Majida El Roumi, Najwa Karam and Georges Wassouf to perform at 2021 Jerash Festival


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After having its 2020 iteration disrupted by the coronavirus pandemic, Jordan's Jerash Festival will return this month with a line-up set to transform the historic city into a bustling cultural landmark.

The annual event, now in its 35th season, will take place between this Wednesday and October 2.

There will be a few differences between 2019 and now, however. People with proof of having taken a Covid-19 vaccination will be allowed to buy tickets to the performances, festival director Ayman Al Samawi told The National, and seating will be at half capacity at all venues as part of safety precautions.

“We are very happy that there will be a Jerash festival this year. It was a bold decision by the state,” said Al Samawi. “God willing the festival will pass full of joy and hope, and deliver a message to the world that Jordan can do festivals and deal with this pandemic.”

The government had announced that no more than 2,500 people will be allowed into the main Roman theatre in Jerash, known as the Southern Theatre, while the attendance at the smaller Northern Theatre will be limited to 1,500 people.

Culture Minister Ali Al Ayed said 70 Jordanian artists will be performing at the festival this year and that folkloric and other bands from Palestine, Mexico, Croatia, Azerbaijan, Korea and Sweden will also perform. There will be also a modern art symposium taking place in the main colonnaded street of the site.

Majida El Roumi will headline on the opening night. The Lebanese singer published a teaser photo on her Twitter page last week, showing her rehearsing with an orchestra ahead of the concert.

Najwa Karam will be performing on the festival’s second day. The Lebanese singer, who has been a luminary of Arabic pop music for more than three decades, is expected to present live her new singles, including Saher Ouloub, which she released in August.

Georges Wassouf will then perform on Friday. The Syrian crooner, known for his gravelly voice, shared a photograph of Jerash’s Greco-Roman columns on his social media pages, writing: “We missed you Jerash.”

Iraqi singer Saif Nabeel, Syrian artist Hussein Al Deek, as well as 17 Jordanian talents including Diana Karazon, winner of the inaugural 2003 SuperStar music competition series, are also on the line-up.

Most of the headlining acts of the festival will perform in the Southern Theatre. The largest in Jerash, the Roman theatre was built in the first century and accommodates about 4,000 spectators.

The festival will encompass several historic sites around Jerash, including the Temple of Artemis and Cardo Maximus, an 800-metre-long walkway flanked by around a thousand columns.

Among Jordan’s most visited attractions, Jerash has some of the world’s best-preserved Greco-Roman architecture, earning it the nickname Pompeii of the East. Though tourists flock to the Jordanian city year-round, Jerash experiences a surge in its population during the festival, attracting tens of thousands of visitors.

The festival was founded in 1981 by then Queen Noor Al-Hussein and is among the biggest cultural events in the Middle East and its bill often features some of the most recognisable names in Arabic pop.

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Round 3: February 7-9, Dubai Autodrome – Dubai
 
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MATCH INFO

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Al Ahly (EGY) v Entente Setif (ALG) (11PM)

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October 23

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RESULT

Kolkata Knight Riders 169-7 (20 ovs)
Rajasthan Royals 144-4 (20 ovs)

Kolkata win by 25 runs

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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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Heather, the Totality
Matthew Weiner,
Canongate 

UAE currency: the story behind the money in your pockets
Updated: September 21, 2021, 12:45 PM