The tale of a region's rich history, told by Emiratis


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ABU DHABI // More than 173 Emirati performers are participating in the shows at the Qasr Al Hosn festival.

“This festival is entirely local from head to toe,” said Murad Shisha, the entertainment director and producer of the festival, which has been running since February 28.

The entire production team is also based in the UAE.

“Even all the footage we shot for the show is local. When we needed a sunset we took video of one in Umm Al Quwain. The video taken in Liwa was used for visuals of the oasis. Everything originated from here, which is a great achievement,” Mr Shisha said.

He said it was not difficult to locate an all-Emirati performing crew.

“There are many Emirati performers in the country to choose from, but we wanted to pick those with the ability and willingness to work and rehearse.”

Many of the groups were used to less structured shows, so they needed to endure more than three weeks of rehearsing to get things in sync.

“It was great to see the cultural groups working so hard and committing to timings,” said Eissa Al Qubaissi, the manager of the Abu Dhabi Folklore Society.

“This will no doubt enhance their skills.”

Mr Shisha agreed: “We are empowering these artists to do theatrical performance, which require script, use of props and commitment. Their talents are now applicable in many different arenas.”

Most of these performers are used to entertaining VIPs and weddings, which means their traditional talents are usually only seen by Emiratis.

“The involvement in this show has exposed them to a much greater audience, including expats, who are unfamiliar with the Emirati culture and heritage,” said Mr Shisha.

He said many people were surprised to learn the origin of some of the Emirati arts.

Through the performance many of the audience learnt Nahhami, a fisherman style of singing used to entertain and motivate the pearl divers, who had to remain out at sea for days at a time.

The audience’s feedback has been positive, with some Emiratis saying they thought some of the local artforms had long died. “An elderly man came to me in tears saying he didn’t know a particular style of singing he had heard was still alive,” said Mr Shisha.

This is the first time modern techniques have been incorporated into traditional shows. “We even have performers breaking out in performance flash-mob style to surprise the audience,” said Mr Shisha.

Mubarak Al Ottaiba, a folklore consultant for the festival, said the shows in no way took away from the folklore and the heritage.

“These performances only highlight the culture of the Emirates in a different setting but are all true to nature,” he said.

The festival, which is separate from the show, splits the performers into four different zones, the marine, desert, Abu Dhabi and oasis sections, with all 173 artists being brought together on the main stage for the final performance.

Qasr Al Hosn Festival will run until Saturday.

THURSDAY FIXTURES

4.15pm: Italy v Spain (Group A)
5.30pm: Egypt v Mexico (Group B)
6.45pm: UAE v Japan (Group A)
8pm: Iran v Russia (Group B)

 

 

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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