The American architect Daniel Libeskind, 64, will design the HCT Innovation City in Abu Dhabi. He is known for structures that 'defy gravity' and are 'dramatic, daring, provocative'. An editor with an architecture journal calls him 'one of the most famous architects in the world'. Andrew Henderson / The National
The American architect Daniel Libeskind, 64, will design the HCT Innovation City in Abu Dhabi. He is known for structures that 'defy gravity' and are 'dramatic, daring, provocative'. An editor with an architecture journal calls him 'one of the most famous architects in the world'. Andrew Henderson / The National
The American architect Daniel Libeskind, 64, will design the HCT Innovation City in Abu Dhabi. He is known for structures that 'defy gravity' and are 'dramatic, daring, provocative'. An editor with an architecture journal calls him 'one of the most famous architects in the world'. Andrew Henderson / The National
The American architect Daniel Libeskind, 64, will design the HCT Innovation City in Abu Dhabi. He is known for structures that 'defy gravity' and are 'dramatic, daring, provocative'. An editor with an

Architect behind new World Trade Centre to design Innovation City in Abu Dhabi


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ABU DHABI // What Hollywood is to movie stars, Abu Dhabi has become to "starchitects". Daniel Libeskind, famous for winning the competition in 2003 to be the master architect behind the new World Trade Center in New York, has confirmed that he will design the capital's Higher Colleges of Technology Innovation City.

His is the latest name to sign on for a high-profile project in the emirate, joining the likes of Frank Gehry, Zaha Hadid and Norman Foster, all winners of the Pritzker Prize, the highest honour in architecture. Innovation City will be an academic and research facility built to house some 5,000 students and absorb the Abu Dhabi Men's College, the HCT's Central Services division and the Centre for Excellence for Applied Research and Training.

In addition to the new World Trade Center, Mr Libeskind's portfolio includes the Jewish Museum Berlin, which opened in 2001, and the "Crystal" expansion at the Royal Ontario Museum in Toronto. The HCT Innovation City project, he said, will establish the facility as a hub for stimulating advancements in the arts and sciences in the UAE. The architecture will incorporate elements of Emirati culture.

"Its form, inspired by the flight of the falcon, symbolises the original spirit of the country and will become a cultural landmark in Abu Dhabi," Mr Libeskind said in a statement. "Sustainability is at the heart of the form, substance and function of the entire project." Dr Tayeb Kamali, the vice chancellor of the HCT, said that from the air, the building would evoke the image of a falcon with its wings spread.

He said: "It's a powerful message because the falcon is a powerful bird and a symbol of the country, so we're delighted that Daniel selected this concept." Dr Kamali expects the project to be completed by late 2012 or early 2013 at Muroor Road and Al Saada Street, the location of the existing HCT building. Roughly 110,000 square metres of land are set aside for construction. "The reason we called Daniel Libeskind is because of his reputation," Dr Kamali said yesterday. "Everything we do in HCT is connected to the most advanced technologies today, so we wanted to make sure we have the best in the world of architecture and engineering technology."

Mr Libeskind, 64, has been known to be very specific about his plans, admitting last month to the Royal Geographical Society that he often advises on the smallest details of a project, going as far as "choosing the seats for the toilets". The HCT was also attracted to Mr Libeskind for his experience with educational institutions, Mr Kamali said. He designed parts of the graduate student centre at the London Metropolitan University and has held chair positions at the University of Toronto, Yale University, the University of Pennsylvania, and lectured at the Hochschule für Gestaltung in Germany.

"We know that Daniel understands educational elements, which is also something that makes him unique," Dr Kamali said. It was too early to reveal the projected costs of the contract, but Dr Kamali said conceptual mock-ups would be revealed soon. Rory Olcayto, the deputy editor of Architects' Journal in the UK, said the news of Mr Libeskind's involvement with Abu Dhabi was exciting. "He's certainly one of the most famous architects in the world," Mr Olcayto said.

Mr Olcayto said that many observers have read political messages in Mr Libeskind's work. Because the designs are complex, he said, they are able to embody complex political ideas. Mr Libeskind's Imperial War Museum North in Manchester "is a shattered globe to symbolise the nature of war", for example. "The Jewish Museum in Berlin had this fractured, geometrically scattered composition, which seemed to represent the tragedy of the Holocaust quite well," Mr Olcayto said.

One of Mr Libeskind's latest commissions, to design a cultural museum in Iraqi Kurdistan, also shows a willingness to engage himself as "a geopolitical architect, giving voice to a disenfranchised culture", Mr Olcayto said. Earlier, Mr Libeskind urged colleagues not to build for "undemocratic" China in the lead-up to the 2008 Olympic Games in Beijing. Politics aside, Mr Libeskind is most celebrated for his unusual architectural eye, with a style emerging out of a concept called "de-constructivism".

Mr Olcayto said: "It's a style of architecture that sort of defies gravity and is very angular and is the complete opposite of traditional orthological architecture." "It plays with geometry to create a kind of spectacle, and it's dramatic, daring, provocative architecture - quite different from his contemporaries." @Email:mkwong@thenational.ae

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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