Dubai Sports World. Victor Besa for The National
Dubai Sports World. Victor Besa for The National
Dubai Sports World. Victor Besa for The National
Dubai Sports World. Victor Besa for The National

5 things to do today: visit Dubai Sports World or get tickets now to see Bollywood in the Capital

Our daily round-up of things to do: Visit Dubai Sports World, Get tickets now to see Bollywood in the Capital, Register your children ages 6 to 16 for the Dubai Drums Summer Camp, See the exhibition Parataxic Distortion, and Enjoy a discount on packages at Dubai Aquarium & Underwater Zoo.

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Visit Dubai Sports World, which is set to re-open today following a short break. Enjoy your favourite sports indoors during the hot summer. An air-conditioned arena will feature a wide variety of sports and fitness activities that cater to all skill levels, including basketball, football, tennis and volleyball, plus summer camps, events and more. Daily until August 27, Dubai World Trade Centre, Dubai, 04 306 4000, www.dubaisportsworld.ae

Get tickets now to see Bollywood in the Capital and celebrate Indian independence day with a line-up of Indian artists as part of Abu Dhabi Summer Season, including Farhan Akhtar and Vishal & Shekhar performing new songs and older favourites on August 12. Then see Shankar, Ehsaan and Loy perform material from their latest Bollywood movie soundtracks. August 12-13, from Dh150, du Forum, Yas Island, Abu Dhabi, www.ticketmaster.ae

Register your children ages 6 to 16 for the Dubai Drums Summer Camp, where they can learn percussion through improvisation, hand-held instruments, ethnic drumming, facilitation skills, music games, tribal dance, performance and more. Runs until August 25, 9am-12.30pm for ages 6-12; 2-5.30pm for ages 13-16, Dh650 per week, Urban Tribe Events, Street 17, Al Quoz 4, Dubai, 04 347 4790, www.dubaidrums.com

See the exhibition Parataxic Distortion, in which Doha-based artists Christto and Andrew showcase bold compositions of hyperrealism that blend humour and portraiture, challenging stereotypes of the Gulf region and lifestyle. Daily until September 1, 10am-3pm and 5-8pm, Saturdays to Thursdays (closed on Fridays), East Wing, Limestone House 12, DIFC, Dubai, 050 553 3879, www.east-wing.org

Enjoy a discount on packages at Dubai Aquarium & Underwater Zoo especially for UAE residents. Bring your Emirates ID at select hours and get up to 50 per cent off when you choose cage snorkelling, shark dives, shark walker, scuba diving, Go Pro camer and specialty diving packages. From 10am to 8pm for 30 per cent off; from 9pm to closing for 50 per cent off, Dubai Aquarium & Underwater Zoo, The Dubai Mall, Dubai, 04 448 5200, www.thedubaiaquarium.com

While you're here
Scoreline

Saudi Arabia 1-0 Japan

 Saudi Arabia Al Muwallad 63’

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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Pharaoh's curse

British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.

While you're here
EMERGENCY PHONE NUMBERS

Estijaba – 8001717 –  number to call to request coronavirus testing

Ministry of Health and Prevention – 80011111

Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre

Emirates airline – 600555555

Etihad Airways – 600555666

Ambulance – 998

Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries

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