Five things to do today: see the art exhibition Chromophobia in Dubai

See Chromophobia, an exhibition including Jessica Mein's salvaged Sao Paulo billboards and Abdelkader Benchamma's take on -conspiracy theories surrounding a Nasa project. From 10am to 7pm, Sundays to Thursdays (closed Fridays), Gallery Isabelle Van Den Eynde, Alserkal -Avenue, Al Quoz, Dubai, 04 323 5052, www.ivde.net

Head to Yas Viceroy Abu Dhabi hotel to see Crossroads #12 – The Spectacular Carrara Series, an exhibition of images by the German photographer Bertram Kober that show the marble quarries around the Italian town of Carrara. From 10am to 10pm, Light Box, Marina Wing Lobby, Yas Viceroy Hotel Abu Dhabi, 04 395 8782,
www.swissartgateuae.com

Sign the kids up for one of APi CAE's cooking sessions, which promise loads of fun while teaching them about cooking and eating healthy. Booking required. Separate sessions for children ages 3-5 and 6-12: July 14 to 18, ages 6-12; July 21 to 25, ages 3-5; July 28 to August 1, ages 6-12; August 4 to 8, ages 3-5. From 1.30pm to 4.30pm, Dh750, APi CAE Gourmet, Abu Dhabi,
02 666 8909, email mail@apicae.com

Take the kids to DIAC Summer Camp 2013, where they will enjoy a different crafts activity each day. From 10am to 1pm or 1 to 4pm, Sundays to Wednesdays, Dubai International Arts Centre, Street 75B, Jumeirah 1, behind Town Centre, Dubai, 04 344 4398, www.artdubai.com

Register now to take summer French courses at Alliance Française for children, teenagers and adults. July 15 to August 5 and August 11 to September 2, 10am to 1pm, from Dh1,595, Alliance Française, Choithram's Building, Khalidiya, Abu Dhabi, 02 666 6232, www.af-aboudabi.net

efortini@thenational.ae

To find out more about events taking place in the UAE, see our listings page: http://www.thenational.ae/events

@LifeNationalUAE

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The Pope's itinerary

Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport

Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial

Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport

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.”