ABU DHABI // Evelyn Shaw was so excited when she opened her Christmas gift of tickets to the Rolling Stones concert in the capital that she could barely read what it said.
The lifelong fan of the band has been to every one of their concerts in Toronto since 1986, but her trip to Abu Dhabi will be the first time she has seen them outside Canada.
Mrs Shaw, 56, will see the band’s 14 On Fire tour at Yas Island on Friday.
“I just couldn’t take in what I was reading when I opened the gift envelope my daughter had got me for Christmas,” she said.
“I’m just so excited because this is the first time I’ll be watching them perform outside of Toronto and can’t wait to experience it.”
She will be joined at the concert by her daughter Becky, son-in-law Graham and his mother Cindi Zwicker.
Becky and Graham are teachers at the American International School in Abu Dhabi.
“It’s very rare for two mothers-in-law to get on but it’s fantastic that Cindi came over with me as well,” said Mrs Shaw, who has been attending Toronto concerts with her friend, Lisa Whelan, for almost three decades.
“Lisa was really happy for myself and Cindi but she couldn’t make it. She’ll be here in spirit though, as we plan to take a picture of us all with Lisa’s photo at the concert.”
She has been enthralled by the band since the 1970s.
“When the Stones are in town we make a weekend of it,” said Mrs Shaw, from Ontario. “We leave the husbands at home and go to the concert determined to enjoy every moment.”
The band members and how they interact with the crowd are as much a part of the experience as the music, she said.
“They really try to involve the audience in their shows. Keith Richards is such an animated presence on stage.
“Mick is like no other band frontman and, although Ronnie Wood is less animated, I really like the way he talks with Charlie Watts on drums.”
A concert that particularly stands out was the No Security tour at the Air Canada Centre in 1999.
“We were in seats that were close to the stage that allowed us to look at the set list they had written down on stage,” Mrs Shaw said.
“We could also see behind the stage and it was fascinating to see what happened and how things worked. The concert was also not as large-scale as their other ones and that made it more special in a way.
“The amazing thing about the Rolling Stones is that there is such a wide range of people who attend. I’ve seen people in their 70s go to shows, as well as families with their 13-year-old children.
“They always try to get some kind of local involvement, either from an up-and-coming band or with a school choir, like they did in Toronto a few years ago.
“I can’t wait for the concert to see what they do in Abu Dhabi. It’s going to be fantastic.”
The last and only time Ms Zwicker, 54, also from Ontario, watched the Rolling Stones live was a 2003 event in Toronto held as a fund-raiser for the victims of the Sars virus outbreak.
“I’m more into folk music but that was a fantastic experience and I’m really looking forward to the concert,” she said. “We’ll probably head to the venue early to get the best seats, if we can.
“Evelyn has been really excited about the concert from the moment we boarded the plane.”
They arrived in Abu Dhabi on February 12 and will fly home in the early hours of Sunday.
“I never thought I would be able to see my favourite band outside of Toronto, so I’m going to make the most of this experience,” Mrs Shaw said.
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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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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
