Mayyas landed triumphantly in Lebanon on Friday following the dance troupe's victory in series 17 of America’s Got Talent.
The group's arrival was a cheerful end to an otherwise troubled week in the country, after a series of armed bank hold-ups dominated headlines.
A large crowd of family, friends and fans welcomed the victorious Mayyas upon their landing at Rafic Hariri International Airport. The group arrived to screams and cheers, receiving a seemingly endless stream of flowers and balloons.
“I can't describe it, their win is a miracle for Lebanon, considering the calamity in this country,” the father of one of the performers told local media. “There aren't any words.
“We feel pride. They’ve raised our heads high.”
The dance troupe’s victory is a ray of hope for an otherwise dreary nation that for the past three years has endured a severe economic crisis that the World Bank has called one of the worst in modern history.
The financial collapse has pushed more than 80 per cent of the population into poverty while inflation and living expenses have reached record highs.
Public institutions have all but collapsed, while basic goods and services such as electricity, water and bread have become scarce commodities.
The struggling nation has previously made international headlines due to its economic problems, armed sectarian clashes and the deadly port explosion that ripped through Beirut two years ago.
Fans in the ailing country have welcomed Mayyas' critical acclaim as a breath of fresh air.
The troupe first made international headlines during the AGT auditions, when judge Sofia Vergara slammed the golden buzzer in the midst of their performance, thus ensuring their slot in the semi-finals.
Mayyas' 'America's Got Talent' audition
“Fabulous!” Vergara exclaimed “It was the most beautiful, creative dancing I have ever seen.”
Mayyas’ winning performance on Wednesday was a mesmerising routine in their signature serpentine style that received a standing ovation from the crowd.
Dressed in white costumes accented with sequins and feathers, their winning routine at one point featured the troupe merging into the shape of the cedar tree found on Lebanon’s national flag.
Mayyas — in pictures
Judge Simon Simon Cowell called the performance “astonishing”.
Several of Lebanon’s political leaders — including caretaker Prime Minister Najib Mikati — have jumped on the bandwagon of acclaim to congratulate Mayyas on their win.
The troupe’s choreographer Nadim Cherfan told local media their win was an “artistic revolution”.
“Now maybe the politicians will be moved towards another revolution — to give people their rights.”
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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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