Inspired by 9/11, artist uses sculpture to promote peace and forgiveness

ABU DHABI // A significant permanent public sculpture was unveiled yesterday. The bronze structure, titled TOLERANCE, is made up of nine individual letter pieces spelling out the word. It is positioned outside the diwan of Sheikh Mohammed bin Zayed, the Crown Prince of Abu Dhabi. The sculpture, funded by Sheikh Mohammed as a gift to the nation, is seen as an important step towards Abu Dhabi's cultural development.

In a welcome speech, Sheikh Sultan bin Tahnoon, chairman of the Abu Dhabi Tourism Authority and the Tourism Development and Investment Company, said the sculpture showed "the commitment of the government of Abu Dhabi to become a global ideas capital". "We want people to stop, look, think and engage with this work. We hope that it will inspire people, young and old, and that it will be enjoyed long into the future."

Guy Ferrer, the creator of the sculpture, said the idea came after September 11 and was intended to carry the message of peace, forgiveness and fraternity. "After September 11, the world was in enormous pain and the planet was devastated. I wanted to do the best I could with my tools as an artist to counterbalance that. TOLERANCE addresses the differences between people and the convergence of many religions in our modern world.

"Ultimately I hope it inspires peace." Ferrer said he was "very proud and honoured to be welcomed by the Abu Dhabi authorities". The sculpture, which took two years for Ferrer to complete, was unveiled during a ceremony of music and dance. Children waved flags and Bedouin folk dancers gathered in front of the artwork. Sheikh Mohammed's seven-year-old daughter, Sheikha Hassa bint Mohammed, helped to reveal the first letter. Her classmates, including her younger brother, Sheikh Zayed bin Mohammed, helped with the rest.

Karim bin Matouk, the 2007 Prince of Poets champion, was also commissioned at the last minute to write for the occasion. Matouk read his poem at the unveiling. Ferrer said he hoped to recreate the sculpture in cities such as Istanbul, New York, Jerusalem and Algiers, where he was born. His aim, he said, was that "the message of tolerance would shine and be heard worldwide". aseaman@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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