- A man looks at the public art installation Alien Technology by Monira Al Qadiri at the Shindagha Heritage Centre. Courtesy Clint McLean
- A man looks at the public art installation Alien Technology by Monira Al Qadiri at the Shindagha Heritage Centre. Courtesy Clint McLean

Giant drill bit among public art unveiled in Dubai’s heritage area



A giant drill bit covered in pearlescent paint, a collection of rocks from the mountains of Fujairah, microscopic water crystals and a sculpture of a deer’s skull form the basis of four pieces of public art unveiled in Dubai’s heritage area on Saturday. The art, by emerging artists commissioned by the Arab Fund for Art and Culture, is part of a larger project that marks the Beirut-based initiative’s seventh anniversary celebrations, which are being celebrated in Dubai this year.

Situated along the Dubai Creek in the Al Shindagha Heritage Village, the art is ambitious, contemporary and marks a possible shift in the way Dubai considers public art in the future.

“A public art commission is a really complex challenge and the most challenging part is agreeing on the aesthetics,” says Amanda Abi Khalil, the curator of the project. “When you try to explain that public art is not necessarily beautifying or decorative, it can also respond to a place’s specificity, history, connotations and culture, then the challenge is more ­interesting.”

The four pieces along the Creek include Monira Al Qadiri's Alien Technology, which is a several metres-high rendition of a drill bit used to dig for oil.

The gigantic form is painted with an iridescent paint – such paint displays the rainbow of colours that appear on the surface of oil as well as on a pearl – and so is proposing a link between the ancient and modern parts of her culture.

The UAE’s Vikram Divecha has also produced a large work consisting of boulders from Fujairah, where quarries regularly conduct blasts to produce rocks used for asphalt and concrete – questioning the nature of our urban environment.

Vartan Avakian, who was one of the Abraaj Group Art Prize winners at Art Dubai in 2013, has crystallised the water of the Burj Khalifa lake, in the process asking what gives a monument its status. The Egyptian artist Doa Aly has made a giant deer skull.

Shaikha Al Mazrou, an Emirati, has made a sculpture from brightly coloured scaffolding poles for the new Al Jalila Cultural Centre for Children.

All art works have been created under the theme InVisible, asking artists to respond to the idea of concealing what is visible and revealing what is invisible. They will remain in place until March.

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Price, base / as tested Dh57,000

Engine 1,170cc air/oil-cooled flat twin four-stroke engine

Transmission Six-speed gearbox

Power 110hp) @ 7,750rpm

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Fuel economy, combined 5.3L / 100km

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.”

Buy farm-fresh food

The UAE is stepping up its game when it comes to platforms for local farms to show off and sell their produce.

In Dubai, visit Emirati Farmers Souq at The Pointe every Saturday from 8am to 2pm, which has produce from Al Ammar Farm, Omar Al Katri Farm, Hikarivege Vegetables, Rashed Farms and Al Khaleej Honey Trading, among others. 

In Sharjah, the Aljada residential community will launch a new outdoor farmers’ market every Friday starting this weekend. Manbat will be held from 3pm to 8pm, and will host 30 farmers, local home-grown entrepreneurs and food stalls from the teams behind Badia Farms; Emirates Hydroponics Farms; Modern Organic Farm; Revolution Real; Astraea Farms; and Al Khaleej Food. 

In Abu Dhabi, order farm produce from Food Crowd, an online grocery platform that supplies fresh and organic ingredients directly from farms such as Emirates Bio Farm, TFC, Armela Farms and mother company Al Dahra. 

How Beautiful this world is!
Company profile

Date started: January, 2014

Founders: Mike Dawson, Varuna Singh, and Benita Rowe

Based: Dubai

Sector: Education technology

Size: Five employees

Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.

Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)