BTS to reunite for free concert in support of South Korea's World Expo bid

Record-breaking K-pop group BTS are reuniting for a concert on Saturday in South Korea's southern port city of Busan, which is bidding to host the World Expo 2030.

Titled BTS in Busan, the free concert is set to take place at 6pm local time (1pm in the UAE) and is expected draw about 100,000 fans to the Busan Asiad Main Stadium as well as designated areas in Busan, which is more than 300 kilometres south-east of capital Seoul.

The concert comes after the seven-piece band announced a break in June from group musical activities to pursue solo projects, raising questions about their future.

Banners featuring BTS member Jimin are displayed along a road near Busan Asiad Main Stadium in Busan, South Korea. AP

With BTS's oldest member, Jin, who is turning 30 next year, facing South Korea's mandatory military service, the country's defence minister said in August that BTS might still be able to perform overseas while serving in the military.

Under South Korean law, all able-bodied men are required to perform 18 to 21 months of military service. The law provides special exemptions for athletes, classical and traditional musicians, and ballet and other dancers who have won top prizes in certain competitions that enhance national prestige. Globally recognised K-pop stars were allowed to put off their service until 30.

Four countries, including South Korea, Italy, Ukraine and Saudi Arabia, have submitted competing candidatures to organise World Expo 2030, according to the organising body Bureau International des Expositions. The winning host country is expected to be elected next year.

While announcing his country's bid last year, Saudi Crown Prince Mohammed Bin Salman said the 2030 World Expo in Riyadh would coincide with the culmination of the kingdom’s Vision 2030, an initiative that aims to move the country away from oil and diversify its economy.

“We live in an era of change and we face an unprecedented need for humanity’s collective action. It is clear that the whole world, as a collective, needs to work together to foresee the future and address, with its brightest minds, the challenges and opportunities that emanate from this change," he said.

Expo 2030 will take place from October 1, 2030, to April 1, 2031. The theme proposed by Saudi Arabia is “The era of change: leading the planet to a foresighted tomorrow".

Dubai hosted Expo 2020 from October 2021 to March 2022, delayed by a year owing to the Covid-19 pandemic.

In July, BTS were named as the official ambassadors for the World Expo 2030 in Busan.

BTS made their debut in June 2013 and became a worldwide sensation with their upbeat hits and social campaigns aimed at empowering young people.

— Additional reporting by Reuters

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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.”