"Average" is not a word that easily lends itself to a description of Giorgio Ungania.
Much about the co-founder of TedxDubai, from his six-foot-five height to his unabashed war against what he calls "media dinosaurs", deviates from the realm of the ordinary. It is a sensibility that led the producer and new-media proponent to bring the concept of TED (Technology, Entertainment, Design), a high-profile conference that focuses on spreading new ideas through innovative guest speakers, to Dubai this past October.
Reflecting upon the event's production and the release of the TedxDubai film last week, which features all the talks from the October event, Ungania says it was a project he took on because it seemed undoable.
"You have to be crazy enough to take the risks for success," he says in his distinct accent - a product of time spent in Italy and Australia. "Otherwise I would have never done it." Planned during Ramadan and launched the week after Eid al Fitr, the production presented Ungania with logistical as well as operational challenges that at times made it seem impossible. Key decision-makers were absent, sponsors were out of reach and venues difficult to secure - at one point, he had no hotel for his guests. "I knew it was going to work out," he says. "I didn't know how, and I didn't know when, but I knew it would."
One thousand people ended up attending the one-day event, which featured speakers such as Mohammed Saeed Harib, the creator of Freej; Joichi Ito, the CEO of Creative Commons; and Bruno Giussani, the European director for TED. Ungania considers it an impressive roster for an independently organised TED event, given the time constraint and location. The parent conference is known for its ability to draw star power: Al Gore, Bill Gates, Isabel Allende and a number of Nobel Prize winners have all been speakers.
In taking on such projects, it is not so much blind optimism that drives Ungania as sheer curiosity to see if he can succeed. As a student of music and a rock-star hopeful who morphed into a tech-savvy producer, Ungania says that most of his life has been spent in pursuit of intellectual stimulation."I get bored very easily," he says. This is what partly drew him to Dubai; as a producer for Orbit TV in Rome, he found it strange that he was creating content in a European country for an Arab country. So he decided to come over and investigate - just out of curiosity.
Four years on, he says: "I consider Dubai my second home. It's funny, because when people ask me where I'm from, and I say Rome, they ask why I'm here. I reply that if I go back 150 years from now to Rome, everything will be the same: nothing changes in Italy. It's static life.
"But Dubai is always looking to the future, and there's always something new happening. I mean, you might get lost when they change the road signs," he quips. "But it's adrenaline for me. You never know what's going to happen next."
TedxDubai seems to support that idea; as an invitation-only, free event, its format was unprecedented in the UAE. Sponsors such as Philips, the SAE Institute, Ford and THE One donated their services. There was no advertising - popularity spread through word of mouth. "We didn't go to the media," says Ungania. "In fact, the media came to us." Part of the strategy lay in Ungania's belief that new-media models are slowly replacing the old distribution chain of command, which can place numerous middlemen between producer and consumer. "Because technology is changing and evolving, we can start directing and producing and going directly to the consumer. All those other steps that are adding no value to the consumer are cut out."
The TedxDubai film follows this model. The idea is viral promotion - fans using networking sites such as Twitter and Facebook advertise availability, while free content platforms such as YouTube, or in this case, Vimeo, allow consumers easy access. As a compilation of the TedxDubai talks, there is something head-scratchingly hyper-real about the set-up; a movie on the web about talks on ideas uses ideas on the web to promote a movie on talks. It's just one of the many iterations in content creation that Ungania sees gripping the media industry as companies struggle to squeeze out a bottom line in the age of cyber-democracy, where content tends towards free.
From today, Ungania begins planning TedxDubai 2010. Though he's not sure how this year's event will turn out, he's confident that the emirate for which it is named will not disappoint. As he says: "Dubai does not do routine; it's history in the making."
@Email:mmetallidis@thenational.ae
Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
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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.”
Essentials
The flights
Emirates flies direct from Dubai to Seattle from Dh6,755 return in economy and Dh24,775 in business class.
The cruise
UnCruise Adventures offers a variety of small-ship cruises in Alaska and around the world. A 14-day Alaska’s Inside Passage and San Juans Cruise from Seattle to Juneau or reverse costs from $4,695 (Dh17,246), including accommodation, food and most activities. Trips in 2019 start in April and run until September.