Omniyat, whose Dh2.5 billion signature building, the Opus, was designed by the late Iraqi-born British architect Zaha Hadid. Franco Origlia / Getty Images
Omniyat, whose Dh2.5 billion signature building, the Opus, was designed by the late Iraqi-born British architect Zaha Hadid. Franco Origlia / Getty Images

Dubai developer Omniyat sets up Harvard scholarship in name of Zaha Hadid



Omniyat, the property developer that brought “starchitect” Zaha Hadid to Dubai, has sponsored a Harvard scholarship in her honour.

Omniyat, whose Dh2.5 billion signature building, the Opus, was designed by the late Iraqi-born British architect, said that it had helped to set up a fellowship at Harvard Graduate School of Design to provide financial aid to architecture students from the Middle East.

The Zaha Hadid/Omniyat Fellowship Fund will provide assistance to students who are studying for master’s degrees in architecture at the school and are residents or citizens of Middle Eastern countries.

The scholarship honours Hadid, who taught at the school in 1986 and 1994. She died of a heart attack in March at the age of 65. She was the first woman to win the Pritzker Architecture prize in 2004 and received the Sterling Prize for architecture in 2010 and 2011.

Although Omniyat’s Zaha ­Hadid-designed, mixed-use Opus building had been scheduled for completion by the end of 2009, construction was hit by the global financial crisis and design complications.

The building, which includes a “void” section in the middle created with 4,300 individually shaped glass panels, is scheduled to be finished by the end of this year. It will not open until next year, after a 12-month fit- out period.

Last month, Omniyat said that about half of the building’s 90 serviced apartments remain unsold, but many are being retained by the developer and will be rented out as hotel suites.

Hadid’s second Dubai project – Signature Towers, an amalgamation of three intertwining towers on the edge of Business Bay – was unveiled in 2007 but has not been built.

“When I established Omniyat in 2005, I was motivated by my desire to develop uncompromising creative signature buildings,” said Mahdi Amjad, its founder and executive chairman.

“I was fortunate enough to have worked for 10 years with my dear friend and design mentor Dame Zaha Hadid on the creation of our flagship Opus building in the heart of Dubai.”

Dubai’s futuristic landscape and ambitions to create some of the world’s tallest and most bizarre buildings continues to attract the world’s biggest architects.

Yesterday, Dubai Design District, the new area designated for creative businesses, announced that Hadid’s practice, Zaha Hadid Architects, was among four international firms of architects due to open offices in the development.

Santiago Calatrava, Foster + Partners and Benoy will also open offices in the district, which has come to be known as d3.

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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.”

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