DUBAI // The organisers of the World Expo visited the Dubai site for the first time recently and affirmed that the emirate’s preparations were on track.
The two-day visit by the team from the Bureau International des Expositions (BIE) was part of a series of updates about developments for the international body that oversees World Expos.
“It’s wonderful to have been able to stand on the ground, with the organisers and see things taking shape,” said Vicente Loscertales, BIE secretary general about his visit to Dubai South.
The delegation viewed the site where, since last September, 3.9 million cubic metres of earth were moved and construction will begin later this year.
“The plans that have been put in place, and the progress being made in delivering them are impressive,” Mr Loscertales said after a briefing that outlined designs for pavilions, a master plan, local engagement and international outreach.
“The breadth of vision and scale of ambition Dubai displayed was crucial to winning the right to host this event,” he said.
The Expo site, which covers 438 hectares and includes a 200ha gated area, is located within the Dubai South District, adjacent to Al Maktoum International Airport.
Delegates from countries that the UAE hopes will participate in the Expo 2020 are scheduled to visit the site next month.
“Our progress is accelerating,” said Reem Al Hashimy, UAE Minister of State for International Cooperation, and director general of Expo 2020 Dubai.
“This is the first BIE technical visit since Dubai formally became host city for Expo 2020, and it marks another milestone on our Expo journey.”
Sheikh Ahmed Bin Saeed Al Maktoum, chairman of the Expo 2020 Dubai Higher Committee, Dubai Airports and Emirates Airline, also greeted the BIE team.
“We are on track to deliver an exceptional Expo that will truly connect people around the world, where they can come and experience ideas and innovations that will define the next fifty years,” Sheikh Ahmed said.
“We are delighted to share the progress we are making with representatives from the BIE.”
The BIE team was shown the winning designs selected for three major theme pavilions, Opportunity, Mobility and Sustainability, which are central to the Expo 2020s message of “Connecting Minds, Creating the Future”.
The pavilions will surround the central plaza called Al Wasl, drawing from the old Arabic name for Dubai meaning “the connection”.
The logo for the world fair was revealed last month inspired by a 4,000-year-old gold ring discovered on one of the UAE’s most important archaeological sites.
The expo will run from six months from October 2020 until April 2021 and host an estimated 25 million visitors.
The site will have the capacity to accommodate up to 250,000 people per day and there are plans for more than 30,000 volunteers from many nationalities to welcome visitors.
Two years ago, Dubai captured 70 per cent of votes at the BIE general assembly in Paris, sweeping aside competition from Yekaterinburg, Russia, and Izmir, Turkey to host the 13th World Expo.
In a November ceremony in Paris last year, Dubai was formally registered as the host, the green light to approach more than 180 countries to participate.
newsdesk@thenational.ae
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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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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Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Business Insights
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- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Profile of VoucherSkout
Date of launch: November 2016
Founder: David Tobias
Based: Jumeirah Lake Towers
Sector: Technology
Size: 18 employees
Stage: Embarking on a Series A round to raise $5 million in the first quarter of 2019 with a 20 per cent stake
Investors: Seed round was self-funded with “millions of dollars”
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Citadel: Honey Bunny first episode
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Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5