DUBAI // A filmmaker is hoping to raise more than Dh50,000 through crowdfunding so she can start a postgraduate course in New York.
Nagham Osman, 34, an Egyptian, received a grant from Abu Dhabi Film Festival’s Sanad Award in 2013 to make a documentary, needs about Dh110,000 to pay for the first year of a three-year master’s degree in fine arts from New York University, for fees not covered by a partial scholarship.
She has managed to raise more than half of this through the gofundme.com fundraising website.
She now hopes to raise the remaining amount within two weeks, when her degree programme starts.
Ms Osman, who was born in Dubai, said she hoped that someone from this country would help her.
“The UAE is playing a very big role in supporting upcoming filmmakers and visual artists in the region,” she said. “I am happy that the country where I formed my best memories has continued to support me.”
She said that after she had finished her degree, her education could be invaluable to other filmmakers in the region.
“I want to return and share my knowledge with other young filmmakers and collaborate with them on projects. I hope to bring about change through my work,” she said.
Ms Osman said she could not turn to her family for support as her both parents had passed away. “Being an only child I have to depend on myself with limited means as an independent woman, which is very rare in an Arab country,” she said.
“My annual salary is insufficient, and it would take me more than six years to earn that much,” she said.
Sheikh Sultan Al Qassemi, the founder of Barjeel Art Foundation, who also contributed during Ms Osman’s fundraising effort, said that she was a talented filmmaker. “She has already produced great films including one about her late mother,” she said. “A master’s degree would help her develop her skills.”
Sheikh Sultan said that he encouraged UAE students and residents, including filmmakers and entrepreneurs, to utilise crowdfunding. “More attention needs to be paid for arts and cultural education in the Middle East, especially at a time when our own cultural treasures are under threat,” he said.
Soha Shami, an educationist and research associate at Sheikh Saud Bin Saqr Al Qasimi Foundation for Policy Research, said using crowdfunding to pay for educational courses was growing in popularity.
“It forces students, who may not otherwise have the ability to pursue their studies, to think outside the box in terms of how they can persuade others that they are deserving of the educational opportunity in front of them,” she said.
Kashif Arbab, the chief executive of Envestors Mena, a Dubai company that connects entrepreneurs with investors, said that crowdfunding was a good tool, but sometimes investors may demand the money back.
“There is no such thing as a free lunch and lending money for a good reason such as eduction with the intention of getting repaid would be more effective than just giving money away.
“It’s up to the lender whether to charge any interest or not but receiving the capital back would allow them to at least redirect the money in the future to another needy student,” said Mr Arbab.
Ms Osman, however, said the money she had collected so far had been gifts from friends and strangers.
“I am grateful to all of them who showed faith in me and I promise they will never regret it,” she said.
akhaishgi@thenational.ae
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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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