ABU DHABI // The developer of Abu Dhabi's Guggenheim museum has responded to artists' protests over worker conditions at the construction site by inviting them to conduct a first-hand inspection.
More than 130 prominent artists and curators pledged to boycott the Guggenheim this week in protest at worker conditions on Saadiyat Island, the site of the museum. However, the Tourism Development and Investment Company (TDIC) said yesterday it had a long-standing and deep commitment to protect workers' rights.
"TDIC has always welcomed dialogue regarding its practices with the artists and those who are also committed to constructive dialogue about protecting workers' rights, and we will continue to have this policy as work progresses on Saadiyat," the company said in a statement.
TDIC also said it planned to invite artists to the island development to tour worker facilities and witness conditions for themselves.
In a petition addressed to Richard Armstrong, the director of the Solomon R Guggenheim Foundation, the artists called on the museum to safeguard the rights of thousands of migrant labourers working on Saadiyat Island.
"Human rights violations are currently occurring on Saadiyat Island, the location of the new museum," the petition reads.
"In two extensive reports on the UAE, Human Rights Watch has documented a cycle of abuse that leaves migrant workers deeply indebted, poorly paid and unable to defend their rights or even quit their jobs."
Saadiyat Island, one of TDIC's flagship projects, is the future home of Abu Dhabi branches of the Louvre and the Guggenheim museums and is eventually to house an estimated 145,000 residents. It is expected to be completed by 2020.
Thousands of labourers from an estimated 18 countries working for more than 40 contractors live on the island in a TDIC-developed Construction Village.
Last week, the company said it planned to expand its independent monitoring programme, which assesses labourers' rights and the welfare of workers at the island site.
A dedicated monitoring consultancy is to be named by May.
The petition's signatories said their "cooperation with the Guggenheim in Abu Dhabi (and, for many of us, at other Guggenheim locations) will not be forthcoming" until labour reforms are enacted.
The Lebanese multimedia artist Walid Raad, one of the signatories, said: "Artists should not be asked to exhibit their work in buildings built on the backs of exploited workers. Those working with bricks and mortar deserve the same kind of respect as those working with cameras and brushes."
In a 2009 report, Human Rights Watch accused the UAE of exploiting workers by allowing unlawful practices including the use of recruiting fees and a sponsorship system that gives employers virtually complete power over workers.
The boycott effort, led by a coalition of international artists that includes Raad and the Ramallah-based artist Emily Jacir, began last year when an initial letter with more than 40 signatories was sent to the Guggenheim Foundation.
After meeting with Mr Armstrong, Human Rights Watch and other officials, the group decided not to make the letter public and agreed to give the museum time to develop employment policies, according to a schedule of events posted on the group's website.
In 2010, TDIC released its employment practices policy, which outlines protections related to health and safety, accommodation, insurance and wages for workers.
But, the artists' group said, "The released documents failed to address a number of issues such as the absence of independent monitoring of employers' compliance with human rights standards, and about the lack of an effective enforcement mechanism."
TDIC said the petitioners' letter did not take into account the recent moves by the company to safeguard workers' rights.
"TDIC has in place a robust mechanism to ensure workers do not pay recruitment fees to work on Saadiyat," its statement said. "TDIC recently expanded this to include that contractors must reimburse workers for any recruitment fees they might have paid."
The artists said the efforts are too little, too late.
"By March 2011, we noted little progress on the issues we raised, even after TDIC announced that it is committed to the appointment of a dedicated independent consultancy company sometime soon," the group's statement reads.
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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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.”
Buy farm-fresh food
The UAE is stepping up its game when it comes to platforms for local farms to show off and sell their produce.
In Dubai, visit Emirati Farmers Souq at The Pointe every Saturday from 8am to 2pm, which has produce from Al Ammar Farm, Omar Al Katri Farm, Hikarivege Vegetables, Rashed Farms and Al Khaleej Honey Trading, among others.
In Sharjah, the Aljada residential community will launch a new outdoor farmers’ market every Friday starting this weekend. Manbat will be held from 3pm to 8pm, and will host 30 farmers, local home-grown entrepreneurs and food stalls from the teams behind Badia Farms; Emirates Hydroponics Farms; Modern Organic Farm; Revolution Real; Astraea Farms; and Al Khaleej Food.
In Abu Dhabi, order farm produce from Food Crowd, an online grocery platform that supplies fresh and organic ingredients directly from farms such as Emirates Bio Farm, TFC, Armela Farms and mother company Al Dahra.