In my (admittedly limited) experience, Istanbul is a far better venue for a World Economic Forum (WEF) than Davos.
The Swiss Alpine resort is, of course, the birthplace of the WEF and its spiritual home but it must rank as the most impractical place on Earth to hold a gathering of the size of the annual January bash there.
It's not only the weather, though this year's European cold snap and deluges of snow made getting round the place a daily trial, it's also the fact that a small town like Davos gets inundated by the WEF to the extent that no other life exists during the forum.
It becomes rather like a Disney World all of its own, cut off from the rest of the universe.
There is no chance of that happening in Istanbul.
The city on the Bosphorus is as different from stuffy Davos as can be. While the life of every burgher of the Swiss town is affected by the annual event, citizens of Istanbul barely notice there is a WEF going on.
The taxi drive from Ataturk airport to the conference centre proved the point. Black limos transporting powerful leaders of world opinion were held up while local people double-parked on the corniche road that runs alongside the Sea of Marmara, and held what seemed like a mass picnic, with barbecues, children's games and rasping Turkish music.
Nobody noticed the backed-up convoy of the movers and shakers.
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The Istanbul WEF is the biggest of the string of gatherings that pave the way for the Swiss grand finale. Taking in Europe, central Asia and the Middle East, this year it replaces the separate forums that used to be held in those three regions, forming what WEF officials call a "mega-region".
But how did Turkey get the right to stage such a huge gathering?
Some participants say it reflects the sometimes troubled history between the WEF and Recep Tayyip Erdogan, the Turkish prime minister. In 2009, he caused a stir by walking offstage during a debate with the Israeli president Shimon Peres.
Relations between the Turks and the WEF have been prickly ever since. The organisation, so the story goes, decided to give Turkey a huge geographical dominion in exchange for their agreement to participate again.
That may be apocryphal, as no doubt is the whispered suggestion that the scope of the forum reflects Turkish ambitions to recreate the Ottoman Empire.
However, the main networking hall at the WEF is dominated by a large and obviously very valuable map in Arabic showing the Turkish domains at the height of Ottoman power in the 17th century.
I asked one of the Turkish helpers to translate it for me, but she replied: "We don't speak Arabic any more." Her English, however, was flawless.
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I can't recall the last time I was turned away from a drinks party, before the Istanbul WEF. The invitation, as far as I was concerned, was loud and clear: "Opening reception, hosted by Dogus Group, by the pool in the Swissotel." There was no indication at all that a journalist might not be welcome. Transparency and media friendliness are, after all, the guiding lights of the WEF.
But just as I was about to enter the pool area, a twitchy Turkish security man saw my badge and, with a heavy arm across my chest, said: "No media".
Not wanting to fight on this occasion, I retired with an American colleague to the terrace of the Café Swiss and there had refreshment, and also a bird's eye view of what was going on by the pool.
When the band started up a tango number, and the WEFers began to slip and slide across the dance floor, we both decided it was much better to be little children outside the sweetshop, noses pressed up against the window pane, than down in that embarrassing mass.
fkane@thenational.ae
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.”
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
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- Tower Hamlets, London
HER%20FIRST%20PALESTINIAN
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In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
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- Engineering leader: Dh30,000 to Dh55,000
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- Senior reservoir engineer: Dh40,000 to Dh55,000
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- Senior process engineer: Dh28,000 to Dh38,000
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Killing of Qassem Suleimani
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani