The Friends of Karachi Biennale have been discussing ways to place the Pakistani city on the world map. Satish Kumar / The National
The Friends of Karachi Biennale have been discussing ways to place the Pakistani city on the world map. Satish Kumar / The National

Pakistani expats in Dubai back Karachi arts fest



DUBAI // Pakistanis in the emirate have set up a group to support the Karachi Biennale arts festival next year.

“Biennales have the ability to revamp a city by changing negative perceptions [of it],” said Maryam Ali Khan, a member of the 60-strong Friends of Karachi Biennale (FKB).

The group has been discussing ways to place the Pakistani city on the international culture map.

“The Karachi Biennale’s goal is to create a narrative that moves away from violence and lack of security and instead focuses on the energy and resilience of the city,” said Ms Khan.

Mahine Rizvi Ahmad, a fellow FKB member, said the group was seeking to show the colourful and creative side of Karachi, a city of 21 million people.

“It is a melting pot of ethnicities, languages, religions and points of view. Unfortunately, the city has been in the media for all the wrong reasons,” she said.

Ayesha Imtiaz, a founding member of FKB, said the event would help to bring about positive social change and she hoped that her compatriots in the UAE would support the cause.

“UAE has about 1.2 million Pakistanis and we have high hopes that they will support and promote Karachi Biennale as much as possible,” she said.

But it was not necessary to be a Pakistani to be a friend of the Karachi Biennale.

“People of several other nationalities, such as Indian and Iranians, have come forward to support the cause. Anyone who strengthens the arts scene in the country is most welcome to become part of our group,” said Ms Imtiaz.

Maria Paola, an Italian resident of Karachi who visited Dubai for the first FKB meeting, said she was impressed by the group’s support for the arts.

“I appreciate the city’s sensitivity towards arts in many forms and at all levels. I was pleased to see this initiative that aims to support the creativity of Pakistani artists and their commitment to take local talent to the global stage,” said Ms Paola, who runs Deaf Reach, a school for hearing-impaired children.

She said festivals such as the Karachi Biennale offered opportunities for her students to participate in international events.

“I am looking forward to ways that some of our very talented deaf artists can participate and be part of this forum that promotes this universal way of expression and communication,” she said.

“I think it is a very important initiative that helps to reclaim public space and bring arts out of hidden galleries to the open space. It’s great to see renowned artists come together to build a positive image of this vibrant city.”

The Karachi Biennale, which was launched in Dubai last year during the Art Dubai festival, will run from January 25 and February 25 next year.

akhaishgi@thenational.ae

MEDIEVIL (1998)

Developer: SCE Studio Cambridge
Publisher: Sony Computer Entertainment
Console: PlayStation, PlayStation 4 and 5
Rating: 3.5/5

Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

SPECS

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Confirmed bouts (more to be added)

Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez

Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.

SPECS: Polestar 3

Engine: Long-range dual motor with 400V battery
Power: 360kW / 483bhp
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Transmission: Single-speed automatic
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0-100km/h: 4.7sec
Top speed: 210kph
Price: From Dh360,000
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Scoreline

Al Wasl 1 (Caio Canedo 90+1')

Al Ain 2 (Ismail Ahmed 3', Marcus Berg 50')

Red cards: Ismail Ahmed (Al Ain) 77'

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.”

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

UAE central contracts

Full time contracts

Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid

Part time contracts

Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma

Bridgerton season three - part one

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Rating: 3/5

The specs

Engine: 1.6-litre 4-cyl turbo

Power: 217hp at 5,750rpm

Torque: 300Nm at 1,900rpm

Transmission: eight-speed auto

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The years Ramadan fell in May

1987

1954

1921

1888

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 


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