Winter is over, so India has a party before the monsoon


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For thousands of years in India, the onset of spring has been heralded by the Holi festival, an assortment of celebrations that spans the length and breadth of the country. People sing, dance, distribute sweets among neighbours and friends, and playfully throw coloured powder at each other. They embrace a few weeks of glorious weather before the grip of summer and the deluge of the monsoon season.

These glorious days of sunshine and cool evenings have inspired sweet music about love and devotion, represented in distinct colours by the states of India. Traditionally, the dry powders and wet paints were made from organic colours of flowers and vegetables such as turmeric, margosa and indigo. In India today, the colours are mostly synthetic and the revellers wear white clothes so they can be bleached and starched once the two-day festivities are over.

In Dubai, these disparate celebrations were woven into a common thread by a musical choir group called Malhaar. Comprising of expatriates with a training in Indian classical music, the group was formed last year by individuals who wanted to address the lack of awareness of non-Bollywood music. They perform original classical and folk compositions. Altogether there are more than 20 members,but six men and 11 women will perform tonight.

"The idea of a choir group came from the idea of bringing together people who are passionate about Indian classical music. It was to unite the expatriate Indians through chords of music and present the new face of India to the world through the unified voices of her youth," says Jogiraj Sikidar, the director of Malhaar. Today, the stage will be set up with as much colour as the members can muster, plates stacked high with gulal, a coloured powder. A slide show and a narrative will run throughout the show, with the narrator explaining a bit about regional Holi traditions before the music from each region is introduced.

"There is a classical form and Holi is part of this. There are intricate Indian classical compositions to colourful folk and inspiring patriotic songs in different Indian languages," says Sikidar, who grew up listening to the Calcutta Youth Choir. "It was always somewhere there at the back of my mind. Later when I was doing my graduation from Delhi University, I received exposure in Indian choral music. There I learnt the nuances of a choir group."

Apart from its association with the season, it is also largely attributed to the success of the last planting season for India's vast agrarian society. Indian mythology also dictates that the celebrations are a tribute to Lord Krishna. The evening will start with a tribute to him and his birthplace. The compositions are based on several Raags, a tonal system with a prescribed framework of progressions of melodic and rhythmic patterns.

"It serves to illustrate the linkage between classical music and folk traditions," Sikidar says. The group will then take the audience east to Bengal, to the heart of its cultural foundation - Shantiniketan, where a university for liberal arts was founded by Rabindranath Tagore, India's only Nobel laureate in literature. It is called Vasat Utsav (the festival of spring), and on this day since the 1900s students have traditionally dressed in saffron or yellow-coloured clothes along with garlands of spring flowers.

"They sing and dance on the road till they approach the main courtyard," Sikidar explains. "We wanted to recreate some of his [Tagore's] compositions." Noted alumni members, such as Amartya Sen, a graduate of the university and a Nobel laureate in economics, are said to attend the festival and sing "Ore griho bashi, khol daar khol" (Open your door, spring is here). Next comes Punjab, where Punjabi Sikhs celebrate Hola Mohalla. People light bonfires, and grains from the fresh harvest along with fragrant wood are put into the flames.

They will sing Khushiyan Karan Sringaar ki Holi Aayi ("The joys of Holi are here"). This will be followed by songs from Gujarat, Maharashtra from the west and the southern state of Andhra Pradesh, with songs inspired by the Banjara gypsies. On Holi, children collect money and wood to make a bonfire. Although the group typically shies away from Bollywood, the night will come full circle with several renditions of chart-toppers that the Indian film industry has mashed from classical and folk songs. Over the years, no Holi street celebration has been complete without shops and homes blaring classics from the 1970s, 80s and 90s.

"Any Holi concert would be incomplete without Bollywood," says Sikidar, "so we picked up some of the famous and unforgettable renditions of Holi." The concert takes place from 9pm tonight at the India Club in Dubai. Entry for members is free, and for members' guests is Dh25. See www.indiaclubdubai.com.

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Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

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.”

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

One in nine do not have enough to eat

Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.

One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.

The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.

Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.

It is currently estimated that one in nine people globally do not have enough to eat.

On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.

Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.

 

RESULT

Al Hilal 4 Persepolis 0
Khribin (31', 54', 89'), Al Shahrani 40'
Red card: Otayf (Al Hilal, 49')