ABU DHABI // The UAE will showcase its most talented artists this year in Italy at the renowned international art exhibition, the Venice Biennale. It will be the first time a Gulf country has had a presence at the event.
"It's so important the UAE participates in this," said Lamya Gargash, one of the participating artists. "There're lots of creative people here, and this is our chance to say something. We can change the way the world looks at us."
A photographer based in Dubai, Ms Gargash likes to shoot portraits and explore architectural themes. She works regularly with the Third Line Gallery, where she recently exhibited.
"Artists in the UAE aren't limited in terms of subject, but in resources," she observed. "There is an interest in art here, there is, but the way it is supported it's a little chaotic right now."
Inaugurated in 1895 and held every two years, the Venice Biennale is considered by many to be one of the top contemporary art shows in the world. It now includes displays from more than 70 countries and regularly draws about 300,000 visitors. The 2009 event will take place from June 7 to Nov 22.
Tirdad Zolghadr, curator of the UAE pavilion, which at 800 square metres is the largest at the show, hopes to draw attention to questions about how best to develop an arts centre in a city.
"The UAE should get some recognition for what is going on within the country," he said. "In the past we've been eclipsed by artists in other countries, but we're discovering our own art scene. But it's been moving at such speeds that it's difficult to judge, to evaluate."
The pavilion is called "It's not you, it's me", a name Mr Zolghadr said he hoped would be interpreted as equally playful and provocative.
"Coming from a new arrival at the Venice Biennale, the title might be interpreted to mean ,'Look, it's the UAE's turn now'," he said. "The UAE pavilion will be unapologetic about documenting the nation."
Ms Gargash said the Biennale would be an opportunity to debunk a common world view of the UAE as a glamorous, glitzy country with no substance.
"There are so many stereotypes about this region, these people," she said. "This isn't going to be an explanation; we're just going to be honest and introduce ourselves again to the world."
Tarek al Ghoussein, 49, will be showing photographs from his self-portrait collection. For him, the exhibition will be as much an opportunity to open the eyes of the international arts community to the UAE as to explore issues of identity and place for Emiratis.
"It's not black and white any more, where you come from and where you represent," he said. "I'm a Kuwaiti citizen but I've lived in the UAE for the last 10 years, and I appreciate, really appreciate, being chosen to go to the Biennale to represent the UAE."
Mr Zolghadr, the curator, cautioned against exaggerating the impact of the UAE's participation in the Biennale, saying that development of an arts community in any city or country was a gradual process.
"It's easy to overestimate what arts can do, and the effect is long-term," he said. "With this show, we hope to make a contribution to what's happening in the UAE. But if I said it would forge a national identity, that would be insane. It's a slow contribution to our art scene."
Beyond Mr Zolghadr and the artists, a volunteer programme has recruited about 50 young Emiratis, aged 18 and over, to man the pavilion over the six-month run of the exhibition. Financed in part by the Emirates Foundation, student volunteers with an interest in art and architecture will work week-long shifts.
Organisers hope the exposure to another country, and the other cultures and art at the Biennale, will influence the volunteers, broaden their views of the world and affirm a sense of place within it.
"We want everyone in the pavilion to be an Emirati national," said Eliza Ilyas, one of the UAE pavilion's organisers. "We want Emiratis to be the ones to explain the exhibition, to talk about their country."
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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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Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Date started: Okadoc, 2018
Founder/CEO: Fodhil Benturquia
Based: Dubai, UAE
Sector: Healthcare
Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth
Funding stage: Series B fundraising round to conclude in February
Investors: Undisclosed
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Price, base: Dh141,740 (three-door) / Dh165,900 (five-door)
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• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
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What is cyberbullying?
Cyberbullying or online bullying could take many forms such as sending unkind or rude messages to someone, socially isolating people from groups, sharing embarrassing pictures of them, or spreading rumors about them.
Cyberbullying can take place on various platforms such as messages, on social media, on group chats, or games.
Parents should watch out for behavioural changes in their children.
When children are being bullied they they may be feel embarrassed and isolated, so parents should watch out for signs of signs of depression and anxiety
Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
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The%20specs
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
