As Sanae Sarghini reaches up to put the finishing touches to her mural near the ramparts of the old town of Assilah in Morocco, a gust of wind suddenly knocks her pot of green paint off the ladder on which she is balancing. It falls spilling an emerald stain over the cobbled street. "Don't worry, "she laughs lightly. "I can get a cloth from one of the neighbours round here. I just have to knock on the door."
The simple confidence that a friendly neighbour will provide something to clear up the mess is repaid immediately, not just with a mop but with a helping hand. Nothing, it seems, can stain the traditional kindness and cooperation of Assilah's people, especially when it comes to the Moussem or cultural gathering that happens once a year in this beautifully preserved seaside town.
Over the past 33 years painters, musicians, poets and simply arts groupies have gathered to enjoy the freedom of a creative atmosphere with little bureaucracy and lots of practical support. Yet the cultural success has been more than matched by social improvements that the community has come to associate with the festival.
It all began with the determination of the mayor of Assilah, Mohamed Benaissa, who saw the potential of making arts the basis for reinventing and renovating his rundown hometown. "Back then the streets weren't clean and there was rubbish on the beach," he explains. "But I think that culture is a far better resource than those resources we think of as bringing wealth."
The transformation began with embellishing the walls of the old town. Prominent artists from around the world were invited to hold painting workshops so that the children of Assilah could learn how to hold a brush and apply paint in a meaningful way. At the same time, brigades of children were paid pocket money to go out and clean up the beaches on a regular basis.
"This implanted a sense of pride in our city," the mayor tells me. "Seeing their walls painted by foreign artists made them realise that they have something precious here." And precious indeed it is. The medina is now a spotless labyrinth of winding streets lined with whitewashed houses. The soothing sound of the Atlantic is never far away and crowds gather on the ramparts to watch the glorious sunsets after viewing the murals.
One of the main attraction of this year's artistic outpouring are the larger-than-life clowns of the Japanese artist Akemi Noguchi. "I have lived in Paris for over 25 years," he says. "The circus is a recurring theme of mine." Visitors pose in front of his two painted clowns to have their pictures taken enjoying the bright colours and a reminder of the thrill of the circus.
Nearby, Khalid Al Saai, a talented calligrapher from Syria, has created what he refers to as his rainbow waves. A complex study of shape, shade and meaning that reflects the movement of the waves, the tones of Assilah with its shaded streets and words that evoke time and place.
Each year the festival invites a special guest of honour. In 2010 it was the UAE, and this year it is the Kuwaitis who bring their music, poetry and artistry to the town. Performances are held in the Prince Bandar bin Sultan library and, along with their own traditional music and dance, the Kuwaitis participate in collaborations with Moroccan performers.
Mai Alnouri, a Kuwaiti painter who has come to Assilah for the first time, is absolutely delighted that her work has begun to incorporate new, brighter colours. "I love being here in this place," she declares. "I would like to buy a house here. The atmosphere is amazing."
Upstairs in one of the larger rooms of the palace, the French embroiderer and designer Martine Dauvergne is encouraging the women of Assilah to hone their skills with needle and canvas. She is teaching her pupils new stitches while at the same time learning the multitude of what she refers to as "les points Fassis" - the traditional stitches that come from Fez.
"We are working on a tapestry of Assilah that will be displayed in the new contemporary art museum," she says. "I am hoping that we can devise a way of giving year-round employment to these women." The embroidery class is just one of the offshoots that will provide employment for the townspeople.
The new museum, still in its planning stages, will be the first of its kind in Morocco. And Benaissa, who is himself a photographer, is delighted that the yearly collaborations are bringing tangible benefits to his town. "With funds from Qatar, Saudi Arabia, Bahrain, the UAE and Kuwait we have built social housing, a new school, residences for the elderly, a hospital and a new, wide road."
Although there are a few tall buildings dotted around the bay, the town is still unspoilt. And its residents want to keep it that way. "We are always having to fight against the greed of developers," says the mayor. "The risk of turning into a Torremolinos is there. But so far we have managed to preserve the nature of our town and not allow it to be swamped with lots of construction."
Investors may be prowling around, looking for ways of cashing in on the success of the cultural gathering, but for Sarghini, who first came to Assilah 20 years ago as an apprentice, the town is above all a place for creative spirits. "We are so lucky to have this place where art rules," she says. "If we can keep it a sort of family affair where artists from around the world return year after year because they like it so much, then no one will dare spoil it."
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Mohammed bin Zayed Majlis
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Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
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.”
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The Bloomberg Billionaire Index in full
1 Jeff Bezos $140 billion
2 Bill Gates $98.3 billion
3 Bernard Arnault $83.1 billion
4 Warren Buffett $83 billion
5 Amancio Ortega $67.9 billion
6 Mark Zuckerberg $67.3 billion
7 Larry Page $56.8 billion
8 Larry Ellison $56.1 billion
9 Sergey Brin $55.2 billion
10 Carlos Slim $55.2 billion
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How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
Tewellah by Nawal Zoghbi is out now.
Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
Tales of Yusuf Tadros
Adel Esmat (translated by Mandy McClure)
Hoopoe
The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
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War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
