Khoury launches NYU cultural season



ABU DHABI // New York University, which will open a campus in the capital in 2010, has launched a yearlong series of lectures, conferences and seminars that will bring prominent writers, scholars, and intellectuals to the city. The first event, a lecture by Elias Khoury, the Lebanese novelist, is scheduled for tonight. Mr Khoury is a distinguished professor of Middle Eastern and Islamic Studies at the university and the editor of the cultural supplement of the Beirut newspaper, An Nahar. He divides his time between Beirut and New York and is the author of 11 novels, among them Gate of the Sun, which The Village Voice called "the first true magnum opus of the Palestinian saga". The book was made into a film of the same name by the director Yousry Nasrallah in 2004. Philip Kennedy, director of the NYU Abu Dhabi Institute, will be interviewing Mr Khoury on stage. "He has become a great writer," Dr Kennedy said. "He writes very mature, really quite difficult, challenging, very rewarding, rich, densely layered novels that are a celebration of storytelling." Mr Khoury's novels take place in the Middle East; several chronicle the lives of ordinary people living in war-torn countries. Gate of the Sun describes the experience of the Nakba and half a century of Palestinian dispossession through tales told by a doctor to his friend, an elderly fighter, who lies in a coma. Palestinians refer to the Nakba, or the Catastrophe, when describing their exodus in 1948. Khoury's most recent work to be translated into English, Yalo, is a coming-of-age novel about a boy growing up in Beirut during the country's 1975-1991 civil war. It was banned in several countries for its frank depiction of torture in the prisons of Middle Eastern states. Khoury began his literary career in the 1970s in the company of writers such as Adonis and the late Mahmoud Darwish, a close friend with whom Khoury edited the journal, Palestinian Affairs. Tonight's event will focus in part on Gate of the Sun, which is celebrating its 10th anniversary this year. Future lectures includes a panel discussion of the US presidential election, including the panellist Bob Shrum, a Democratic political strategist; a discussion of the late Edward Said's The World, the Text, and the Critic, with Marina Warner, the novelist and cultural historian; and a discussion with Nadine Gordimer, the Nobel laureate, of her novel The Pickup. The Institute will also sponsor the Muslim Cultures of Mumbai Film Festival. "Part of what I'm really excited about is co-operation with Kalima, the translation foundation," said Dr Kennedy. "It has the potential of making Abu Dhabi a translation capital." Dr Kennedy said the institute had planned events around several texts being translated, including Stephen Hawking's A Brief History of Time. The institute will also host several conferences this year, including one on education and human development, another on Africa and the Gulf, and one on carbon policy and global administration law. Tonight's lecture will take place from 6 to 8pm at Al Mamoura Auditorium, in the Aldar Properties Building on Muroor Road. klewis@thenational.ae

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.”

What is the Supreme Petroleum Council?

The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.

Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
  • Drones
  • Animals
  • Fireworks/ flares
  • Radios or power banks
  • Laser pointers
  • Glass
  • Selfie sticks/ umbrellas
  • Sharp objects
  • Political flags or banners
  • Bikes, skateboards or scooters
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