Artists and visitors have praised an initiative to promote the historical and cultural significance of Al Balad, Jeddah's oldest neighbourhood and a Unesco World Heritage Site.
The Jeddah Historic District Programme last month launched the Balad Al-Fann project, which is to feature art exhibitions, music projects, theatrical performances, local culinary experiences and interactive events under the theme "Past Forward".
The project will run until March 9 and Abdulaziz Al Issa, director general of the programme, said it would help to contribute to the aims of the Saudi Vision 2030 drive, the Saudi Press Agency reported.
Visitor Bayan Zahid, 28, told The National she had been to Al Balad, founded in the seventh century, with her siblings several times because "a visit here is always so wholesome".
Zawiya 97
Zawiya 97 is a permanent creative centre in the heart of the historic neighbourhood. It is home to cultural activities all year round and plays an integral part in the initiative.
Saudi artist Ahmad Angawi, who is taking part in the project, said he wanted to help to revitalise the rich heritage of the region. “If we return to the root of the word Jeddah, no matter how one pronounces it – which translates to 'grandmother' – we all belong to it. It is considered to be the mother of cultures and civilisations," he said.
Another initiative by Zawiya 97 is called Nass Al Balad, or People of Balad, and aims to showcase those who live in the district. “It is a celebration of the people who have shaped part of Al Balad’s heritage and charm, a craft, traditions and speciality are passed down to future generations while raising awareness of the importance of the craft,” Zawiya 97 said on social media.
Artists from around the world have participated in the project. Ricardo Andres Hinojosa Gonzalez, from Mexico, is creating art workshops for Zawiya 97 as part of Balad Al-Fann.
“I'm here in Balad festival teaching people how to fold Islamic patterns, using the art of origami – the ancient art of Japanese art of paper folding – while combining it with Islamic and Arab world of geometrical patterns. It's a match made in heaven,” he told The National.
The old town is something to behold. It's magical
Ricardo Andres Hinojosa Gonzalez,
Mexican artist
He said Al Balad was "something to behold. It's magical”.
“The more time I spend here, the more I learn every day around me. I have been looking at books to learn about the history of the place. As I learn more, it's revealed to be so much deeper in history, culture and art. Every day is such a revelation and something I am very grateful to be a part of,” he added.
Growing arts and cultural landscape
Balad Al-Fann will also offer people an opportunity to enjoy new styles of music. Visitor Salma Hashim, 36, said she was "most excited for the first ever jazz festival" in the neighbourhood.
"I used to travel to other countries to listen to jazz shows. No one could have seen all these changes coming if you asked them just 10 years ago," she said.
The “world has changed” in Jeddah since the announcement of Vision 2030, which aims to enhance the kingdom economically, socially and culturally, Ms Hashim said.
“Even then I have to say if there was one place in the whole country that was abuzz with life, and the celebration of our culture through art and poetry, it was Balad," she added.
Balad Al-Fann is also set to hold theatrical and improv classes in February. Performances will be written, directed and worked on by an all-female crew.
“I love films and now with the Red Sea Film Festival becoming the global hub for entertainment bringing in the biggest names to Balad in Jeddah really is a proud moment for us,” said Nihyan Badawi, 34.
In December, Hollywood stars including Johnny Depp, Halle Berry, Andrew Garfield, Gwyneth Paltrow and Nicolas Cage attended the Red Sea Film Festival in the Saudi city.
“To see the stars roam the streets of Balad, be it Messi, Will Smith or other international celebrities – we want to show them our real culture and heritage and I always feel Balad signifies that like no other place,” Mr Badawi said.
“The city has been at the crossroads of cultures for hundreds of years and with new projects to develop and restore Balad, I hope it continues to get even better."
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
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- November 2024: All 127 volumes completed
Skewed figures
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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Korea – $10 million
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USA – $2.38 billion
Brazil – $287 million
Spain – $110 million
France – $103 million
Ukraine – $100 million
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Young women have more “financial grit”, but fall behind on investing
In an October survey of young adults aged 16 to 25, Charles Schwab found young women are more driven to reach financial independence than young men (67 per cent versus. 58 per cent). They are more likely to take on extra work to make ends meet and see more value than men in creating a plan to achieve their financial goals. Yet, despite all these good ‘first’ measures, they are investing and saving less than young men – falling early into the financial gender gap.
While the women surveyed report spending 36 per cent less than men, they have far less savings than men ($1,267 versus $2,000) – a nearly 60 per cent difference.
In addition, twice as many young men as women say they would invest spare cash, and almost twice as many young men as women report having investment accounts (though most young adults do not invest at all).
“Despite their good intentions, young women start to fall behind their male counterparts in savings and investing early on in life,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “They start off showing a strong financial planning mindset, but there is still room for further education when it comes to managing their day-to-day finances.”
Ms Schwab-Pomerantz says parents should be conveying the same messages to boys and girls about money, but should tailor those conversations based on the individual and gender.
"Our study shows that while boys are spending more than girls, they also are saving more. Have open and honest conversations with your daughters about the wage and savings gap," she said. "Teach kids about the importance of investing – especially girls, who as we see in this study, aren’t investing as much. Part of being financially prepared is learning to make the most of your money, and that means investing early and consistently."
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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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Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
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