Bleats on the streets



It's an enchanting moment when an art show forces the public to come to grips with reality, or in this case, to blows with the artist. A story of an unusual, two-way as it turned out, art intervention unfolded in downtown Cairo recently. It is 4pm and the young Egyptian artist, Amal Kenawy, is about to put on a street performance not far from Midan Tahrir, in Cairo's throbbing heart. It is called Silence of the Lambs. A group of people proceed from a street corner, crawling on all fours on the pavement. They are the silent lambs.
Within seconds, they run into their first obstacle. Champollion Street, where the show is taking place, has the narrowest of sidewalks, and these are blocked almost entirely by rickety chairs, empty plastic containers, dented buckets and car parts. It's like a piece of Detroit, here in Egypt. The performers, who manage to slither two or three abreast for the first few steps, are now squeezing through the empty patch fronting a mechanic's shop, an area that allows only one sheep to pass at a time. They manage that, with difficulty, then arrive at a coffee shop front, filled with rickety zinc tables bearing assorted hot drinks.
Just before the performers negotiate the first table, the public begins to take notice. The audience, in this case, are mostly mechanics and car part merchants - and they don't move out of the way for the sheep. In America, this public would be the type that drives cross-country 16-wheelers. We're talking Bruce Willis fans. Actually, we're talking individuals who would make Bruce Willis look somewhat effeminate: men who would have volunteered in the navy were this really Detroit and the time some point during the Second World War. They don't like what they see. As if on a cue, this dislike ignites into anger.
A shop owner barks at the crawling performers, asking them what exactly they are up to. A man in dark glasses, perhaps an owner of a Toyota waiting to get fixed, gets more threatening, accusing the performs of acting as animals and forsaking their human dignity. Another man, shirt outside his trousers and carrying a briefcase, as if running late for court, takes a more cerebral stand. He declares that this is a typical East-West situation, one in which the rich exploits the poor.
The late-for-court man tells everyone that these individuals (he is pointing at the arty spectators) are foreigners who have hired Egyptians (he is pointing at the performers) to humiliate themselves. The public, made up of 12 coffee-house clients and six shop owners agrees. At which point, the performers jump to their feet. Some start taking off their telltale gloves and hiding them under their shirts.
There is a minute or two of protest by Kenawy and her artist friends. This is a show and it has a point, someone tries to explain. The voices of the artists (now cast as exploitative foreigners) seem too weak in comparison with the voices of the public (now climbing on higher moral ground as the minutes go by). Within 10 minutes or so, the artists lose the argument. The show is over. But the public is not satisfied with stopping the show. No, they are demanding action, first against Amal, who is now called a foreigner (she is not), then at the spectators who are also called foreigners (only half of them are) and at the humiliated performers (including members of Kenawy's family who keep swearing they haven't been exploited at all).
The police then arrive at the scene. Plainclothes officers, without showing identification, take away the IDs of some of the performers. Kenawy, now close to tears, is on her phone, presumably asking higher cultural authorities to come to the rescue. The Toyota-type fellow and the late-for-court man are in their element. It's been 30 minutes and they haven't lost their interest. They are demanding action. They are here, ready to do something, and are urging the police to make arrests. I suspect that one of them is trying to point in my direction, but he could be pointing at the two art critics on my side, behind whom I am now retreating.
The plot thickens as it transpires that half the performers are day workers paid by the hour to perform. This revelation puts Kenawy on the spot, as a colonial agent seeking to humiliate Egyptians. She is again talking furiously on her phone. After another 20 minutes or so, a plainclothes policeman tells us to leave. I tell one of the art critics to tell him that it's a free country. It works, but arguing with police is a tricky business here. Only powerful people or colonialists get away with insolence to the police in this country. Perhaps we're colonialists after all, I think to myself, as the police tell the day workers to go and wait at the police station.

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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%3Cul%3E%0A%3Cli%3EFatigue%3C%2Fli%3E%0A%3Cli%3Enumbness%20and%20tingling%3C%2Fli%3E%0A%3Cli%3ELoss%20of%20balance%20and%20dizziness%3C%2Fli%3E%0A%3Cli%3EStiffness%20or%20spasms%3C%2Fli%3E%0A%3Cli%3ETremor%3C%2Fli%3E%0A%3Cli%3EPain%3C%2Fli%3E%0A%3Cli%3EBladder%20problems%3C%2Fli%3E%0A%3Cli%3EBowel%20trouble%3C%2Fli%3E%0A%3Cli%3EVision%20problems%3C%2Fli%3E%0A%3Cli%3EProblems%20with%20memory%20and%20thinking%3C%2Fli%3E%0A%3C%2Ful%3E%0A
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia

North Pole stats

Distance covered: 160km

Temperature: -40°C

Weight of equipment: 45kg

Altitude (metres above sea level): 0

Terrain: Ice rock

South Pole stats

Distance covered: 130km

Temperature: -50°C

Weight of equipment: 50kg

Altitude (metres above sea level): 3,300

Terrain: Flat ice
 

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

RESULTS

5pm: Maiden (PA) Dh80,000 1,600m
Winner: Omania, Saif Al Balushi (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm: Conditions (PA) Dh85,000 1,600m
Winner: Brehaan, Richard Mullen, Ana Mendez
6pm: Handicap (TB) Dh100,000 1,600m
Winner: Craving, Connor Beasley, Simon Crisford
6.30pm: The President’s Cup Prep (PA) Dh100,000 2,200m
Winner: Rmmas, Tadhg O’Shea, Jean de Roualle
7pm: Wathba Stallions Cup (PA) Dh70,000 1,200m
Winner: Dahess D’Arabie, Connor Beasley, Helal Al Alawi
7.30pm: Handicap (PA) Dh80,000 1,400m
Winner: Fertile De Croate, Sam Hitchcott, Ibrahim Aseel

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

 

Rock in a Hard Place: Music and Mayhem in the Middle East
Orlando Crowcroft
Zed Books

Godzilla%20x%20Kong%3A%20The%20New%20Empire
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EAdam%20Wingard%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EBrian%20Tyree%20Henry%2C%20Rebecca%20Hall%2C%20Dan%20Stevens%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

Our legal columnist

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

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

COMPANY%20PROFILE
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Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

While you're here
The Bio

Favourite holiday destination: Either Kazakhstan or Montenegro. I’ve been involved in events in both countries and they are just stunning.

Favourite book: I am a huge of Robin Cook’s medical thrillers, which I suppose is quite apt right now. My mother introduced me to them back home in New Zealand.

Favourite film or television programme: Forrest Gump is my favourite film, that’s never been up for debate. I love watching repeats of Mash as well.

Inspiration: My late father moulded me into the man I am today. I would also say disappointment and sadness are great motivators. There are times when events have brought me to my knees but it has also made me determined not to let them get the better of me.