Artists Suhail Jashanmal and Chris Oricchio make sculptures out of trash.
Artists Suhail Jashanmal and Chris Oricchio make sculptures out of trash.

Rubbish recycled into art to help charities



ABU DHABI // Four sculptures of sea creatures made from recycled materials are to be auctioned for charity.

The seahorse, conch shell, stingray and crab are the work of artist Suhail Jashanmal, who created them as part of the Green Abu Dhabi 2013 initiative.

He was aided by an American artist and sculptor, Chris Oricchio, and 70 children from the Gems American Academy in Abu Dhabi.

Each sculpture is about 1.5 metres tall but a specially-created stand will add nearly another metre to their height.

Work began 10 weeks ago. Mr Oricchio used scrap metal to create the skeletons, then the children added to them using discarded paper and cardboard, empty plastic bottles, aluminium cans and other recyclable materials as part of a two-day competition last weekend at Yas Waterworld.

"Even the strangest materials can be pretty if used creatively," said Mr Jashanmal, an Indian raised in Abu Dhabi.

The waste plastic, metal, wood and paper was sourced from the Park Rotana hotel, Oasis Water, Union Paper Mills and Al Faraa Group, a building company that also donated the tools needed.

The artists are putting the finishing touches to the pieces at a private warehouse in Abu Dhabi.

"We are nearly done," Mr Jashanmal said. "Now we are fixing some small issues."

The sculptures will be auctioned off at an event at the Eastern Mangroves Hotel and Spa in the capital in June.

The highest bidder's name will be put on a plaque at the base of the sculpture, which will then go on permanent display at Yas Marina.

"We expect to start bidding at Dh6,000 per sculpture and then see what happens," Mr Jashanmal said, with all proceeds going to charity.

Half the money raised will go to the Future Centre for Special Needs in Abu Dhabi. The other half will support Green Abu Dhabi's activities, including clean-ups at the mangroves off Salam Street.

Mr Jashanmal is organising a clean-up in the area on May 31 and expects about 90 people to attend.

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.”

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
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