The Fifa World Cup 2022 in Qatar is set to be one of the most significant events of any kind to take place in the Middle East.
The societal, cultural and sporting impact of the tournament on the population here and the numerous visitors who are expected to travel will be incalculable.
The biggest sporting event in the world will begin on November 20 and conclude at the Lusail Stadium on December 18.
Matches will be held at eight venues across the country. The other seven venues are Stadium 974, Al Thumama Stadium, Al Bayt Stadium, Khalifa International Stadium, Ahmed bin Ali Stadium (Al Rayyan), Education City Stadium, and the Al Janoub Stadium (Al Wakrah).
As we build up towards the Qatar World Cup 2022, we look at each of the eight venues that will play host to teams and fans from all over the world.
Stadium 974
It is undoubtedly a unique venue at this or any other World Cup, both in concept and look. The stadium, which has a capacity of 40,000, incorporates two distinct facets of the country. The number 974 signifies the international dialling code for Qatar, and also the exact number of shipping containers used in the construction of the venue.
Shipping is integral to the growth and development of all countries in the region, which is also true for the hosts and has thus been immortalised in the form of Stadium 974.
Also, the venue has been built keeping sustainability and legacy in mind. It has been called the "first fully demountable tournament venue" in the history of the Fifa World Cup. The venue's temporary nature and modular design meant fewer building materials were required during construction.
Following the conclusion of the tournament, the stadium will make way for a waterfront development, according to the tournament website.
World Cup 2022 fixtures at Stadium 974
Tuesday, November 22: Group C, Mexico v Poland (8pm UAE time)
Thursday, November 24: Group H, Portugal v Ghana (8pm)
Saturday, November 26: Group D, France v Denmark (8pm)
Monday, November 28: Group G, Brazil v Switzerland (8pm)
Tuesday, November 29: Group C, Poland v Argentina (11pm)
Friday, December 2: Group G, Serbia v Switzerland (11pm)
Round of 16
Monday, December 5: Match 54, Group G winner v Group H runner-up (11pm)
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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.”
