Tom goes to Tokyo


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Sir Tom Stoppard draws heavily on a white-tipped cigarette before a wry smile breaks across his face. "It's rather good to save some big experiences for the latter part of one's life so you haven't used them all up by the time you're 50."

The big experience to which the Czech-born British playwright was referring is the fact that this month, at the age of 72, he travelled to Japan for the first time in his life, following an epic railway trip across Russia. But the same theory of saving the best until later could also be applied to the reason for his long awaited presence in Tokyo: to receive a major international arts award, which was presented last week.

There are few loftier arts awards than the Praemium Imperiale. Widely regarded as the arts equivalent of the Nobel Prize, the Japan Art Association annually bestows it on five international artists in different fields such as theatre, architecture and painting. Since its launch in 1989, it has crowned the achievements of a dizzyingly high-profile roll call of creatives, from Frank Gehry and Jean-Luc Godard to Issey Miyake and Bridget Riley.

Not known for half measures, the awards - which are among the highest-value in the arts world - amount to 15 million yen (Dh600,000) for each "laureate" and are presented amid much pomp and ceremony in Tokyo by a member of the imperial family. Even the diploma binders and metal boxes in which the awards are presented are in a class of their own, having been handcrafted by the Parisian fashion house Hermès.

Joining Stoppard as winners this year were the Japanese photographer Hiroshi Sugimoto, the British sculptor Richard Long, the Baghdad-born architect Zaha Hadid and the Austrian pianist Alfred Brendel. Remarkably - and purely coincidentally, given the voting structure of the recession-defying award - four of the five winners this year are artists based in the UK. For Stoppard, the award crowns a career spanning more than four decades. Since staging his absurdist play Rosencrantz and Guildenstern Are Dead at the Edinburgh Fringe Festival in 1966, the playwright has carefully crafted a string of thought-provoking pieces.

More recently, his work has ranged from the Russian trilogy The Coast of Utopia to the study of music, Marxism and materialism in the sell-out Rock 'n' Roll. Further testimony to his celebrated status is the title that now precedes his name. It is after a long day of back-to-back press conferences, camera flash bulbs and briefings in the glittering, modernist confines of the Hotel Okura in central Tokyo that Stoppard pauses finally to light a cigarette and talk about his Japan experiences.

Sitting in the traditional Japanese confines of the hotel's private Kikyo room with a pair of bright green socks peeking out from beneath his jeans and blazer ensemble, Stoppard speaks with eloquent modesty. "This is a very special event," he says. "I was very conscious of it being in its own way a unique prize. What can one say which is not banal? "Obviously, like most of the recipients, I felt I was being rewarded beyond my desserts. It's very generous of them, I've never felt important actually."

Describing the significance of the Praemium Imperiale, he adds: "They have quite an influence when it comes to making connections between countries and between languages. "I don't think that an award is something that writers have in their sights. But it always comes as a pleasant surprise." For Stoppard, his arrival in Tokyo earlier this month marked the final destination of an epic journey. Starting in Moscow, he spent nearly a week on board the Trans Siberian Express before disembarking at Vladivostok, flying to Osaka and catching a bullet train to Tokyo.

Describing his travels, he says: "I took the train from Moscow because I fancied the idea of six or seven days on my own to read and think and look out of the window, and that's exactly what I did and I was delighted by it. "I'd have liked to have arrived in Japan by boat but I had to catch the last performance of Coast of Utopia in Tokyo and I've been here for three weeks now." It may have been Stoppard's first visit to Japan but ties with Asia are traced indelibly back to his wartime childhood.

Stoppard had not yet celebrated his second birthday when his family fled with him to Singapore from what was then Czechoslovakia on the day of the 1939 Nazi invasion. While most of the family were subsequently evacuated to India, his father remained in Singapore and later died in a Japanese prison camp. "That was 67 years ago and I don't dwell on it," says Stoppard, whose family settled in Britain after the war.

"There are other places I've never been to and there was no particular personal resistance or attraction to Japan. "The older I get, the more reluctant a traveller I become as I have started to dislike airports and so on. "My writing time is shrinking and when you're travelling you're not writing. But looking back on it, I think I'd have been sorry not to have come to the source of Japanese culture."

He adds: "And it's good to save something as dramatic as Japan for the latter part of one's life." Since his arrival, his quest for inspiration has taken him on a colourful exploration of the country: from attending traditional kabuki performances in Tokyo to relaxing in the Izu Hanto, a lush peninsular full of orange trees and hot springs south of the capital. He has even inadvertently discovered one of the perks of Japanese life - how safe it can be, as shown by the fact that soon after he lost his credit card in central Tokyo, it turned up unused at the local police station.

But for Stoppard, the contrast between London and Tokyo is not confined to street-crime levels: while the Japanese arts award is among the highest in value in the world, funding issues in London theatres are a different matter. "There have been times and places in Europe when a particular art form has somehow come to represent the nation," he says. "It's the idea that opera in Italy or theatre in Germany or literature in France, for example, are good for the nation as a whole and that it's quite appropriate for some of the money one pays in taxes to go towards the arts.

"I don't think the English psyche is quite like that. I think a large part of the English psyche rather resents the taxpayers' money going towards the arts. "And there are certainly people who believe the arts should just pay for themselves as any other enterprise has to." He adds: "I find it embarrassing to make claims for what I do for theatre. I tend to agree with those who say if your plays don't crack it, then don't do them.

"Mamma Mia! does not get a grant for putting on a musical. Why should Shakespeare or Ibsen or what is deemed more a repertoire for the elite be regarded as more special?" As Stoppard packs up his cigarettes and makes his way to his room to prepare for a dinner in the Meiji Shrine with his fellow celebrated award winners, he discloses that he is enjoying the leisurely position of being between works.

"I'd just delivered something before I came away, a television adaptation of an English novel for the BBC," he says. "Next, I'd like to write a play. And I'm hoping to find some inspiration for it here on my trip." And if his theory of saving the best until later in life applies to his play writing as well as his travels, the theatre world could be in for a treat. For more information about the Praemium Imperiale Awards, visit www.praemiumimperiale.org

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.”

Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes. 
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com

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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

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UAE currency: the story behind the money in your pockets