Things can get pretty wild inside of a Bulgarian night club.
Things can get pretty wild inside of a Bulgarian night club.

In Bulgaria, Perestroika gave way to a permanent party



I wonder if many people in the UAE could point to the tiny European country of Bulgaria on a map. I have found that those who do have a vague idea about its location usually find it hard to talk about my homeland beyond a few clichés - communism, Russia and, from more recent times, the names of a few football players. In the tourism adverts that Bulgaria has been putting out hoping to enrich that view you will see vast rose fields (Bulgaria is one of the world's top producers of rose oil) and singers in folklore costumes (the country's choirs are feted by experts). Yet, most visitors today will not cite the above two as reasons why they choose to come.

Increasingly, Bulgaria has had a much more base appeal - partying. It is becoming such a trend among young Europeans that, to the dismay of some critics, many Black Sea hotels now cater specifically for this carefree audience. This traditionally sombre country is not accustomed to being invaded by party-goers. But having fun today in numerous cafés, restaurants, pubs and clubs, is the new Bulgarian national past-time. In fact, most large clubs work in two shifts. The first one, known as "detska diskoteka" targets teenagers who are allowed in from the late afternoon until about 9pm. After a few hours of supervised fun, the younger patrons leave, making room for their elders who, almost 20 years since communism collapsed, are still working out their definition of freedom.

For the ultimate Bulgarian clubbing experience, head for one of its "chlaga" clubs, where the country's own new genre of music is played. Also known as pop-folk, this is a mixture of eastern and western popular melodies. Born in the early 1990s, it was then considered by national consensus a cheap and vulgar form of entertainment. These days chalga is the mainstream. It is everywhere - there are dedicated TV channels, its hip-enticing rhythms blast from most taxis and performers regularly travel to the US and western Europe to entertain a nostalgic Bulgarian diaspora.

So after going to the Black Sea resorts flooded by hordes of young Scandinavians, or the capital's university students' quarters, known as "Studentski Grad" (it is like Ibiza but more affordable and without the pretense and high expectations), head for the nearest chalga club. It's an experience like no other. A word of caution - this is not going to be the place where you meet the country's most sophisticated or intellectual young specimens. There is still a pool of posh Bulgarians who would not be caught dead there. Being a foreigner, however, you are exonerated from the crime of violating any highbrow standards of taste. You can go about having wild fun, which is what the chalga experience is all about.

The clubs will be loud enough to make any conversation impossible. The lyrics are likely to offend feminists or poetry lovers, but your lack of knowledge of the language will be a clear advantage. The music itself, a mixture of belly-dancing beats, some traditional Bulgarian melodies and a bit of pop or house, is very easy to dance to. And with everyone around you enthusiastically engaged in this activity you will find it impossible to stand still. By this time, if you are a female tourist, you may even have forgotten the fact that your outfit is modest compared to those worn by the local female patrons (a foreign visitor once wondered aloud to me if there were a "fabric shortage" in the country). And male tourists will likely have strained their necks looking in the direction of passing beauties.

For the ultimate chalga experience visit one of the renowned clubs in the country's capital, Sofia, such as Biad, Naj, or Sin City, which are all located downtown. There you can watch Bulgaria's chalga divas perform live. Many of them have explored and exploited the possibilities of plastic surgery to the fullest. And their patronage alone is probably enough to sustain quite a few hair extension salons. You will notice that that look is also catching on among their not-so-famous fans.

Another word of caution - mobile phones, wallets and cameras are not to be placed on tables under any circumstances in case of theft. If you see muscular men in black suits and bodyguards approaching, then move as far away as you can. They are likely to be members of one of Bulgaria's many organised crime groups. While these gangs should not be considered a direct threat to tourists, they are sometimes the targets of a rival's bullets. It is good to stay out of their way just in case.

By the time the party is over, most people will be buying public transport tickets or cramming into taxis, ready to drive to the nearest greasy breakfast joint. Whether you choose to join the party or not, it is at first difficult to understand the levels of flamboyance and excess that goes along with chalga. Perhaps the past offers an explanation. After 45 years of living under ideologically-motivated sobriety, Bulgarians are looking to push moral boundaries. The communist regime educated the country's predominantly peasant population and brought high culture to the masses but it also stifled dialogue so that, for example, jokes about political leaders were to be shared only with close friends. And, as is the case with any form of rebellion, the chalga revolution does not discriminate when it comes to destroying some good aspects of the past along with the bad.

The current political and economic situation also does not help. Despite clear improvements during the past two decades, a large number of young people are unemployed and feel disenfranchised. So living every day as if it is the last has become an attractive option. vtodorova@thenational.ae

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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.”

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Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
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Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
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  • HR leader: Dh40,000 to Dh60,000 
  • Engineering leader: Dh30,000 to Dh55,000 
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  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
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