Sometimes, there is nothing left to do but dance



I like to think that I admire different types of art - dance, music, and visual arts - especially since I'm not a very artistic person, I really enjoy it when I can appreciate other people's work. Dance is a form of art I struggle with, mainly because I am co-ordination challenged but also because I am a little in awe of the ability of dancers to contort their bodies in such weird motions. It makes my knees hurt just watching them. The fact that they can give meaning to these movements I find incredible - when I get it, that is.

Determined to put more dance in my life, I dragged a friend downtown to the famous Gomhoria Theatre a few weeks ago to watch a young troupe perform a modern dance called It's Not Even Tuesday!, part of the Egyptian Dance Festival. The theatre is old but impressive, with beautifully ornate walls and a very high ceiling, gold detail and red seats. The audience slowly swelled with all sorts of people - a few foreigners on what seemed to be a very high-class tour and other dancers who all knew each other and looked excited. I really didn't know what to expect, but I had watched enough So You Think You Can Dance to know there would be some tight pants and wistful arm movements.

The curtain went up and on a dark stage a line of 11 people stood in front of a microphone. Each one took a turn telling a short but sad story. These were related in Egyptian dialect, and usually in a self-deprecating way. The rest of the performance was the stories retold in a series of vignettes of elaborate dance moves combined with either western or Arabic music. The dancers were varied in size and height, but were all talented, agile and able to bring us into their story.

I admit I didn't understand much. I am not very good at translating dance movements, but I thoroughly enjoyed the creativity and the realism of the small stories - a break-up, a couple falling in love, a woman having an abortion/losing a baby by popping a balloon inside her shirt - it was all very thought provoking. My favourite vignette involved two dancers dressed in black and seated side by side, speaking and moving in perfect unison. They were acting out the break-up of an engagement, and it was visually satisfying to see their movements mimic each other so finely, and to hear their voices in perfect unison. Needless to say they received much warm applause.

My only disappointment was that some of the dancing wasn't equally well co-ordinated. Performers who were supposed to be in sync were obviously a split-second off. Even though I can't dance, I know when dancers are supposed to move together. They also spoke a little too fast and the music tended to drown out their soliloquies. All was immediately forgiven, however, when the troupe came out to meet the audience and answer questions. Virtually all were under 25 and half had never performed in a major production like this on stage in front of a large audience before. Whatever minor movement "errors" there may have been melted away in my eyes when I heard this, In addition the dancers had all contributed to writing and choreographing the piece.

The group apparently met one day on the banks of the Nile and sat up late to discuss what they wanted to convey. They shared stories and from this came the idea of a series of break-ups, mixed with miserable school experiences and problems with parents and jobs. The troupe then simply turned these experiences into dance. The lead dancer and director later told me that they had all realised that each story they came up with had happened on a Tuesday. The piece is supposed to be set on a Sunday, hence the title - It's not even Tuesday! As each dancer talked about their experience learning the moves, it was refreshing to see young Arabs excelling at something they obviously love and to watch them use modern dance to express the everyday frustrations many members of the audience would be going through. As the director said, she just wanted everyone to leave thinking: "I am not alone!"

Hadeel al Shalchi is a writer for the Associated Press, based in Cairo

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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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