The National Pavilion of the UAE opened its doors earlier this month to the public. Some visitors, like Nasser Alzayani, came with a sketchbook. Courtesy: Nasser Alzayani
The National Pavilion of the UAE opened its doors earlier this month to the public. Some visitors, like Nasser Alzayani, came with a sketchbook. Courtesy: Nasser Alzayani

Art

Venice Architecture Biennale: Observations and Drawings

Anna Seaman

June 18, 2014

Today we continue our ongoing series following the interns who are undertaking a six-month rolling programme acting as custodians and docents of the National Pavilion of the UAE throughout the duration of the exhibition Lest We Forget: Structures of Memory in the UAE at the 14th International Architecture Exhibition of la Biennale di Venezia.

There are 19 Emiratis and long-term residents of the UAE selected for the programme and they have been divided into smaller groups, each spending one month Venice where they will live and work. They will also work alongside eight Italian interns from the prestigious Ca’Foscari University in Venice, whom will be partnering with the Emiratis for cultural and language exchange.

Here Nasser Alzayani shares with us both his thoughts and his marvellous sketches of the Pavilion and other sights around the beautiful city:

Upon my arrival in Venice, I was greeted by a set of instructions and a deadline. La Biennale di Venezia was set to open its doors in less than 72 hours, and at the UAE’s pavilion, catalogues needed to be arranged, drawers needed to be filled and graphics needed to be printed. The preparation for the big opening meant that everyone was working incessantly – save for the daily pizza parties at 10pm. Ultimately, the 12-hour work days produced a masterfully designed exhibit, filled with fascinating gems from back home. It was something we could all be proud of.

On the day of the opening, we – curatorial team, exhibition management and interns – prepared to welcome the press and invited guests. Final touches were applied and everything was in order. As people drifted in I took the time to speak to them about the exhibit, walking them through the memories on display and answering their questions.

I learned that many people were so open to sharing their opinions about what they saw; they were even more open to entertaining other opinions. In the world of art and architecture – where so much is open to interpretation – it is quite wonderful to converse and learn about what others think and feel. From my experiences interacting with visitors to our pavilion, I have noticed that the learning experience is most mutually beneficial when the time is taken to explore the spaces and objects on display.

My approach to my forays around the Biennale, as well as the rest of Venice, is quite similar. I see too many people walk by astounding pieces of art and breathtaking buildings without stopping to take it all in. Sure, some will take a moment to pause and snap a quick photograph, but where are the memories that are formed through the interaction with a new place? I carry around a sketchbook (more than one in fact) whenever I travel. In these books I record my experiences: I draw, I write, and sometimes collect objects I find. For every page I finish, a new memory is created. Whether it be sitting at a café and admiring a beautifully designed space, or at a museum learning about the famous Venetian navy, the pages of these sketchbooks will always remain as traces of my journeys. The time I spend looking and taking note of what is in front of me helps me see more than any photograph I can take.

* Nasser Alzayani is a Bahraini/American Architecture student at the American University of Sharjah. He is also an aspiring artist and writer, who documents his travels with drawings and things he finds. Check out his photos and drawings on by following @veniceinterns and #veniceinterns on instagram and twitter, as well as his personal accounts, @nmzayani on instagram and twitter

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.”