It was meant to be the summer party of the year, but a new wave of the Delta variant of the coronavirus led former US president Barack Obama to scale down his star-studded birthday plans.
Obama, who turned 60 on Wednesday, was set to host a garden party with a reported 475-person-strong guest list at his $12 million mansion in Martha’s Vineyard island in Massachussetts.
However, according to The New York Times, many of the A-list guests received a call earlier in the week, to be told that they’d been uninvited, because of growing concerns about the spread of the Delta variant.
Curb Your Enthusiasm actor Larry David, and talk show hosts David Letterman and Conan O’Brien were among those who didn’t make the cut, The New York Times reported, while close friend Oprah Winfrey and filmmaker Ava DuVernay pulled out of the party earlier because of Covid-19 concerns.
For those who did make it, however, the bash was a “magical” event, according to guest Chrissy Teigen, who, along with husband John Legend, are known to be close friends of the former president and his wife Michelle Obama.
“Well, that was magical. Goodnight Martha’s Vineyard. I have fallen in love with you hard,” Teigen posted on Sunday, along with a video of herself singing Happy Birthday.
Teigen and Legend also posted images of themselves at the venue, with one photo featuring Pearl, a basset hound they adopted in July.
The menu at the bash included an extensive meat-free selection, co-ordinated by musician Questlove, according to Bloomberg.
Items included Spam musubi, made with Impossible Foods's faux meat and Eat Just’s plant-based eggs. Questlove also created his cheesesteak eggrolls, made using Impossible “beef” and “cheese sauce” from Perfect Day, a start-up in Berkeley, California, that makes animal-free and non-dairy proteins.
In lieu of gifts, Obama encouraged guests to donate to programmes that support young people, such as My Brother's Keeper, which helps young men of colour; the Girls Opportunity Alliance, which empowers adolescent girls around the world; and the Obama Foundation's Global Leadership Programmes, which aims to equip the next generation of emerging leaders, according to USA Today.
Actress Gabrielle Union and her husband, NBA player Dwyane Wade, were also spotted at the event.
"He rang. I answered," Union posted, along with photos of herself and Wade.
Union also posted another photo of the couple in the same location the next day, suggesting that there may have been several events.
Other guests included Bruce Springsteen, who teamed up with the former president earlier this year for a Spotify podcast, as well as Beyonce and her husband Jay Z. The Late Show host Stephen Colbert also attended.
Guests listed by The Daily Mail also include actors Tom Hanks, Bradley Cooper, Don Cheadle and directors Spike Lee and Steven Spielberg. Pearl Jam singer Eddie Vedder and Alicia Keys were also in attendance.
Grammy-winning musician HER, who made it to Obama's summer playlist this year, was also spotted at the party, which had performances by rapper Common and singer Erykah Badu.
"Happy birthday to the coolest @barackobama what an amazing night!" HER posted on Sunday, along with a video of her and the former president dancing. She deleted the post a few hours later.
Current US President Joe Biden did not attend, but made sure to wish his former boss a happy birthday on Wednesday.
Critics of Obama, especially those from the Republican Party, have slammed the former Democratic president for hosting such a large-scale event.
Republican congressman Jim Jordan, a loyalist of Obama's successor Donald Trump, took to Twitter to joke that "if this was President Trump's birthday" Democrats would be saying "How can someone be so reckless?" or "They're killing people".
Obama's spokesperson Hannah Hankins said the outdoor event was "planned months ago in accordance with all public health guidelines and with Covid safeguards in place".
"Due to the new spread of the Delta variant over the past week, the [former] president and Mrs Obama have decided to significantly scale back the event to include only family and close friends,” Hankins said. “President Obama is appreciative of others sending their birthday wishes from afar and looks forward to seeing people soon.”
Company%20profile
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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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UAE currency: the story behind the money in your pockets