Abu Dhabi-owned ExCel London has secured planning approval to expand its venue by 25,000 square metres in a clear signal that momentum is returning to Britain’s Covid-battered events sector.
Work at London’s largest international exhibition and convention centre - which is owned by Abu Dhabi National Exhibitions Company (Adnec) - to boost floor space by 25 per cent will start next year, with an expected completion date of 2024.
The Phase 3 project is expected to support 115 jobs.
ExCeL London’s chief executive Jeremy Rees said receiving the green light for the expansion from the local planning committee was a “key moment” not just for ExCeL but for its customers and the entire UK events industry.
“The expansion of ExCeL will ensure that London and the UK remains internationally competitive and a destination of choice for world leading events, for years to come. Moreover, this investment will ensure that we can continue to meet the needs of our customers by providing opportunities for growth, complemented by a world class guest experience,” he said.
While the site initially expanded in 2010 to create London’s International Convention Centre, the new investment will include 12,000 sq m of exhibition space on the ground floor, which will be integrated into the existing venue.
The plans also include a high-end convention space, meeting rooms and catering facilities on the upper floor, with a “substantial” investment towards the greenery along the dock edge to improve landscaping, and a new pocket park.
Mr Rees said the project also falls into the centre’s ambition to create “the most sustainable development possible”, with the aim of securing a Building Research Establishment Environmental Assessment rating of excellent.
The expansion is another indication of Adnec’s commitment to investing in London. In July, the company bought a new hotel in the UK Capital as it continued to expand its hospitality portfolio.
DoubleTree By Hilton London Excel, a 287-room hotel next to ExCeL London, will support the development of the business and leisure tourism sectors in both countries, Adnec said.
“Adnec continues to affirm its commitment towards developing its assets in London”, according to the company’s managing director and chief executive Humaid Matar Al Dhaheri.
“This consolidates ExCeL’s position as one of the largest exhibition and conference hubs in Europe, and its pivotal role through the direct and indirect economic impact,” Mr Al Dhaheri said.
“The new expansion phase for ExCeL London contributes to our investments in the business tourism sector for the United Kingdom."
ExCel London said the Royal Docks venue is returning to pre-pandemic business levels since reopening its doors in July with “a packed schedule of almost 60 events”.
While 25 events have already been delivered, the venue said it was seeing “a faster than expected return in market confidence” with a “near capacity” 56 events scheduled until the end of this year.
In September, 40,000 visitors headed to Virgin London Marathon Show, with strong attendance also reported at other events
“All of this combined is leading to renewed confidence in the face-to-face events sector, which is forecast to be worth £27.6 billion by 2026," said Simon Mills, executive director of ExCel London.
The events industry, which generated £11 billion in economic activity and supported 114,000 jobs pre-pandemic, according to the Events Industry Alliance, was hammered by the pandemic after it was shut down by the government in March 2020 and did not fully reopen until July this year.
Event organisers still need measures in place to protect attendees, such as face masks and limits on numbers, depending on which part of Britain an event is located.
In December, Mr Rees said the pandemic was the “toughest situation” Adnec and ExCeL London has ever faced, calling 2020 “a challenging and unprecedented year”.
At the start of the crisis, ExCel London was transformed into Britain’s first coronavirus field hospital to help the country cope with a surge in coronavirus cases.
However, it later shut after being rarely used before reopening earlier this year to relieve the pressure on medical services when the UK capital was on the brink of running out of intensive care beds.
Adnec, a subsidiary of ADQ, acquired ExCeL in 2008, with the venue typically hosting 400 events a year, attracting 4 million visitors and 40,000 exhibiting companies.
Events at ExCeL generate £4.5bn for the UK economy, support 37,600 jobs and drive 25 per cent of London’s inbound business tourists, according to Mr Rees.
The opening of the Elizabeth Line, part of the Crossrail project, next year will see visitors able to reach ExCeL in 15 minutes from central London and 43 minutes from Heathrow, via the venue’s onsite station at Custom House.
Match info
Wolves 0
Arsenal 2 (Saka 43', Lacazette 85')
Man of the match: Shkodran Mustafi (Arsenal)
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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Sharjah Wanderers 20 Dubai Tigers 25 (After extra-time)
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Tigers
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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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Fixtures and results:
Wed, Aug 29:
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- Oman bt Nepal by 7 wickets
- UAE bt Singapore by 215 runs
Thu, Aug 30:
- UAE bt Nepal by 78 runs
- Hong Kong bt Singapore by 5 wickets
- Oman bt Malaysia by 2 wickets
Sat, Sep 1: UAE v Hong Kong; Oman v Singapore; Malaysia v Nepal
Sun, Sep 2: Hong Kong v Oman; Malaysia v UAE; Nepal v Singapore
Tue, Sep 4: Malaysia v Singapore; UAE v Oman; Nepal v Hong Kong
Thu, Sep 6: Final
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UAE currency: the story behind the money in your pockets
Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.