Womad organisers expect 250,000 fans


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ABU DHABI // Organisers hope the third annual Womad Abu Dhabi festival will be a catalyst for contemporary music by Emirati artists.

Abdullah al Ameri, the director of the arts and culture department of the Abu Dhabi Authority for Culture and Heritage (Adach), said his organisation "has a vision to have contemporary music in the UAE and we want to create new local groups such as Tarab Al Emarat (The Sound of the Emirates) which is performing in this year's festival.

"The fusion of local music with modern instruments is a new experiment that can be taken to an international audience."

The festival will feature 35 international artists and musicians performing on three stages on the Corniche beach from Thursday to Saturday and at Al Jahili Fort in Al Ain on Friday and Saturday.

The event will also include workshops for children and cooking demonstrations in a segment called Taste The World.

"We try every year to put new local musicians in the festival," Mr al Ameri said.

"We put local musicians as part of the workshops with international artists to allow a fusion which will definitely entertain the audience."

Five of the 12 members of the Indian group The Dhol Foundation helped to launch the festival with a Bhangra-dancing performance yesterday at the Intercontinental Hotel in Abu Dhabi.

Chris Smith, the director of Womad, said the Abu Dhabi festival was the largest outside the UK.

Organisers expect more than a quarter of a million fans to attend this year.

"The different parts of the festival that we set up in Abu Dhabi make it unique and it's always about getting the right mix of artists to cater to people of all ages and interests," Mr Smith said.

He added that the biggest challenge was funding the free-admission project.

Mr al Amri said the musical performances would transcend nationalities and cultural backgrounds, featuring artists from Senegal, Mali, Jamaica, India, Egypt and France.

"Although there are over 100 cultures in Abu Dhabi, they are all functioning as one society and Womad brings them together, which is what makes it work here," Mr al Amri went on to say.

The opening acts on Thursday at the Corniche will include the British singer Paloma Faith; the Senegalese musician Baab Maal; and the Indian group The Manganiyar Seduction by Roysten Abel. The Malian kora player Toumani Diabate and Tarab Al Emarat will headline at Al Jahili Fort.

The Jamaican reggae legend Jimmy Cliff heads the line-up on the Corniche North Stage on Friday night.

if you go

The flights
The closest international airport to the TMB trail is Geneva (just over an hour’s drive from the French ski town of Chamonix where most people start and end the walk). Direct flights from the UAE to Geneva are available with Etihad and Emirates from about Dh2,790 including taxes.

The trek
The Tour du Mont Blanc takes about 10 to 14 days to complete if walked in its entirety, but by using the services of a tour operator such as Raw Travel, a shorter “highlights” version allows you to complete the best of the route in a week, from Dh6,750 per person. The trails are blocked by snow from about late October to early May. Most people walk in July and August, but be warned that trails are often uncomfortably busy at this time and it can be very hot. The prime months are June and September.

 

 

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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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Dubai Rugby Sevens
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Runners up: Bahrain

West Asia Premiership
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UAE Premiership
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Runners up: Dubai Hurricanes

UAE Division One
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UAE Division Two
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