• Deira Tower.
    Deira Tower.
  • Deira Clocktower Roundabout.
    Deira Clocktower Roundabout.
  • Emirates NBD building on Dubai Creek.
    Emirates NBD building on Dubai Creek.
  • Dubai Tower.
    Dubai Tower.
  • Dubai Municipality.
    Dubai Municipality.
  • Building close to Al Ghurair Centre.
    Building close to Al Ghurair Centre.
  • Dubai Hospital.
    Dubai Hospital.
  • Building close to Al Muteena Street.
    Building close to Al Muteena Street.
  • Omar Ali Bin Haider mosque by Al Ghurair.
    Omar Ali Bin Haider mosque by Al Ghurair.
  • Building close to the gold souk.
    Building close to the gold souk.

The only constant is change


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The only constant is change

Hind Mezaina’s Polaroids, taken in Deira, Dubai, take deeper meaning as the neighbourhood is slowly redeveloped, Nick Leech writes

Unlike Polaroid images, which appear almost immediately, the development of photographic projects can often take some time.Hind Mezaina started taking her Deira Polaroids motivated, in part, by a desire to create an ode to a neighbourhood she associated with her childhood and with the very essence of Dubai.

“To me, Deira is Dubai,” says Mezaina, 43, a photographer, writer and blogger. “It’s the Dubai I know and remember and it occupies a special place in my heart.

“I experienced it when I was growing up, when I used to go to the souq with my mother and we would visit family and friends.

“Despite all the changes in Dubai, it always seemed to be the place that was constant – but even that now seems to be changing.”

In the past six months, Mezaina has noticed an increasing number of empty buildings in the neighbourhood, which look as if they are “hollowed-out and ready to go”. Now the rate of change in the area seems to have reached a tipping point. Yesterday, Dubai’s dhow operators received news of a plan that could lead to them moving from their traditional moorings near Deira’s historic spice souq to a location opposite Deira Islands, along the new Deira Corniche.

The Dhow Wharfage Development Project is 3 kilometres long, will increase the annual capacity for cargo handling on the Creek to an estimated 1.7 million tonnes and will allow more than 400 dhows to dock at any one time. The scheme was announced in 2012 but a section recently opened opposite the Hyatt Regency hotel, and several boats have vacated the moorings where dhows have docked for more than a century. For Mezaina, the news not only raises important questions about the future of Deira but it also places her project in a very different context.

“What will Deira represent in the future?” the photographer asks. “Does this mean that Deira is going to turn into a new Dubai Marina? The Deira Polaroids feel like a far more urgent project now.”

Mezaina first exhibited her Deira Polaroids in March at the Sikka Art Fair, which was held in the Al Fahidi neighbourhood in Bur Dubai. At the time, the images communicated a very different set of messages. Mezaina’s use of a Polaroid camera and her choice of subject matter, including the 1963 Deira Clocktower, confused many visitors.

“When people look at certain parts of Dubai they immediately associate it with the past and don’t even think about it in the present,” she explains.

“Not many realised that the pictures were taken just a month before the exhibition. When I started to hear those conversations, I was quite intrigued by that ... It would be easy to draw the conclusion that these pictures are nostalgic because I am revisiting places that I remember from my childhood, but these photographs are about the present and places that are still here.”

The Deira Polaroids raise questions about the relationship between Dubai’s urban present and the value and conservation of its past in a part of the city where issues of heritage, integrity and authenticity were recently the focus for debate. In June, Dubai Creek’s bid to become a Unesco World Heritage Site was deferred pending a visit from the International Council on Monuments and Sites (ICOMOS) and the submission of further documents relating to the area’s urban fabric. In its report to the 38th ordinary session of the World Heritage Committee held in Doha in June, ICOMOS said: “Khor Dubai’s capacity to symbolise or represent an outstanding example of urban and residential development is rather limited as a result of its significant reduction of historic architectural substance and urban patterns as well as changes of the shape of the mouth of the creek ... The neighbourhoods were partly demolished and reconstructed and in other cases extensively restored and now provide an impressive imagination of what the city may have looked like half a century ago.”

Mezaina’s Polaroids share the same qualities as the neighbourhood they describe. It is a world where the status of the past, present and the future is far from certain and each is a matter for debate.

MATCH INFO

Day 2 at Mount Maunganui

England 353

Stokes 91, Denly 74, Southee 4-88

New Zealand 144-4

Williamson 51, S Curran 2-28

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.”

The specs

Engine: 5.0-litre V8

Power: 480hp at 7,250rpm

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Transmission: 10-speed auto

Fuel consumption: L/100km

Price: Dh306,495

On sale: now

THE BIO

Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.

Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.

Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.

Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.

 

 

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