Sharjah youngsters get to the art of the matter

The organisers of a new arts programme for children are hoping it could help Sharjah produce the next Steven Spielberg or Annie Leibovitz.

Sharjah Media Arts for Youth and Children will display work by 70 students from 13 schools and 16 children's centres in the emirate at its first Funn Media Arts Exhibition next week.

The youngsters, between the ages of eight and 18, produced the pieces in the past year during workshops on photography, animation, graphic design, filmmaking and digital art.

"In order for future generations to have a medium of communication that they're comfortable with, that the world is operating within, we need to keep up with them," said Erum Mazher Alvie, Funn's adviser. "We must provide them with cutting-edge techniques and facilities that are available in the rest of the world, whether it's in art, science or the social sector."

Since it was launched last year, Funn has organised media arts workshops for 140 students, including almost 100 Emiratis.

"Until a few years ago, it was extremely rare or impossible to find an Emirati filmmaker, graphic designer, photographer or digital artist," said Ms Alvie. "That is no longer the case."

The 10-day exhibition, which starts next Tuesday, will include sections on photography, digital collage and graphic design, together with a screening area for films and animation created by children during the workshops.

"The trainers provided cutting-edge techniques and expertise to the children," said Ms Alvie. "For instance, the students were good in fine art but they wanted to know how to do it digitally.

"Their work amazed us as they were able to translate their thought process into film, documentary or animation."

The aim of the programme is to introduce children to the world of media art and for them to take part in contests, exhibitions and festivals in the UAE and globally.

"We wanted to gauge the level of commitment and talent that is available in Sharjah," added Ms Alvie. "We need to add value."

Its target is to reach a further 20 schools next year, mostly public.

"We're here to make dreams come true," said Jawaher Abdulla Al Qassimi, Funn's assistant manager. "Media art isn't what it used to be years ago - everyone is into technology now and it's becoming more important every day."

Next year, Funn will target children outside Sharjah city. "We want to source more children from the eastern region of Sharjah and go to smaller towns," said Ms Alvie. "We will also have festivals, seminars and conferences based on media art. It is the language of the future and if we don't speak this language, we will not be able to communicate with our children."

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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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Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.

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