Students show their work at the Mawaheb studio.
Students show their work at the Mawaheb studio.

Festival offers art and music for a good cause



DUBAI // The third annual Sandscapes festival will be held at Dubai Park next weekend with an art exhibition, workshops and live music among the activities lined up.

The exhibition will feature the work of Russian, Syrian and Asian art students, and funds raised from the sale of paintings will be used to buy art supplies for students with special needs who study at the Mawaheb studio in Dubai's Bastakiya area.

"The idea behind this event is to provide a platform where art and music can come together for amateurs," said Manupriam Seth, a Dubai-based artist who organises the festival together with his wife Harpreet, an architecture professor at Ajman University.

"This is a community event and all the participants are based here. So this is an opportunity for residents to come together, meet each other and paint, draw and sing," said Mr Seth.

Local bands will perform a variety of musical styles, from jazz and rock to Indian classical music, at the festival. The line-up includes a band of students from Emirates International School.

Festival-goers will also be able to buy T-shirts and a fabric-painting kit for Dh30, and take part in a group painting session.

The organisers hope to attract more than 300 art lovers to Sandscapes 2012, which will take place on January 6 from 3pm to 9pm at the Dubai Park in Oud Metha, opposite the Ismaili Centre.

About 150 people took part in the event last year, when it was held at the Emirates Marine Environmental Group reserve at Ghantoot.

"There was complete integration at last year's event so we are really looking forward to this," said Gulshan Kavarana, an art teacher at Mawaheb.

"Last year, there were families with children with special needs and other families as well, and their real focus was on the art. That's what all the people truly cared about."

"It was great for the children because the show is held outdoors and draws different people from all walks of life."

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MATCH INFO

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Age: 34

Favourite superhero: Batman

Favourite sport: anything extreme

Favourite person: Muhammad Ali 

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COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
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Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

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Pakistan 219 all out in 47.2 overs 

New Zealand win by 47 runs

New Zealand lead three-match ODI series 1-0

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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.”

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
Israel Palestine on Swedish TV 1958-1989

Director: Goran Hugo Olsson

Rating: 5/5