Festival-goers are served dates at the Adach-sponsored UAE tent on the first day of the Womad festival in Wiltshire yesterday.
Festival-goers are served dates at the Adach-sponsored UAE tent on the first day of the Womad festival in Wiltshire yesterday.

Emirati musicians' debut at Womad UK festival called off at last moment



ABU DHABI // The debut of a group of Emirati performers at one of the world's biggest music events was abruptly cancelled last night. The Kamal Musallam group - a collaboration between Kamal Musallam, the Jordanian jazz musician based in Dubai, and Sokoor al Magabeel, a group of Emirati folk dancers and percussionists - had been scheduled to take to the stage yesterday in front of an expected 35,000 people at Womad UK in Charlton Park, Wiltshire.

Their set, which they had been working on for three months, was also due to include a performance from the popular Dubai band, Abri. The performers claim that the Abu Dhabi Authority for Culture and Heritage (Adach) had agreed to meet their expenses for the trip and the performance. However, in a statement last night, Adach denied that it had ever entered into an agreement for the entertainers to participate in Womad UK.

"The only commitment we had," said Abdullah al Qubaisi, director of communications for Adach, "was for exchange of knowledge and experience in the form of workshops which represent our culture, including henna displays, UAE cooking and the promotion of the Womad event in Abu Dhabi. "There was no contract from the beginning for us to refuse at the last minute." In addition to the performance, the group recently completed a 12-track album, called Lulu (pearl in Arabic). As well as the 23 musicians, two sound engineers, three assistants and a photographer had expected to leave for Britain on Thursday morning.

The performance had been listed on the running list for Womad UK but were replaced with a group from India at the last minute. A workshop today at the festival has also been cancelled. Womad's director Chris Smith expressed surprise at the cancellation, particularly as five representatives from Abu Dhabi were already at the festival. "We are waiting for a statement or an explanation," he said. "We were looking forward to seeing Kamal Musallam and the others here. We would certainly like to know the reason for the cancellation."

Mr Smith added that he had seen the fusion group at Womad Abu Dhabi and thought the project was first rate and that he understood why they were disappointed. However, he said this would not affect the relationship between Womad and Adach, or the planned event next year. Adach also confirmed that the Womad 2010 festival in Abu Dhabi would go ahead. This year's event, the first, was held over three days on the public beach on the Corniche and was hailed as a huge success.

The free performances included world music stars such as Youssou N'Dour, Khaled, Mohamed Mounir and Robert Plant, the former singer with Led Zeppelin in a specially commissioned performance with Justin Adams and Juldah Camera. @Email:aseaman@thenational.ae

COMPANY PROFILE

Company name: SimpliFi

Started: August 2021

Founder: Ali Sattar

Based: UAE

Industry: Finance, technology

Investors: 4DX, Rally Cap, Raed, Global Founders, Sukna and individuals

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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