Thousands of people gathered in a Swedish city on Saturday, to protest against Israel’s participation in an international music competition amid the war in Gaza.
The Eurovision Song Contest, which is being held in Malmo, was plunged into further controversy after a French participant called for peace in Gaza and a Norwegian official resigned.
Israel's presence in the contest has caused fierce debate among fans, performers and politicians, and has touched a nerve in Malmo, home to Sweden's largest community of Palestinian origin.
Israel is competing after its original song, October Rain, was considered too political by contest organisers, the European Broadcasting Union. Singer Eden Golan will now perform Hurricane and is one of the favourites to win.
Thousands gathered to protest against Israel’s participation in Malmo on Saturday.
“We're not against Eurovision, we're against that Israel is taking part in this Eurovision. We don't want its representative in Malmo because of what's happening in Gaza,” Swedish pensioner Ingemar Gustavsson said.
More than 100,000 fans were expected to visit Malmo for the show, which has a television audience of millions of people.
Police said there have been no direct threats made at the competition, but they have also bolstered their numbers with reinforcements from Norway and Denmark.
The EBU confirmed in March that Golan would take part despite calls for her exclusion from thousands of musicians around the world.
Before the grand final Alessandra Mele posted to Instagram to say she will no longer be the person who announces the points awarded by Norway during Eurovision.
In a video the former Eurovision contestant said: “Even though I'm thankful that I was given the opportunity to do so, I've taken the decision to withdraw. United by music – Eurovision's motto is the reason why the music unites people, brings them together.
“But right now, those words are just empty words. There is a genocide going on and I'm asking you all to please open up your eyes, open up your heart, let love lead you to the truth.
“It's right in front of you. Free Palestine.”
Also on Saturday, during dress rehearsals French contestant Slimane stopped singing and called for peace in Gaza.
Slimane told the audience: “Everybody, I just need to say something. Sorry I don't speak English very well but when I was a child I dreamt about music, I dreamt about this dream, to be a singer and to sing peace here.
“Every artist here wants to sing about love and sing about peace. We need to be united by music yes, but with love for peace. United by music yes, but with love for peace. Thank you so much, thank you Europe.”
Israel is one of 25 nations competing in the contest.
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.”
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Directed by: Craig Gillespie
Starring: Emma Stone, Emma Thompson, Joel Fry
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