More than 1,000 leading players in global travel and tourism will descend on Abu Dhabi next year.
The news comes after the city was granted the hosting rights to stage the biggest and most prestigious event in the industry calendar - and with it a huge chance to showcase what the emirate has to offer.
In a ceremony in Tokyo yesterday to mark the end of the World Travel and Tourism Council (WTTC) Global Summit 2012, a symbolic globe was handed over marking Abu Dhabi's selection as host to next year's summit in April.
James Hogan, the chief executive of Etihad Airways, accepted the globe on behalf of the capital, marking the culmination of an intense campaign to secure what is regarded as the most influential travel and tourism event of the year.
"WTTC's decision was based on Abu Dhabi's compelling presentation, the enthusiasm of government and industry agencies, accessibility of the destination, a high standard of capability and evidence of green tourism growth as a key development strategy", said David Scowsill, the chief executive of the WTTC, who handed the globe to Mr Hogan. "With its distinctive Arabian hospitality and world-class infrastructure, Abu Dhabi will be an enchanting destination for our top-level delegates."
The WTTC has for the past 20 years been the industry's voice on the economic and social contribution of travel, with a membership drawn from the chairmen, presidents and chief executives of the world's leading private sector travel and tourism businesses.
It sees its role as "raising awareness of the importance of the industry as an economic generator of prosperity, promoting sustainable growth, working with governments and international institutions to create jobs, to drive exports and to generate prosperity."
The summit will welcome more than 1,000 invited WTTC delegates to Abu Dhabi.
"This is an extremely prestigious win," said Guarav Sinha, the managing director of the branding consultancy Insignia, "and is a defining opportunity to showcase how the UAE is maturing as a premier destination.
"It's also a phenomenal tribute to the power of the Abu Dhabi Tourism & Culture Authority's promotion campaign. The value of the exposure it will give Abu Dhabi to the people at the top of travel industry is incalculable," he said.
"We will look upon those attending next year's summit as partners, whether existing, or potential, and I know this is how our local industry is viewing the event," said Mubarak Al Muhairi, the director general of the Abu Dhabi Tourism & Culture Authority.
"It is a platform for us to come together, to engage with each other and strike up new ventures, initiatives and relationships," he said.
"Recent years have seen Abu Dhabi's emergence as a dynamic, contemporary city and global economic powerhouse," said Mr. Hogan.
"Etihad Airways has been central to the success of the UAE Government's strategy to build travel and tourism into a major driver of economic development, bringing business and leisure tourists in their millions to the UAE capital. The success of this approach is a strong endorsement of WTTC policy.
"Today, Abu Dhabi is an exciting place to be and I have no doubt WTTC delegates will enjoy the city's hospitality and be amazed at its energy when they attend the summit in 2013."
Tourism in the UAE attracted capital investment of Dh76.5bn (US$20.82bn) last year and that figure is expected to rise over the next 10 years to Dh137.9bn a year taking travel and tourism's share of total national investment to 25.7 per cent by 2022, according to WTTC figures.
This year the Emirates is expected to welcome 11,234,000 international tourists, with that figure forecast to rise to 18,821,000 by 2022, generating expenditure of Dh167.1bn.
dblack@thenational.ae
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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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The specs
Price, base / as tested Dh960,000
Engine 3.9L twin-turbo V8
Transmission Seven-speed dual-clutch automatic
Power 661hp @8,000rpm
Torque 760Nm @ 3,000rpm
Fuel economy, combined 11.4L / 100k
