Time Tunnel at Khalifa Park in Abu Dhabi is well worth seeking out

It's not just hot in Khalifa Park - it is searingly, confusingly hot right now. And the park is predictably deserted, as its concrete concourse is baking in the midday sun. A lone golf cart appears to quiver in the heat haze. The toy train that tours the perimeter of the park has ground to a dusty halt. The merry-go-round looks like it could melt at any moment. But dip into the air-conditioned gusts of Khalifa Park Maritime Museum and discover one of Abu Dhabi's true hidden curiosities - a subterranean ride that tells the story of the emirate via sound, speech and a legion of smiling waxworks.

What the 'Time Tunnel' is

The journey lasts about 20 minutes, and the pod-like car may not go fast nor upside down, but it does chart the history of the country from its pre-Union days through to the present in a lively way. Animatronic waxworks of Emiratis wave, weave clothes and welcome visitors as the car passes through the largely nomadic days of the country - looking at how livelihoods were made and bellies filled in one of the harshest environments on earth. A fairly detailed voice-over is interspersed with occasionally incomprehensible conversations among some of the waxworks that you trundle past.

Where you can find it

That's the thing - the Time Tunnel is so weirdly hidden away in the back of the Maritime Museum that you'd be forgiven for never spotting it. The museum itself opens on to a confusing space that looks like a school room, presided over by a waxwork Emirati leading a class and discussing slides. Behind a dark curtain is the entrance to the Time Tunnel, but make sure to get one of the guys on reception to switch it on, and tell them whether you want it in English or Arabic.

Why you should go

Entertainment during these toastier months is hard to come by at the best of times. So the opportunity to sit back and get an accessible education on the bygone days before the Union, as well as coming face to face with a small army of slightly unnerving waxworks - all for a mere Dh3 - is certainly worth a quick trip to Khalifa Park.

What you can expect

After the early history of the UAE, your pod is whisked through a fairly impressive aquarium, showing off some of the species local waters are home to. It then charts the demise of the pearl-fishing industry, heralded by a rather epic flaming oil derrick on a hand-painted background of the sea. The development of the oil industry is described, with a nostalgic reflection on those old divers who swapped their nose clips for overalls and helped in the construction of the early offshore platforms. The tour culminates in a rousing call for the founding vision of the country to continue into the future; as well as a scale model of an Abu Dhabi street (featuring a surprising number of pedestrians).

If it sounds like it's for kids …

It is! But that's not to say it isn't engaging for adults as well (as a bonus, the Desert Garden Centre is just next door). With Abu Dhabi's big museum projects still on their way, this is a snappy exhibit with a wanderable aquarium, all done in an engaging multimedia fashion.

The Time Tunnel in Khalifa Park's Maritime Museum is open from 8am to 10pm Sundays to Thursdays and 11am to 11pm on Fridays. Entry is Dh3

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.”

MATCH INFO

Manchester United 1 (Greenwood 77')

Everton 1 (Lindelof 36' og)

Scoreline:

Cardiff City 0

Liverpool 2

Wijnaldum 57', Milner 81' (pen)

The Matrix Resurrections

Director: Lana Wachowski

Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick

Rating:****

Time Tunnel at Khalifa Park in Abu Dhabi is well worth seeking out

Khalifa Park Maritime Museum is home to a ride that gives some historical context to Abu Dhabi's amazing transformation.

MATCH INFO

Scoreline:

The Matrix Resurrections