DUBAI // At first glance, and perhaps at second glance as well, the Al Quoz industrial area seems like one of the least likely havens for artistic sensibility in the city of Dubai.
The neighbourhood is a gritty sprawl of lorries, factories and storage spaces, certainly not a recipe for "beauty" in the traditional sense.
But it is precisely that grim urban reality, in tandem with available warehouse space, that is turning Al Quoz into a hot spot on the Dubai arts scene.
"I think this area will always be industrial, and that's the beauty of it," says Kourosh Nouri, the owner of one of the art galleries that have sprung up in Al Quoz in the past year.
"You drive in and it's full of action and life and it's dirty and houses so many different types of people and nationalities," Mr Nouri says.
Al Serkal Avenue is the focal point of artistic activity in Al Quoz. Five galleries have opened there over the past year, and they are showing the work of some of the best young talent in the Middle East.
Mr Nouri is the owner of Carbon 12, a gallery that struggled to survive a year at the Dubai Marina. He moved into a warehouse on Al Serkal in October, an act of desperation as well as inspiration.
"Economically, it made sense because we needed a large space and these warehouses were ideal," he says. "From the beginning, Dubai Marina was an absolute mistake. We averaged only three visitors per month there, while here we average five a day."
Al Serkal Avenue is now home to Ayyam Gallery, Portfolio, Mojo, Gallery Isabelle Van Den Eynde and Carbon 12.
Mr Nouri cites Manhattan's Meatpacking District and London's Shoreditch area as examples of vibrant art scenes emerging from traditionally industrial areas.
He notes, however, that it is still expensive to rent a warehouse in Dubai. He says he pays just under Dh200,000 (US$54,000) a year for his space.
"That is still expensive when compared with industrial areas of other cities," he says. "Our space would probably go for the equivalent of Dh100,000 in other cities."
However, Carbon 12 has blossomed since the move, and from tomorrow to Sunday it will become the first gallery from the Middle East to feature at the Vienna Art Fair. Mr Kouri now has no plans to take his gallery out of Al Quoz.
He says the area impresses him as a better centre for art than, for example, the Dubai International Financial Centre, describing Al Quoz as "more authentic" and "more organic".
It's a view shared by Kurt Blanckenberg, the founder of the art gallery at Mojo.
Mr Blanckenberg says he had been searching five years for a good space for his gallery.
He considered the Bastakiya area but found it difficult to move there "if you're not directly benefiting tourism". He even considered a purpose-built houseboat in the marina but was unable to get approval from the municipality.
Then he found Serkal Avenue two years ago. In October, Mojo Gallery was launched, and he has no regrets.
"There's a certain appeal to being in the industrial zone, a feeling that you're outside the city centre," Mr Blanckenberg says. "It has a very gritty aspect to it, like in many of the art scenes around the world."
Mojo has benefited from the presence of the cluster of galleries on Al Serkal.
"If we are clever about it, we can all market ourselves as a destination, and that would benefit all the galleries," Mr Blanckenberg says.
Tessa De Caters, of Gallery Isabelle Van Den Eynde (IVDE), formerly B21, agrees that one of the most encouraging aspects of the scene in Al Quoz is the sense of community, even camaraderie, that exists between the staffs of the art spaces.
"We have a great relationship with the other galleries and it really is a win-win situation for all of us as visitors end up stopping by all the galleries."
IVDE is the new kid on the Al Serkal block, having opened its doors in March. Ms De Caters feels that location is no longer an issue.
"Al Quoz is a difficult area to navigate by its nature," she says, "but once people got to know the area it was not a problem at all. We are so lucky to be working here. It might be in the middle of the industrial area, but we're only five minutes from Burj Al Arab, and two from Mall of the Emirates. The location is amazing."
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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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WWE TLC results
Asuka won the SmackDown Women's title in a TLC triple threat with Becky Lynch and Charlotte Flair
Dean Ambrose won the Intercontinental title against Seth Rollins
Daniel Bryan retained the WWE World Heavyweight Championship against AJ Styles
Ronda Rousey retained the Raw Women's Championship against Nia Jax
Rey Mysterio beat Randy Orton in a chairs match
Finn Balor defeated Drew McIntyre
Natalya beat Ruby Riott in a tables match
Braun Strowman beat Baron Corbin in a TLC match
Sheamus and Cesaro retained the SmackDown Tag Titles against The Usos and New Day
R-Truth and Carmella won the Mixed Match Challenge by beating Jinder Mahal and Alicia Fox
UAE currency: the story behind the money in your pockets
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.”
About Okadoc
Date started: Okadoc, 2018
Founder/CEO: Fodhil Benturquia
Based: Dubai, UAE
Sector: Healthcare
Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth
Funding stage: Series B fundraising round to conclude in February
Investors: Undisclosed
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Killing of Qassem Suleimani
