Temperature checks, sanitising stations and social distancing reminders – these have become all too familiar to most of us in the last few months. And when Alserkal Avenue held its first art event since the onset of Covid-19 on Saturday, September 19, they were in full force.
From 10am to 10pm, the arts neighbourhood in Al Quoz held one of its yearly Alserkal Lates, an event typically marked by exhibition openings, live music and performances. Though art spaces in the UAE have gradually reopened since June, none have hosted any large gatherings so far.
People are wearing masks that conceal their expressions, and sometimes it's interesting to see expressions change as people look at art
Alserkal Avenue decided to push ahead with Lates, opting to tighten measures to safeguard against the coronavirus. For one, the event timings were extended to 12 hours instead of the 6pm to 10pm schedule of past years (hence the name “Lates”) to help spread out visits.
With DIFC planning its own galleries' night in November and Abu Dhabi Art on course to stage an edition later this year, Alserkal Avenue’s event serves as a litmus test for what is possible for future art events and whether the public will show up.
For Lates 2020, capacity was narrowed to 5,000 people, with numbers monitored through pre-existing footfall counters at entrances and exits. Alserkal Avenue did not provide the visitor tally this year, but stated that it welcomed 10,000 people for Alserkal Lates in September 2019.
Masks were mandatory, as were temperature checks at entry points.
As student Defne Ozden, 18, pointed out, communication was also helpful in navigating our so-called new reality with signs and floor markings all around the venue. “There’s a lot of posters that say what you should do,” she said, adding, “Since there aren’t that many people, I feel safe. The guards checked our temperature, and I didn’t really see anyone not obeying the mask rule.”
One of the signs on the footpath read, "it's not you, it's Covid-19."
Among the galleries, restaurants and retail spaces, however, practices were varied, with some taking extra measures. Ishara Art Foundation, for example, asked visitors to fill out forms for contact tracing. Gallery Isabelle van den Eynde set up a sanitising station replete with masks, hand sanitiser and gloves at their entrance. For all spaces, signs indicating capacity and reminders of rules were stuck on entrance doors.
Physical distancing was the hardest measure to maintain. Even with fewer people going into galleries, paths still sometimes cross when looking at the works. A more stark example was at the entrance of the exhibition New Waves: Mohamed Melehi and the Casablanca Art School Archives, a major retrospective on the Moroccan artist, housed inside multidisciplinary space Concrete.
Capacity was originally set to 25 visitors, but reduced to 10 shortly before the opening. Entry to the show required pre-booking, though drop-ins were welcomed provided there was enough space. This led to lines outside the venue, which had only one entrance and exit point.
There were also short lines outside of Custot Gallery, which was showing works by Thomas Saraceno and Koo Jeong A. In both these cases, the lines often dissipated within minutes, though they indicate that visitors are still adjusting to new booking systems and that getting inside a gallery may now take longer than expected.
We want that return to confidence. It's about learning to be comfortable in a new setting
Still, people expressed their approval over the comeback of cultural activities in the UAE. “It shows that there is initiative and that things are happening,” visitor Andre M said. “Art is a way to connect and exchange thoughts that sometimes we are not able to share easily,” he added.
“People are social beings, and the fact that you have art that’s sparking conversation takes our mind away from current events,” architect and illustrator Sarah Al Adayleh said. She has attended past Alserkal Avenue events and noted one change in the experience. “People are wearing masks that conceal their expressions, and sometimes it’s interesting to see other people’s expressions change as they’re looking at the piece. For me, that was always entertaining, but now I’m more focused on my reaction. It’s more inward.”
Interactions like these are just one consequence of Covid-19. Before the pandemic, exhibition openings usually brought together collectors, patrons and artists, with groups congregating in galleries to socialise. While artist Saba Qizilbash, who lives in the UAE, was able to attend the opening of her show at 1x1 Art Gallery, Hera Buyuktasciyan in Turkey witnessed hers via Zoom through the help of the team at Green Art Gallery.
Malini Gulrajani, founder of 1x1, said that the extended event timings helped with maintaining safety protocols. With new faces and collectors both coming by the gallery throughout the day, she was satisfied with sales and footfall, considering the situation. “We needed it to elevate the mood and bring back some hope,” she said.
For other businesses, reopening goes beyond financial considerations. At The Fridge, the band Cubai performed to 60 people in a space usually meant for 180. “The concert barely made money to cover the technical costs,” director Shelley Frost said. The performing arts have been hit hard by the closures, with bands like Cubai unable to perform since March.
Speaking about her reasons for staging these shows despite a lack of financial viability, Frost said, “We need to take positive steps together as a society as we come out of lockdown. We want that return to confidence. It’s about learning to be comfortable in a new setting.”
The Fridge reconfigured seating arrangements in checkerboard style with two metres distance. Attendees are permitted to remove masks while in their area, but most wear them when they move around the space.
“We also feel a burden of responsibility towards the artists we represent. It’s important for these mechanisms to keep going again,” she added.
As art season in the UAE picks back up and institutions announce their autumn programmes, Alserkal Lates signals the public’s readiness for the return of cultural events. Over at Sharjah Art Foundation, for example, Tarek Atoui performed to a small group of attendees for his new show Cycles in 11. The future is still uncertain, but at least the doors are open.
The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Company%C2%A0profile
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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.”
Sukuk explained
Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.
Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
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Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
Fixtures:
Thursday:
Hatta v Al Jazira, 4.55pm
Al Wasl v Dibba, 7.45pm
Friday:
Al Dhafra v Al Nasr, 5.05pm
Shabab Al Ahli Dubai v Al Wahda, 7.45pm
Saturday:
Ajman v Emirates, 4.55pm
Al Ain v Sharjah, 7.45pm
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