UK residents can truly get into the Christmas spirit this year, due to a four-day festival that has come from Bethlehem, the birthplace of Jesus Christ.
Running from December 2 to 5 in London and Glasgow, the Bethlehem Cultural Festival is putting on a number of artistic and cultural events to highlight the rich heritage of Palestine and the Mediterranean.
Organisers say the festival will celebrate a region “thriving with positive energy and creativity” through a series of talks, food demonstrations, films, theatre productions and musical performances, both live and online.
Now in its second year, the festival’s founders said the event hoped to “remind everyone of the importance of this town and its people”, beyond its historical and geographical significance.
“We provide a platform for artists across the world to connect and work together to find common ground through their work and through panel discussions to address key issues that cultural practitioners face in their work," said Melissa Scott, one of the festival’s co-founders.
"We are building on the rich cultural heritage that this region has always had throughout the centuries, and try to go some way to remind the world of the positive cultural work being done on the ground every day.”
The festival launched its packed programme on Thursday in London with renowned Palestinian chef Fadi Kattan. He discussed Palestinian food and heritage with food writer Xanthe Clay and Sam Clark, who owns restaurant Moro in the UK capital.
The evening event also included discussions on the impact of construction borders around the eastern Mediterranean, and Palestinian fiction writing. It closed with a performance by Nay flute player Faris Ishaq, based on the work of celebrated Palestinian poet, Mahmoud Darwish.
Friday’s roster includes a talk between Iraqi writer Haifa Zangana and journalist Victoria Brittain about Palestinian women who have written about their experiences as ex-prisoners. It will be followed by a performance of Levantine folk dance Dabke and a play by Palestinian playwrights and theatre directors Ahmed Najar from London and Ashraf Afifi from Gaza.
On Saturday, the festival moves to Scotland with a twinned Glasgow-Bethlehem line-up that will see a co-ordinated tree lighting in Manger Square, Bethlehem, and Glasgow Cathedral. There will also be synchronised carols from Jerusalem and Bethlehem.
Other events taking place in Scotland’s largest city include a performance by Palestinian alternative rock band, Mafar, and screenings from filmmakers in Glasgow and Palestine.
For more details, visit bethlehemculturalfestival.com
UAE currency: the story behind the money in your pockets
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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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Cry Macho
Director: Clint Eastwood
Stars: Clint Eastwood, Dwight Yoakam
Rating:**
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Biography
Favourite drink: Must have karak chai and Chinese tea every day
Favourite non-Chinese food: Arabic sweets and Indian puri, small round bread of wheat flour
Favourite Chinese dish: Spicy boiled fish or anything cooked by her mother because of its flavour
Best vacation: Returning home to China
Music interests: Enjoys playing the zheng, a string musical instrument
Enjoys reading: Chinese novels, romantic comedies, reading up on business trends, government policy changes
Favourite book: Chairman Mao Zedong’s poems
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
