Abu Dhabi Business Events Week, which will focus on developing the emirate's meetings, incentives, conventions and exhibitions (Mice) industry, will be held on September 26 and 27 at Manarat Al Saadiyat.
Launched last year by the Abu Dhabi Convention and Exhibition Bureau (ADCEB), part of the Department of Culture and Tourism — Abu Dhabi, the events week aims to provide a platform for business tourism experts and industry operators to learn and collaborate through panel discussions, workshops and networking sessions.
Business events generate immense value and opportunities for the destination and the entire tourism ecosystem, said Mubarak Al Shamisi, ADCEB’s director.
“It is crucial to create platforms … that enable knowledge-sharing, networking and professional development among Mice professionals and leaders.
“The event also provides us with an opportunity to showcase Abu Dhabi’s strong Mice capabilities and world-class infrastructure, in addition to highlighting the array of inspiring, exciting and restorative experiences that visitors can explore at their own pace,” Mr Al Shamisi said.
The global Mice industry is predicted to reach $1.78 billion by 2030, growing at an annual rate of 6.1 per cent in the coming years, from $916.1 million in 2019, according to research company Next Move Strategy Consulting.
Abu Dhabi, which is boosting its tourism infrastructure, is also focusing on the Mice sector to attract larger corporate groups as the industry begins to pick up again following Covid-19.
As part of this, ADCEB recently launched the Advantage Abu Dhabi 2.0 initiative, which offers event organisers support throughout the event planning cycle, including financial assistance and destination-driven value-adds that generate business opportunities for local suppliers.
ADCEB also partnered with Etihad Airways to further bolster support for Mice groups travelling to Abu Dhabi, by offering them discounted air tickets, group booking discounts, complimentary flights and special flight rates for inspection trips to the city.
Earlier this year, the entity also teamed up with Miral to attract larger corporate groups to the UAE capital. As part of the partnership, a business event fund was launched, specifically targeting business events and corporate groups with more than 500 attendees.
At the event this month, experts will cover various industry topics and trends, including event bidding strategies, digital disruption and sustainability to support the Mice sector's growth.
Key industry groups including the International Congress and Convention Association, the Society for Incentive Travel Excellence, the Professional Convention Management Association, and the International Association of Exhibitions and Events, will also attend the event.
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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