Dubai, 21st April 2011.  The opening of ARA Gallery event with local Emiratis artists featured.  (Jeffrey E Biteng / The National)
Art makes you happy, according to a Norwegian study. Just so long as it’s not too crowded.

Beat depression - visit a museum, says new study



Finally, the proof that all culture vultures have been waiting for. A new study has found that people who go to museums and concerts, enjoy films or the theatre, genuinely are happier, healthier and less anxious. Clearly, none of the participants had recently watched Pirates of the Caribbean: On Stranger Tides.

The study, led by Koenraad Cuypers, of the Norwegian University of Science and Technology, was published in the British Medical Association's Journal of Epidemiology and Community Health last week. There was a serious point behind it: to assess whether health policies that use cultural participation (such as outings to galleries and museums) as medical therapy in various countries actually work. So more than 50,000 men and women in Norway's Nord-Trodelag county were asked about their consumption of culture and how it affected their wellbeing. For a remote area of Norway that only has one professional theatre, the results were surprisingly clear: "especially in men, attending receptive, rather than creative, cultural activities was more strongly associated with all health-related outcomes".

It's not the first study published this year to suggest that, sometimes, a dose of culture can be the best medicine. In January, researchers at McGill University in Montreal found that listening to music makes the brain release the mood enhancing "reward" chemical dopamine - present when we enjoy a good meal. Remarkably, the participants in this study weren't just responding to a hand-picked playlist of their favourite music, but a range of preselected tunes that included everything from techno to folk to classical. It may be an unwelcome conclusion to reach, then, but perhaps boy bands really are good for you.

Think I'm joking? Another British study a month later - from a slightly less academic institution (it was conducted by an orange-juice manufacturer) suggested that Greatest Day by Take That was the song most likely to get you up in the morning in a good mood.

But sometimes there are parts of your mind even Take That cannot reach. In which case, some say the prescription should be - obviously - a grindingly scary horror movie. Fear, in this sense, can be a force for good, providing a life-enhancing high without any of the peril. The self-styled "movie doctor" Gary Solomon - a real doctor - has written no fewer than three books on what he calls "cinematherapy", directing those who are struggling with obsessions towards the demonic Hellraiser. "It offers one more way to see that life cannot take a healthy course if all you do is search for that next 'ultimate high'," he wrote in his book The Motion Picture Prescription.

Still, breaking out in cold sweats at the multiplex isn't for everybody. As Cuypers's study suggests, the rarefied air of a gallery or a museum can also make us happy - probably because, most of the time, they're engaging, inspiring places. Even if Tracey Emin's Turner Prize-nominated unmade bed wasn't to everybody's personal taste, the fact is, it provoked a cerebral reaction.

And the idea that the thought processes triggered by such encounters with modern art do have a positive effect is backed up by a 2009 study completed by Harris Interactive. It found that people were happier when spending money on experiences such as a trip to a prestigious museum or gallery rather than making material purchases - not least because they provide positive memories that can be revisited over and over again.

And talking about Emin or a cutting-edge indie band also makes us feel pretty cool, let's be honest. One word of warning, though: not everyone will get the same response from an artwork or a gig. A 2009 study from researchers at Goldsmith's College, University of London, was unequivocal that listening to music can make you feel happy and contented.

But the findings also revealed a dark side: a quick blast of Lady Gaga on the way to work can easily fool somebody enjoying the dopamine high induced by Bad Romance into thinking everybody else feels just as happy. Then they get into work, somebody moans about their commute, and the sad realisation that the world isn't such a uniformly cheerful place after all can cause a huge dip in mood.

And if you're burdened with that particular affliction, well, may I suggest a quick dose of Bobby McFerrin? Don't Worry, Be Happy. Only to be taken sparingly, mind.

Sanju

Produced: Vidhu Vinod Chopra, Rajkumar Hirani

Director: Rajkumar Hirani

Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani

Rating: 3.5 stars

Company profile

Company: Zywa
Started: 2021
Founders: Nuha Hashem and Alok Kumar
Based: UAE
Industry: FinTech
Funding size: $3m
Company valuation: $30m

ROUTE TO TITLE

Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

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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