Ala'a al Obaidly poses with her artwork 'The Propagandist' during an exhibition at the Dubai Ladies Club.
Ala'a al Obaidly poses with her artwork 'The Propagandist' during an exhibition at the Dubai Ladies Club.

Women artists to showcase contemporary themes



DUBAI // Identity, religion and car accidents are the themes from a contemporary art exhibition by 14 female UAE artists at the Dubai Ladies Club today. The exhibition, A Collective Experience, was by artists who took part in the HH Sheikha Manal Al Maktoum Art Exchange Program, aimed at motivating young female artists in the Emirates and fostering a culture of art within the local community. The programme began in June with a weeklong visit to Switzerland where the women were given mentors, workshops and tours of museums in Basel and Zurich. The highlight of the trip was a visit to Art Basel, the world's largest contemporary art fair. Nazneen Shafi, one of the founders of the programme and the director of arts and culture at the Dubai Women Establishment, said the cultural collaboration with Art Basel was part of the process of nurturing the students' potential. "We selected strong artists with obvious potential who we can work with and provide support for through workshops and travel," Mrs Shafi said. "These women had to fulfil stringent criteria and then went through a rigorous selection process to become part of the programme." Ala'a al Obaidly, 22, a senior at the Sharjah College of Fine Arts and Design, featured her work, The Propagandist. The installation, which combines sound and video elements, features a woman's head wearing the niqab, propped on a pedestal. Ms Obaidly's installation was inspired by her trip to Basel. "During our trips to the museums, we noticed that people in Switzerland stopped looking at the art, and started staring at us - as if we were the art." Ms Obaidly's choice of name was also associated with the perception people abroad had of her and the other women. "When Westerners think of Arab women, they immediately think of the niqab and oppression," she said. The accompanying sound element for her piece features Ms Obaidly's own voice, and initially appears to be an Arabic conversation. "It is actually just a combination of Arabic words that don't mean anything," she said. "When we are in a non-Arabic speaking country, this is how people hear us. They hear us, but don't really understand us." Another piece on display was a modern interpretation of the mosque, titled Jumaa. It was a collaboration between graphic designers Noor al Khaja, 21, Nada al Mazroua, 20 and Hadeyeh Badr, 20, and an architect, Khulood al Ali, 19. The four are students at the American University of Sharjah. The modern architectural take on the mosque would be revolutionary, if implemented. It was inspired by a building at the Novartis campus in Basel, which was also a partnership between an artist and an architect. The women's prayer area is elevated and above the men's area, rather than in its traditional place behind it. "This way, the women can still see the imam, but the men cannot see them," Ms Ali said. "Mosques were always centres of social and intellectual gatherings, but mosque design didn't really evolve much to accommodate that function in recent time.'' The contemporary mosque does not rely on artificial lighting and the design incorporated a library, a reflective outdoor water feature for meditation, and a water conservation concept that can trap rain water and replace the ablution water as a result. While the project is still a work in progress, the women hope they will find interested investors to bring their design to life. Other exhibits include Fourteen Umbrellas, an introspective installation on the women's visit to Basel; Crash, a three-dimensional piece on car accidents in the UAE, which includes real footage of police being sent to car crash scenes; and Blended Culture, a photography and audio project on the UAE's complex demography and language. Mrs Shafi said the success of the art exchange programme could be measured by the content of the exhibition and the composite themes they convey. The exhibition will be open to the public today from 10am to 10pm at the Dubai Ladies Club on Jumeirah Beach Road. talramahi@thenational.ae

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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