Representatives gathered at Doha’s Mathaf yesterday for the launch of the forum, a platform for regional cultural debate and discussion that moves to Dubai today and runs until Friday.
Representatives gathered at Doha’s Mathaf yesterday for the launch of the forum, a platform for regional cultural debate and discussion that moves to Dubai today and runs until Friday.
Representatives gathered at Doha’s Mathaf yesterday for the launch of the forum, a platform for regional cultural debate and discussion that moves to Dubai today and runs until Friday.
Representatives gathered at Doha’s Mathaf yesterday for the launch of the forum, a platform for regional cultural debate and discussion that moves to Dubai today and runs until Friday.

Neighbours join in to boost Art Dubai


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DOHA // Art Dubai, the region's largest art fair which begins today, has benefited from a historic collaboration between art institutions that represents a major push to expand the role of modern art in the Middle East, say its organisers.

For the first time, the Abu Dhabi Authority for Culture and Heritage (Adach), the Ministry of Culture in Bahrain and Doha's Mathaf: Arab Museum of Modern Art in Doha, the region's only contemporary art museum, have joined forces to host the fifth Global Art Forum, a regular feature of Dubai's annual art fair.

"The benefit of pooling our resources together like this is immeasurable," said Antonia Carver, the director of Art Dubai.

"We have been working on this for many months and we envisage it to be a long-term partnership which we will develop as we go forward."

Representatives gathered at Doha's Mathaf yesterday for the launch of the forum, a platform for regional cultural debate and discussion that moves to Dubai today and runs until Friday.

Organisers are expecting Art Dubai, held over six days and featuring 82 galleries from 32 countries, to surpass last year's attendance of 18,000 people over four days.

Although it remains to be seen whether the growing number of institutions involved in the contemporary art scene will filter down to local artists in the region, helping them display and sell their work, the outlook seemed bright during the forum's panel discussions yesterday.

Wassan al Khudhairi, 28, the Iraqi director of Mathaf, said she was thrilled to be part of such a far-reaching collaboration.

"It's these kind of projects that excite me," she said. "I'm most engaged with these collaborations as a reflection of what is happening in the region."

She added that the partnership had been in the pipeline for a number of years, with Sheikh Hassan bin Mohammed bin Ali Al Thani, founder of Mathaf, vice chairman of the Qatar Museums Authority and a member of the Qatari royal family, instrumental to efforts.

"Sheikh Hassan took his own initiative many years ago when he started visiting Sharjah and building up relationships with the UAE," she said.

Amid all the enthusiasm yesterday Tirdad Zolghadr, an Iranian curator and a member of the advisory committee for Art Dubai, sounded a cautionary note for the region's art institutions.

"One way or another what happens here will affect what happens in Tehran or Turkey, so it is important to try to get involved and influence discussions," he said.

"But I don't think it is as crucial to have mass collaborations as it is to carry out modest fine-tuning on the institutions already in place."

The forum's opening session yesterday featured Chris Dercon, the former director of the Haus de Kunst in Munich, who will take over the directorship of the Tate Modern in London next week.

In his first public speech in the position, he spoke about new curatorial practices and changing audiences. "The museum is no longer a separate environment from society," he said. "There has been a fundamental change. A museum is now a place where questions about culture, family and sociology are posed. People want to feel and be represented."

Mr Dercon also revealed that Tino Serghal, a British-German artist based in Berlin, will be exhibiting in the Tate Modern's Turbine Hall exhibition space during the 2012 Olympics in London.

The Global Art Forum continues with a number of events in Dubai including the opening of the Emirati artist Hassan Sharif's newest exhibition at the Qasr Al Hosn Cultural Quarter Hall, a new Adach facility near Musaffah, on Thursday.

Art Dubai runs until Sunday.

Gulf Under 19s final

Dubai College A 50-12 Dubai College B

Profile of MoneyFellows

Founder: Ahmed Wadi

Launched: 2016

Employees: 76

Financing stage: Series A ($4 million)

Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund

While you're here
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The bio:

Favourite holiday destination: I really enjoyed Sri Lanka and Vietnam but my dream destination is the Maldives.

Favourite food: My mum’s Chinese cooking.

Favourite film: Robocop, followed by The Terminator.

Hobbies: Off-roading, scuba diving, playing squash and going to the gym.

 

'The Batman'

Stars:Robert Pattinson

Director:Matt Reeves

Rating: 5/5

In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
  • Data-driven supply chain management professional: Dh30,000 to Dh50,000 
  • HR leader: Dh40,000 to Dh60,000 
  • Engineering leader: Dh30,000 to Dh55,000 
  • Project manager: Dh55,000 to Dh65,000 
  • Senior reservoir engineer: Dh40,000 to Dh55,000 
  • Senior drilling engineer: Dh38,000 to Dh46,000 
  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
  • Field engineer: Dh6,500 to Dh7,500
  • Field supervisor: Dh9,000 to Dh12,000
  • Field operator: Dh5,000 to Dh7,000
Evacuations to France hit by controversy
  • Over 500 Gazans have been evacuated to France since November 2023
  • Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
  • The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
  • Artists and researchers fall under a programme called Pause that began in 2017
  • It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
  • Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
  • Unlike students, they are allowed to bring their families to France

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.”

Scoreline

Germany 2

Werner 9', Sane 19'

Netherlands 2

Promes 85', Van Dijk 90'

MANDOOB
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The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

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THE BIO

Age: 30

Favourite book: The Power of Habit

Favourite quote: "The world is full of good people, if you cannot find one, be one"

Favourite exercise: The snatch

Favourite colour: Blue

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SCHEDULE

December 8: UAE v USA (Sharjah Cricket Stadium)

December 9: USA v Scotland (Sharjah Cricket Stadium)

December 11: UAE v Scotland (Sharjah Cricket Stadium)

December 12: UAE v USA (ICC Academy Oval 1)

December 14: USA v Scotland (ICC Academy Oval 1)

December 15: UAE v Scotland (ICC Academy Oval 1)

All matches start at 10am