”

Auron Mein Kahan Dum Tha

Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar

Director: Neeraj Pandey

Rating: 2.5/5

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

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How will Gen Alpha invest?

Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.

“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.

Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.

He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.

Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”

MATCH INFO

Uefa Champions League final:

Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports

About Proto21

Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group

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THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

Empty Words

By Mario Levrero  

(Coffee House Press)
 

Tour de France Stage 16:

165km run from Le Puy-en-Velay to Romans-sur-Isère

Straightforward ways to reduce sugar in your family's diet
  • Ban fruit juice and sodas
  • Eat a hearty breakfast that contains fats and wholegrains, such as peanut butter on multigrain toast or full-fat plain yoghurt with whole fruit and nuts, to avoid the need for a 10am snack
  • Give young children plain yoghurt with whole fruits mashed into it
  • Reduce the number of cakes, biscuits and sweets. Reserve them for a treat
  • Don’t eat dessert every day 
  • Make your own smoothies. Always use the whole fruit to maintain the benefit of its fibre content and don’t add any sweeteners
  • Always go for natural whole foods over processed, packaged foods. Ask yourself would your grandmother have eaten it?
  • Read food labels if you really do feel the need to buy processed food
  • Eat everything in moderation
UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Dates for the diary

To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:

  • September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
  • October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
  • October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
  • November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
  • December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
  • February 2, 2018 Bodytree will host its 4th annual yoga market.