The Louvre Abu Dhabi stresses our civilisational continuities and sheds light on our commonalities.   Chris Whiteoak / The National
The Louvre Abu Dhabi stresses our civilisational continuities and sheds light on our commonalities. Chris Whiteoak / The National

Louvre Abu Dhabi honours our universal civilisation



Louvre Abu Dhabi will this weekend open to the public, a decade after it was first conceived and eight years after the first stone for its construction was laid in 2009 by then French president Nicolas Sarzoky. But the silver-canopied building, designed by the acclaimed architect Jean Nouvel, is much more than a museum. As the French president Emmanuel Macron said at Louvre Abu Dhabi's opening on Wednesday, it is a "temple for beauty". Its audacious creation, Mr Macron said, confirms the UAE's position as "the nerve centre of the East and West meeting". Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, spoke of the links between the museum's striking dome roof and the Sumerians and Babylonians who believed, thousands of years ago, that "the sky above us was a large dome". Under this new structure, he said, the "world can meet, talk and come together". The art within the museum's walls, he said, do not merely prompt "dialogue between civilisations" but stir us to forge "an alliance between civilisations".

In this feverish age of demagoguery, when our differences are magnified to breed and deepen antagonism, Louvre Abu Dhabi stresses our civilisational continuities and sheds light on our commonalities. Its galleries chart human history from the birth of the very first villages to the global village of the 21st Century. In between, the entire story of civilisation is spellbindingly conveyed. The message by the end is unmistakable: if there is such a thing as a universal civilisation, Louvre Abu Dhabi is both its repository and reminder.

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Situated in a region identified with strife and conflict, Louvre Abu Dhabi speaks to the world of the regenerative potential of this region and the pioneering role this country is playing in preserving our cultural heritage. The vision that has given us Louvre Abu Dhabi will in the end prevail against the forces that destroyed Palmyra and other priceless treasures in our neighbourhood. It is fitting that the Louvre Abu Dhabi should pay rich tribute to the source of that vision, Sheikh Zayed, the founder of the UAE, by erecting a wall of porcelain tiles that depict hand-drawn concentric circles originating from his fingerprint. Had he not risen above differences to bring seemingly disparate peoples together to form this union, there would today be no museum here honouring the unity of the larger human civilisation of which we are all a part. As Sheikh Mohammed said on Wednesday, Louvre Abu Dhabi is an embodiment of the "legacy of Zayed". Its beauty and purpose, to borrow the phrase Mr Macron borrowed from Dostoyevsky, will inspire humanity to "save the world".

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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.”

In numbers

- Number of children under five will fall from 681 million in 2017 to 401m in 2100

- Over-80s will rise from 141m in 2017 to 866m in 2100

- Nigeria will become the world’s second most populous country with 791m by 2100, behind India

- China will fall dramatically from a peak of 2.4 billion in 2024 to 732 million by 2100

- an average of 2.1 children per woman is required to sustain population growth

Ukraine

Capital: Kiev

Population: 44.13 million

Armed conflict in Donbass

Russia-backed fighters control territory

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Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
  • Drones
  • Animals
  • Fireworks/ flares
  • Radios or power banks
  • Laser pointers
  • Glass
  • Selfie sticks/ umbrellas
  • Sharp objects
  • Political flags or banners
  • Bikes, skateboards or scooters
Election pledges on migration

CDU: "Now is the time to control the German borders and enforce strict border rejections" 

SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom" 

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

MATCH INFO

Kolkata Knight Riders 245/6 (20 ovs)
Kings XI Punjab 214/8 (20 ovs)

Kolkata won by 31 runs

Company Profile:

Name: The Protein Bakeshop

Date of start: 2013

Founders: Rashi Chowdhary and Saad Umerani

Based: Dubai

Size, number of employees: 12

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