The Dubai-based heavy metal band Coat of Arms, whose lyrics are inspired by UAE life, are planning to tour the United Kingdom later this year. Courtesy Coat of Arms
The Dubai-based heavy metal band Coat of Arms, whose lyrics are inspired by UAE life, are planning to tour the United Kingdom later this year. Courtesy Coat of Arms

Heavy metal band Coat of Arms breaking out of the UAE with latest album



Heavy metal band Coat of Arms are breaking out of the UAE, and the region, with a strong third ­album and international tour dates on the cards.

A Shade of Red offers a streamlined take on the quartet's modern, industrial-inspired ­approach, with biting, observational lyrics inspired by modern life in the UAE. Available online now and with physical copies set to go on sale this month, we caught up with the band's 28-year-old British-born frontman, Mohammad Bailouni, who was raised in Abu Dhabi.

A Shade of Red is your third full-length release. How is it different from what we’ve heard from Coat of Arms before?

With our last album, Sun & Satellites, we used a producer from the States, Diego Farias from the Los Angeles band Volumes. At the time, the music we were doing was a different direction – there weren't too many bands doing that and to be working with a pioneer of that sound, we picked up a lot of fans from outside of the UAE. This time, we decided to do everything in-house. I produced the whole thing from my home studio. Lyrically, with this album we wanted to tell the stories of the things we see going on that are never really discussed. On the last album we were answering ­questions about things we'd thought about, on this one we're asking a new set of questions that we don't even have the answers for.

What kind of questions?

The album is very much about societal stuff, mainly here in the UAE. There are not a lot of albums coming out of Dubai, a place where there are so many nationalities and stories – but not many of these stories come out of that place. I have lived in the UAE for 25 years. You hear a lot of people talk about what’s happening on the outside, but not within – so we’re addressing labour [exploitation], corporate interests, technology – issues that occur here as much as anywhere else.

For example, social media – have we stopped to think about what effect this will have on us? It’s like processed food – everyone ate it and then 20 years later realised it wasn’t such a good idea. We’re asking those questions now.

What does the album title signify?

The colour red is a very emotional colour – it can mean heat, anger, love, danger – all depending on the shade. So all of the songs on the album are the same colour – but each of them is a different shade.

Are you happy with how the album has been received?

I think it’s been better received out of the UAE than within, which I have mixed feelings about. It’s weird that not many people from here get that it’s an album about here, but at the same time we’re spreading these stories about the UAE all over the world.

You recently played your first international gig, at the Santa Maria Summer Fest in Portugal. How was sharing those stories there?

It was a different experience – people didn’t know what to make of us. It was in Beja, a couple of hours from Lisbon, and a lot of people told us because it’s not the capital and not as well-off, they are not exposed to as much music, and what we’re doing is not music that they were accustomed to – they’re still a couple of years behind. We’re playing in Sri Lanka in August, so that should be interesting, and later this year we’re looking at shows in Holland, Brazil and touring the United Kingdom.

How do you think the UAE scene competes on the international stage?

I've been doing this whole band thing, playing shows, writing music, since I was 15. I grew up in Abu Dhabi and we used to organise shows for Dubai bands to play. In terms of talent, it's improved a lot – there are bands writing now that I think could be played anywhere in the world. The weakness in the scene is still the live gigs – there are shows being playing at venues which are not ideal. One time I had to sing Happy Birthday to someone at a show. I'm not really here to do that.

But in terms of the GCC, Dubai is number one. Across the Mena region, Egypt and Tunisia were meant to have fantastic metal scenes, but Dubai is probably up there in the top three, if not top, right now – a lot of people move here just for the music.

• You can download or stream A Shade of Red at coatofarms.bandcamp.com Physical copies will be on sale soon from the band's Facebook page

rgarratt@thenational.ae

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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