An evening of accessible art



On Friday, the aptly titled annual Culture Night returned to Ireland, providing a new and imaginative way for people to participate in the country's diverse cultural life. The Culture Night National initiative, co-coordinated by Temple Bar Cultural Trust (TBCT) and supported by the Department of Arts, Sport and Tourism, encourages hundreds of venues around the country to showcase specially selected cultural events.

During the evening, much of the formality surrounding the arts is abandoned as a wide range of art forms is presented, including visual art, architecture, dance, music, poetry, street performance, painting, lectures and theatre. Rather than targeting this programme at a cultural elite, organisers aim to be as inclusive as possible. Venues stay open until midnight and artists, curators, and the public mingle. Best of all, the events are free.

In Dublin, 124 venues opened their doors to the public. Highlights of the night included dancing to La Vie en Rose in the Civic Offices Atrium, a 50-foot inflatable whale in Wolfe Tone Park, the Discovery Gospel Choir on Exchequer Street, a martial arts performance, a barbershop quartet in St Stephens Green Park, Cuban drummers on Henry Street, Thai dancing in Ranelagh and a multimedia show in Meeting House Square.

Many residents changed their usual Friday night routines in order to seek out new cultural experiences. "Culture Night has once again been the ultimate platform to showcase Irish cultural treasures that are accessible to everyone," said Grainne Millar, the head of cultural development at TBCT. "In these times, it is more important than ever for Culture Night to connect with families and strengthen the relationship between culture and the public ... so that we can imagine a different future where culture is recognised as an intrinsic dimension to our development and growth as a society," Millar said.

The growing popularity of the event pays testament to the potential of this vision. Launched in Dublin in 2006, Culture Night initially attracted an audience of 40,000. Friday's event, which marked the fourth year of the initiative, spanned 11 cities and drew a crowd of over half a million people. The accessibility and imagination at the heart of the project also encouraged some of the world's most exciting contemporary galleries to join in the festivities. London's pioneering Open Gallery presented a unique visual experience through video painting (a new form of video art created by the Artscape Project) exhibited work at Dublin's Mill Street Studios.

"We were attracted by the strong sense of creative community pulling together to do something unusual and, ultimately, great fun," said the gallery director Will Smith. "We are doing something genuinely new and different," he said. "We believe elements of what our artists are currently exploring hold significant ideas about the future shape of not just video art but also the rapidly growing digital visual space. As such, we want as many people as possible to see our artists' work and to ignite discussions of their experience of it. Culture Night gave us a magnificent opportunity to unveil a very recently completed collection of video studies by one of our most promising young artists, Gabrielle Le Bayon, in front of a large and unusually varied audience. We'll be back next year."

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.”

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

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