A man passes the Ataturk Cultural Centre in Istanbul, which opened in 1969 to realise the dream of modern Turkey's founder Mustafa Kemal Ataturk for the country to be a world-class centre for the arts, including western genres like classical music, opera and ballet. Ozan Kore/AFP
A man passes the Ataturk Cultural Centre in Istanbul, which opened in 1969 to realise the dream of modern Turkey's founder Mustafa Kemal Ataturk for the country to be a world-class centre for the artsShow more

Erdogan’s Istanbul opera house plan sparks debate



ISTANBUL // On the buzzing Taksim Square of Istanbul, the focal point of the modern city, a giant disused building looms over visitors, its glass windows broken and a few tattered advertising banners flapping disconsolately in the breeze.

This is the Ataturk Cultural Centre (AKM), opened in 1969 to realise the dream of modern Turkey’s founder Mustafa Kemal Ataturk for the country to be a world-class centre for the arts, including western genres such as classical music, opera and ballet.

But the glass-fronted building has endured a chequered, even cursed history.

It had to be rebuilt following a fire in 1970 and only reopened in 1978. It then served as the hub of Istanbul’s cultural life for three decades before being shuttered in 2008 for restoration.

But no restoration ever took place and the building has since stood unloved and decaying through the tumult of the 2013 mass protests against President Recep Tayyip Erdogan, then premier, on Taksim and the July 15, 2016 failed coup against his rule.

Its brooding shell has become a symbol of the troubles dogging the arts in Turkey at a time of declining funding, claims of censorship under Mr Erdogan and the terror attacks of 2016, keeping some foreign artists away.

‘Knock it down’

After years of debate on the building’s future, Mr Erdogan this month offered a radical and clinical solution - rip the entire edifice down and build a world-class opera house in its place.

His proposal has aroused excitement in some quarters but hostility from others - particularly those who see the modernist building as a worthy example of secular Turkish modern architecture.

“The AKM project in Istanbul is over, we will knock it down and Istanbul will gain a beautiful new edifice,” Mr Erdogan said.

His government has been criticised on occasion for showing a lack of interest in the arts beyond Turkey’s internationally successful television dramas.

But the president said: “All we want is for Istanbul to have the culture and arts centre that it deserves.”

‘Opera without a home’

The absence of the AKM left a gaping hole in Istanbul cultural life, with the opera and ballet companies largely performing at the Sureyya Operasi on the Asian side of the city, an architecturally significant 1920s building but too small for grand shows.

“We have been waiting for a proper concert hall and the news coming from President Erdogan made us more than happy,” said Yesim Gurer Oymak, director of the annual Istanbul Music Festival, organised by the Istanbul Foundation for Culture and Arts.

“This means that there will be more and more international orchestras and big productions coming to Istanbul and the companies from Turkey can present more elevated productions.

“The closure of AKM means an opera company, a ballet, a state orchestra without a home. In order to develop, they need to have a base and a home,” she added.

Gurer Oymak recalled how the AKM had been a popular Istanbul meeting place and put on ambitious productions, including as part of the Istanbul Music Festival, that now are no longer possible.

Symbol of ‘old Turkey’?

Should a new opera house be built, Istanbul would be following other cities in the Islamic world, notably Dubai and Muscat, which have built new auditoriums that have been massively popular with locals and visitors.

It would also be a huge boost to Taksim Square, whose attractions have diminished especially since the 2013 protests and is now given a wide berth by many local residents.

The 1960s AKM, a brutalist edifice typical of its era, is regarded with scorn by some, who see it as an unwanted symbol of the “old Turkey” before Mr Erdogan’s Justice and Development Party (AKP) came to power in 2002.

The pro-government Daily Sabah described the AKM as a "grim reminder" of the 1960s as well as an "eyesore and dull architectural work".

‘Destroy the Republic’

But for others the building is a proud symbol of the modern Republic set up by Ataturk - himself an opera buff - and must be restored rather than demolished.

Sami Yilmazturk, chairman of the Istanbul Chamber of Architects, said the plan to demolish the AKM was “part of a project to say ‘stop’ to modernisation and destroy the Republic”.

“The [Republic] project put a dream, a utopia, an objective before Turkey. The plan to demolish AKM is an attempt to reverse that goal,” he said.

He claimed that edifices linked with Ataturk were being knocked down under the current government, which insists it does its utmost to preserve Ataturk’s legacy.

“It’s an area where people meet, with art and culture,” he added.

‘Part of city identity’

Under the shadow of the building’s shell, locals were divided over what its fate should be.

“This building represents Taksim. They are ruining the silhouette of Taksim Square. I don’t believe better things will be done. We’ve seen what’s been done so far,” said Hacer, a middle-aged woman, who declined to give her full name.

But a man identifying himself only as Mustafa added: “It’s an ugly building. I don’t know what they will do with it but at least they could do something nice.”

Gurer Oymak said one solution could be to preserve just the facade of the building while creating other parts from scratch.

“The AKM left a very important trace in the identity of this city. I would like to see the facade preserved as it’s in our memory.”

* Agence France-Presse

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.”

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.