Genoveva Kriechbaum fell in love with the spirituality of the Sheikh Zayed Mosque.
Genoveva Kriechbaum fell in love with the spirituality of the Sheikh Zayed Mosque.
Genoveva Kriechbaum fell in love with the spirituality of the Sheikh Zayed Mosque.
Genoveva Kriechbaum fell in love with the spirituality of the Sheikh Zayed Mosque.

These beautiful survivors


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ABU DHABI // When her striking images of the development of the Sheikh Zayed Mosque go on show this weekend, the photographer Genoveva Kriechbaum will have particular reason to be grateful. Last year her computer drive failed, apparently taking with it a collection of photographs of the mosque taken between 2003 and 2007, a period during which the building was transformed. It was only after the intervention of the police in the UAE that 95 per cent of the images were recovered, thanks to an innovative piece of detective work.

This Friday, the exclusive pictures she captured - initially intended for a college assignment - will be exhibited at Al Ain's newly reopened Jahili Fort, as part of the Classics festival. "The mosque will soon be the centre of the city when the 2030 plan moves towards Dubai. It is a gateway monument," she said. She was given an all-access pass to photograph the mosque during the several phases of its growth from a bare skeleton to a symbolic religious vision. In that time, she has grown to love and admire the Abu Dhabi landmark.

While it was still under construction, she caught some of the vital stages that brought one of the world's largest and most magnificent religious buildings to the UAE. Things looked very different when her computer failed last year. Though based in London, the panicked photographer could find nobody able to help her retrieve the files. So, using her connections as the Austrian ambassador's daughter, she called on the UAE police, who managed to recover the vast majority of the images.

"When you lose something, anything, you can become almost suicidal," she said. "With the pictures, I thought, 'There goes a phase of my life'. Now I try to back up, and make copies." When Ms Kriechbaum started the project, she had a three-megapixel Sony Cyber-shot - the latest thing in 2003 - and stuck with it, in spite of regular advances in the technology of digital photography. "These are pictures you will never see again," she said. "They look like almost finished pictures, you can almost feel my style. I was not going by any photographic rules, but by what caught my eye."

The photographer - who has spent enough time in the mosque to be able to rival the official guides with stories about the building and its construction - decided to present her pictures on large acrylic panels. "The original idea was to have the photos in copper. I knew they needed to be frameless," she said. "The acrylic was an accident. I found a piece and thought, why not? It was new and transcendent."

The pictures are for sale, and some have already gone, largely to a western audience - although Emiratis have been showing some cautious interest. "I wanted to sell, but since I was at ArtParis, when people came over and asked about the pictures, I became protective." Although she is willing to cater for an international audience, "it makes sense to keep at least one collection here," she said. During the time she spent at the mosque, Ms Kriechbaum, a Christian, fell in love with its spirituality.

"It is not a threatening tourist site, but it's clean and spiritual," she said. "You can see what Sheikh Zayed invested; he gave the money back." asafdar@thenational.ae

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Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

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.”