The Palestinian Museum's progress reflects that of the people it represents. Dalia Hatuqa for The National
The Palestinian Museum's progress reflects that of the people it represents. Dalia Hatuqa for The National

A symbol of and for Palestine



Like Palestine itself, the Palestinian Museum in Birzeit was built without Israeli help, and indeed in the teeth of Israeli opposition and obstruction. Now finally complete, after years of delays caused by Israel exerting control over Palestinian lands, so that construction materials and skilled staff could not get to the museum, the building is open, a symbol of defiance and hope.

And yet the symbolism of the project is also particularly stark. In a country under occupation, the Palestinian Museum has taken years to complete but remains mostly empty. The idea of the museum, like the idea of Palestine, is complete but unpopulated – and it is unpopulated for the same reason. Just as Israel denies Palestinians their right of return, so the country denies them the ability to import their own artworks.

And the symbolism continues. Instead of being gathered together in one place, the artworks and artefacts – like the people – are scattered among 30 smaller museums across the West Bank and Gaza.

All in all, the museum plays an important role, even if it remains incomplete. The Palestinian story, the narrative of the people, their history, their dispossession and their exile is all too rarely considered. Indeed, Israel and its supporters have spent decades denying the truth of the Palestinian experience, even, in some cases, going so far as to make the racist suggestion that the Palestinians somehow don’t exist as a distinct nationality.

Against that background, the museum is vital, as a physical representation of the history of the people and their country, but also as a gathering space for a new generation to understand the art and culture of the past and the present. Perhaps the saddest part is that, because of the occupation, the 1.6 million Palestinians living in Gaza are denied the chance to visit the museum, while foreigners will be able to visit.

There is, naturally, a concern that Israel will seek to destroy the cultural landmark, physically erasing the structure. That, too, would of course be immensely and horrifically symbolic.

THE LIGHT

Director: Tom Tykwer

Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

Rating: 3/5

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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