The Munshidin chanters played at the Cultural Foundation.
The Munshidin chanters played at the Cultural Foundation.

Festival draws region's talent to capital



Musicians from across the Arab world are performing at the first-ever Ramadan music festival to be held in Abu Dhabi. The Nafahat Ramadania, or Blossoms of Ramadan, which opened on Thursday night, is part of an effort to have a greater variety of events during the holy month. The festival began with a recital by Sheikh Hamza Shakour, the renowned choirmaster of the Munshidin chanters at the Umayyad Mosque of Damascus. Wearing Damascene robes and a red fez, the 54-year-old vocalist led a dozen chanters and instrumentalists in devotional singing accompanied by traditional instruments including the kanoon, oud, ney, riqq and mezar. Hundreds of enthusiasts from across the UAE gathered to hear Sheikh Shakour, who has performed his Sufi chants in the US, Canada, Spain, India and China. The festival continues tonight at 9.30pm with the Ibn Arabi Band from Tangier, Morocco, an instrumental group named after an Andalusian Sufi mystic and philosopher born in 1165. The six-member group has released several albums and toured worldwide. Other performers will include the Religious Heritage Chanting Ensemble from Lebanon on Sept 11 and the Sham Troupe, a popular young group from Damascus who play a modern blend of Sufi and Andalusian music. The festival ends on Sept 18 with a concert by Ahmad Bukhatir, a 33-year-old Emirati singer. Ibrahim Alaaiddin, 24, a procurement officer from Syria who attended Sheikh Shakour's concert, said he became interested in Sufi music because his father was a fan of the chanter for more than two decades ago. "We feel so much inside when he chants. He speaks to us inside. We feel the meaning of God and the Prophet Mohammed," said Mr Alaaiddin. "Ramadan is the best month. It's easy when you fast because you don't just try to do it, you say to yourself I want to fast because my Allah tells me to fast. It's about your relationship with God. It's the same with this music." Muna Hijazi, 26, from Saudi Arabia, said Sheikh Shakour's concert was the first time she had heard Sufi music. "I only caught the last 15 minutes but it was beautiful," she said. "The voice, the instruments, the delivery, everything was top notch." The Abu Dhabi Authority for Culture and Heritage said it was already planning next year's event, which it expected to be even bigger. "This year we are expecting about 500 people every night, but next year we hope to target larger and wider groups," said the authority's Abdulla al Amri. "Next year's event we hope will be more cultural. We hope to have lectures in English and French, from international universities on Islamic art and other issues. "We are planning even more concerts with artists from Turkey, Pakistan and India, for people from Arabic and non-Arabic countries." @Email:rbehan@thenational.ae

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

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
The specs: 2017 Dodge Viper SRT

Price, base / as tested Dh460,000

Engine 8.4L V10

Transmission Six-speed manual

Power 645hp @ 6,200rpm

Torque 813Nm @ 5,000rpm

Fuel economy, combined 16.8L / 100km

Results

2pm: Handicap (PA) Dh80,000 1,600m; Winner: AF Al Baher, Bernardo Pinheiro (jockey), Ernst Oertel (trainer).

2.30pm: Handicap (TB) Dh100,000 1,600m; Winner: Talento Puma, Xavier Ziani, Salem bin Ghadayer.

3pm: Handicap (TB) Dh90,000 1,950m; Winner: Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.

3.30pm: Jebel Ali Stakes Listed (TB) Dh500,000 1,950m; Winner: Mark Of Approval, Patrick Cosgrave, Mahmood Hussain.

4pm: Conditions (TB) Dh125,000 1,400m; Winner: Dead-heat Raakez, Jim Crowley, Nicholas Bachalard/Attribution, Xavier Ziani, Salem bin Ghadayer.

4.30pm: Jebel Ali Sprint (TB) Dh500,000 1,000m; Winner: AlKaraama, Antonio Fresu, Musabah Al Muhairi.

5pm: Handicap (TB) Dh100,000 1,200m; Winner: Wafy, Richard Mullen, Satish Seemar.

5.30pm: Handicap (TB) Dh90,000 1,400m; Winner: Cachao, Tadhg O’Shea, Satish Seemar.

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.”

TOURNAMENT INFO

Women’s World Twenty20 Qualifier

Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November

UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en