Travel and Tourism

Cladding of Louvre Abu Dhabi dome on target for June 2015

The cladding – which is made up of eight layers, four internal and four external – is one of the most significant stages of the museum’s construction, giving Louvre Abu Dhabi its interior “rain of light” effect.

The National staff

March 21, 2015

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ABU DHABI // Work on the cladding of the Louvre Abu Dhabi dome is well under way, the Tourism Development & Investment Company, the master developer of Saadiyat's Cultural District, announced yesterday.
The cladding – which is made up of eight layers, four internal and four external – is one of the most significant stages of the museum's construction, giving Louvre Abu Dhabi its interior "rain of light" effect.
To date, 30 per cent of the cladding has been installed and that operation is expected to be completed by June.
This update follows a tour conducted by Louvre Abu Dhabi Pritzker Prize-winning architect Jean Nouvel to oversee the latest developments. Mr Nouvel was accompanied by Ali Al Mansoori, TDIC's chairman.
The design is inspired by the interlaced palm leaves traditionally used as roofing material in the Emirates. The roof's complex pattern is the result of a geometric design, repeated at various sizes and angles in eight layers, giving the dome a delicate form that leads to the rain of light effect. The cladding layers are made from 7,850 star-shaped aluminium and stainless steel elements, the largest of which measures 13 metres in diameter and weighs 1.3 tonnes. These star-shaped elements make up eight layers of cladding weighing a total of 2,000 tonnes.
"The installation of the external cladding of the dome is one of the most significant processes, given that the dome is the museum's iconic feature and one that will result in Jean Nouvel's rain of light," said Mr Al Mansoori.
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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.”

The President's Cake

Director: Hasan Hadi

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

Rating: 4/5

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