A man practices tai chi at the Bund, which has been reopened after a massive renovation for the Shanghai World Expo 2010.
A man practices tai chi at the Bund, which has been reopened after a massive renovation for the Shanghai World Expo 2010.

Geared for good times



China's pulsing commercial capital is a heady place to visit at any time. But as host of the World Expo 2010 from May to October, Shanghai has hit full throttle. In the months leading up to the May 1 curtain raiser, the city underwent one of the largest scale metropolitan makeovers ever witnessed and is now home to the biggest metro system in the world, two revamped international airports, a high-speed intercity rail hub, a redeveloped Bund waterfront and a multitude of new skyscrapers and gentrified entertainment districts.

It's a return to the global spotlight for a city that was associated with glamour and good times in the early part of the last century, too. During its 1930s heyday, the "Paris of the Orient" was divided into self-governing foreign concessions, filled with dancing halls, opium dens and one of the world's largest collections of art deco architecture. These global influences mixed with traditional Chinese customs created an exotic blend that captured the imagination of visitors to the Far East.

There are rich pickings for visitors, with a rush of hotel openings ahead of the Expo. One of the newest is Ritz-Carlton Shanghai, Pudong (www.ritzcarlton.com) atop the new Shanghai IFC tower in the Lujiazui financial district. Shanghai's second Ritz-Carlton boasts a mod-deco design and a 58th-floor al fresco rooftop bar with sweeping views of the Huangpu River and heritage Bund mansions. Double rooms cost from US$293 (Dh1,076) plus taxes.

Across the Huangpu River on the Bund, Shanghai's riverfront boulevard, is The Peninsula Shanghai (www.peninsula.com ) which opened last year. It features 235 fully-wired rooms, a Peninsula Spa by ESPA and several fine dining options, including the palatial Cantonese Yi Long Court helmed by the Michelin-starred chef Tang Chi Keung. Double rooms start from $468 (Dh1,719) plus taxes. Tucked away in a 1930s art deco apartment building in the former French Concession, the 39-room boutique guesthouse @Gallery Suites (www.artgalleryhotels.com) features stylish period decor, free-standing bathtubs and hi-tech amenities. The Annexe building next door is home to an art gallery and teahouse. Double rooms cost from $175 (Dh643) plus taxes.

Built in the mid-19th century as a racecourse, People's Square is the geographical centre point of Shanghai, ringed with landmark buildings including the Shanghai Museum, Grand Theatre, Shanghai Exhibition Centre, MoCA, and the Shanghai Art Museum in the old Shanghai Jockey Club. From here, follow the throngs of domestic tourists along the pedestrianised shopping strip of Nanjing East Road. At the eastern end of the road is the Bund. Take in the stunning string of neoclassical, Romanesque, Chinese and art deco gems along this historic waterfront, then turn around and be equally mesmerised by the futuristic skyline of Pudong on the opposite riverbank.

Rise early and hit the streets for a typical Shanghainese breakfast. Streetside vendors - often using wheelbarrow-mounted kitchens - prepare a delicious array of made-to-order snacks. Be sure to try jian bing, a large burrito with fried egg, coriander, chives, preserved vegetables, and a salty cruller (you tiao); pan-fried dumplings; and steamed buns (baozi) filled with meat, vegetables or sweet red bean paste. Breakfast is usually packed away by 10am. Another cherished local tradition is hewu cha (or yum cha), when families and friends congregate over steaming baskets of snacks and pots of longjing tea. Crystal Jade (www.crystaljade.com) and Lynn (see below) are popular venues for Cantonese and Shanghainese dim sum, served from late morning until early afternoon.

From Michelin-starred chefs to makeshift holes in the wall, you can eat well in Shanghai on any budget. Mr & Mrs Bund (www.mmbund.com) is one of the trendiest tables. The Bund-side dining room and river views are a treat, but the main draw is the acclaimed French chef Paul Pairet's classic French comfort fare and trademark quirky creations. Dinner for two will set you back around $65 (Dh239) without drinks.

In a heritage villa in the French Concession, Lost Heaven (www.lostheaven.com.cn) serves up folk cuisines of the ethnic hilltribes along the Ancient Tea Horse Trail through China's Yunnan province and into Burma and Laos. The richly spiced curries are complemented by a seductive setting, upbeat vibe and reasonable bill - around $29 (Dh106) for two without drinks. For local fare, Lynn offers traditional and updated Shanghai classics, like hong shao rou (red-cooked pork) and shizi tou (giant meatballs) in a comfortable downtown locale. Book ahead for the popular $13 (Dh48) unlimited weekend dim sum.

The residential alleys and former factory buildings around Taikang Road have been transformed into an artsy enclave, perfect for a morning of souvenir shopping and people watching from sidewalk cafes. Check out local designer boutiques such as La Vie for fashions, Shokay for yak-wool knits, whimsical homeware at Platane, men's jewellery at JIP, and Nest, an eco-design collective of locally based brands. For contemporary Chinese art, head to the burgeoning art district of Moganshan Road. ShanghART, m97, Vanguard and Island 6 are the top gallery picks.

If someone approaches you offering a "genuine" Rolex watch or LV bag "at a good price", walk on. These are most certainly not genuine, and it is not advisable to follow hawkers into the back blocks to their secret stashes of bootleg gear. They can be pesky, but a firm "no thank you" while walking on usually does the trick.

Shanghai is at its best after dark, when the neon lights sparkle and cocktail lounges and jazz clubs start swinging. Glamour Bar (www.m-theglamourbar.com) on the Bund lives up to its name with a sophisticated vibe, classic cocktails and live entertainment, from literary discussions to top DJs. For seductive sipping, Constellation II (5465 5993) in the French Concession is a throwback to the Thirties, with leather armchairs and cocktails courtesy of the Japanese-trained owner. Shanghai and jazz are synonymous, and JZ Club (www.jzclub.cn) hosts a fusion of the top local and foreign talents and late-night jam sessions - the perfect end to those legendary Shanghai nights.

travel@thenational.ae

MATCH INFO

Osasuna 1 Real Madrid 4
Osasuna: García (14')
Real Madrid: Isco (33'), Ramos (38'), Vázquez (84'), Jovic (90' 2)

Match info

Who: India v Afghanistan
What: One-off Test match, Bengaluru
When: June 14 to 18
TV: OSN Sports Cricket HD, 8am starts
Online: OSN Play (subscribers only)

Results
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The National in Davos

We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.

Cricket World Cup League 2

UAE results
Lost to Oman by eight runs
Beat Namibia by three wickets
Lost to Oman by 12 runs
Beat Namibia by 43 runs

UAE fixtures
Free admission. All fixtures broadcast live on icc.tv

Tuesday March 15, v PNG at Sharjah Cricket Stadium
Friday March 18, v Nepal at Dubai International Stadium
Saturday March 19, v PNG at Dubai International Stadium
Monday March 21, v Nepal at Dubai International Stadium

VERSTAPPEN'S FIRSTS

Youngest F1 driver (17 years 3 days Japan 2014)
Youngest driver to start an F1 race (17 years 166 days – Australia 2015)
Youngest F1 driver to score points (17 years 180 days - Malaysia 2015)
Youngest driver to lead an F1 race (18 years 228 days – Spain 2016)
Youngest driver to set an F1 fastest lap (19 years 44 days – Brazil 2016)
Youngest on F1 podium finish (18 years 228 days – Spain 2016)
Youngest F1 winner (18 years 228 days – Spain 2016)
Youngest multiple F1 race winner (Mexico 2017/18)
Youngest F1 driver to win the same race (Mexico 2017/18)

Fifa Club World Cup:

When: December 6-16
Where: Games to take place at Zayed Sports City in Abu Dhabi and Hazza bin Zayed Stadium in Al Ain
Defending champions: Real Madrid

Fund-raising tips for start-ups

Develop an innovative business concept

Have the ability to differentiate yourself from competitors

Put in place a business continuity plan after Covid-19

Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.) 

Have enough cash to stay afloat for the next 12 to 18 months

Be creative and innovative to reduce expenses

Be prepared to use Covid-19 as an opportunity for your business

* Tips from Jassim Al Marzooqi and Walid Hanna

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Andor
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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.”

THE SPECS

Engine: 3.9-litre twin-turbo V8

Transmission: seven-speed dual clutch

Power: 710bhp

Torque: 770Nm

Speed: 0-100km/h 2.9 seconds

Top Speed: 340km/h

Price: Dh1,000,885

On sale: now

Asia Cup Qualifier

Venue: Kuala Lumpur

Result: Winners play at Asia Cup in Dubai and Abu Dhabi in September

Fixtures:

Wed Aug 29: Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore

Thu Aug 30: UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman

Sat Sep 1: UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal

Sun Sep 2: Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore

Tue Sep 4: Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong

Thu Sep 6: Final

 

Asia Cup

Venue: Dubai and Abu Dhabi

Schedule: Sep 15-28

Teams: Afghanistan, Bangladesh, India, Pakistan, Sri Lanka, plus the winner of the Qualifier

Company%C2%A0profile
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The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

Keep it fun and engaging

Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.

“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.

His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.

He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.

ALL THE RESULTS

Bantamweight

Siyovush Gulmomdov (TJK) bt Rey Nacionales (PHI) by decision.

Lightweight

Alexandru Chitoran (ROU) bt Hussein Fakhir Abed (SYR) by submission.

Catch 74kg

Omar Hussein (JOR) bt Tohir Zhuraev (TJK) by decision.

Strawweight (Female)

Seo Ye-dam (KOR) bt Weronika Zygmunt (POL) by decision.

Featherweight

Kaan Ofli (TUR) bt Walid Laidi (ALG) by TKO.

Lightweight

Abdulla Al Bousheiri (KUW) bt Leandro Martins (BRA) by TKO.

Welterweight

Ahmad Labban (LEB) bt Sofiane Benchohra (ALG) by TKO.

Bantamweight

Jaures Dea (CAM) v Nawras Abzakh (JOR) no contest.

Lightweight

Mohammed Yahya (UAE) bt Glen Ranillo (PHI) by TKO round 1.

Lightweight

Alan Omer (GER) bt Aidan Aguilera (AUS) by TKO round 1.

Welterweight

Mounir Lazzez (TUN) bt Sasha Palatkinov (HKG) by TKO round 1.

Featherweight title bout

Romando Dy (PHI) v Lee Do-gyeom (KOR) by KO round 1.

Shooting Ghosts: A U.S. Marine, a Combat Photographer, and Their Journey Back from War by Thomas J. Brennan and Finbarr O’Reilly