City of Arabia developement will include retail outlets, restaurants and a range of interactive experiences featuring Marvel characters. Above, a man dressed as Spiderman poses at Universal Studios Japan. AFP
City of Arabia developement will include retail outlets, restaurants and a range of interactive experiences featuring Marvel characters. Above, a man dressed as Spiderman poses at Universal Studios Japan. AFP
City of Arabia developement will include retail outlets, restaurants and a range of interactive experiences featuring Marvel characters. Above, a man dressed as Spiderman poses at Universal Studios Japan. AFP
City of Arabia developement will include retail outlets, restaurants and a range of interactive experiences featuring Marvel characters. Above, a man dressed as Spiderman poses at Universal Studios Ja

Marvel superheroes find home in Dubai with theme park


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The Avengers, Spider-Man and the X-Men are among a gang of heroes set to unleash their super-powers in the UAE next year when a Marvel Comics theme park opens in Dubai.

Marvel Adventure, a new indoor family entertainment centre, is scheduled to open its doors to superheroes and comic-book fanatics by the end of next year in the City of Arabia development on Emirates Road.

It will include retail outlets, restaurants and a range of interactive experiences featuring Marvel characters such as Captain America and the Hulk.

The 1.2 million square foot theme park is being built by Ilyas and Mustafa Galadari Group (IMG), the developers of City of Arabia, which is part of the sprawling Dubailand development on the edge of the city.

The planned Marvel development will be dwarfed by Abu Dhabi’s Ferrari World, the world’s biggest indoor theme park.

“We are pleased to collaborate with Marvel for our multi-faceted themed family entertainment destination,” said Ilyas Galadari and Mustafa Galadari, of IMG Group.

“This will be one part of the region’s largest temperature controlled entertainment destinations that IMG is developing which is sure to be a strategic landmark in Dubai, appealing to the region as well as other parts of the world.”

The announcement comes in the middle of a blockbuster summer for superhero films at cinemas across the UAE.

“The park will do beyond well,” said John Chahine, the general manager for Italia Film Company, which distributed The Avengers film in the UAE.

“People are getting more familiar with the Marvel characters,” he added.

“Not only will the park attract tourists, it will combine with a very strong base of customers who reside in the UAE.”

The Avengers had the biggest industry opening ever in the Middle East and the film is already one of the most successful of all time in terms of box-office takings.

It has made more than Dh23 million (Dh6.26m) in the UAE since its launch last month, according to distributors, selling more than 500,000 tickets.

The Amazing Spider-Man is also opening in cinemas this summer, followed by Marvel’s Iron Man 3 in May next year and Thor 2 later the same year.

“I think the park is great for the [film] industry,” said Andy Fordham, the technical and digital film director at Gulf Film, a film-distribution company and parent company for Grand Cinemas, one of the region’s leading cinema chains.

“The UAE has one of the highest attendances per head for cinema attendance and that has to translate well into this park concept,” he added.

The park is hoping to attract more than 10,000 visitors per day and is expected to provide a boost to hotels in the area.

“Following the outstanding global and local box office success of Marvel’s The Avengers and the strong affinity for Marvel in the UAE, we are thrilled to be working with the IMG Group to bring some of Marvel’s most popular characters to kids and families across Dubai,” said Simon Philips, the president of Marvel Entertainment International.

City of Arabia, which was put on hold for years, is planned to be an entertainment, commercial and residential development. It had originally due to open in last year and include the world’s largest shopping mall and a dinosaur theme park.

The development was pitted to be part of the wider 278 sq km Dubailand development, originally intended to include a series of sprawling theme parks such as Universal Studios and Six Flags.

More than 40 projects were planned for the development, which was launched in October 2003 but only a handful are under development.

IMG did not disclose the cost of building the Marvel theme park but announced last month it had raised financing from Al Hilal Bank and Mashreq to fund the project.

The details of planned rides and experiences were also not disclosed. “It’s great that projects like this are happening again in Dubai,” said Ben Caddy, the managing director behind Middle East Film and Comic Con, which launched its first event this year in Dubai and welcomed 15,000 visitors.

“It’s the type of thing that will get global coverage and recognition,” Mr Caddy added.

“Marvel is something we have grown up with. We know these characters like the back of our hand and they speak to every nationality.”

rjones@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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