Artist impression of Al Ain National Museum.
Artist impression of Al Ain National Museum.

Al Ain Museum to be rehoused



ABU DHABI // The country's oldest museum is about to get a modern makeover.
A reimagined Al Ain National Museum, an institution focusing on the country's culture and heritage, will open in about three years.
It will aspire to be the centre of cultural life in Al Ain, which was named a Unesco World Heritage site last year.
"Now that Al Ain has become a World Heritage site, our museum needs to have universal significance," said Dr Sami El Masri, the deputy director general of arts, culture and heritage at the Abu Dhabi Authority for Culture and Heritage (Adach), which operates the museum. "It's no longer just local. We need to cater to a wider audience. It's for the tourist who hears about the World Heritage site and who wants to learn about this place."
Al Ain National Museum, which opened in 1971 at the direction of Sheikh Zayed, the founding President of the UAE, has not been significantly changed.
Located near the Eastern Fort, the national museum focuses on the pre-oil history of the emirates, alongside an archaeological section that contains finds from the Stone Age to the Islamic Period.
The announcement comes a week after the Executive Council approved funding for the redesign and construction of the project.
"These two projects will significantly contribute to the historical, material and cultural heritage of Abu Dhabi, raising awareness of Abu Dhabi's deep ancestral history and adding value to Unesco's international heritage collection," an Executive Council statement read.
"We will maintain the current building because in itself it is a historic relic," said Dr El Masri.
The museum's design is still in the concept phase.
Adach will also design and develop the Hili Archaeological Park, a site where significant Bronze and Iron age discoveries have been made.
The site features one of the oldest examples of the falaj irrigation system, dating to the Iron Age.
jthomas@thenational.ae

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Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
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Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
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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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