In the middle of one of Cairo’s busiest districts, horticulturalists snip, prune and preen their floral offerings, ready to impress visitors to the 89th Spring Flowers Exhibition.
One of Egypt’s most visited annual events, the exhibition brings together the country’s most prolific horticulturalists to exhibit their goods for excited clients.
The show has made Giza’s historic Orman Botanical Garden its home since it was first launched officially as an annual event in 1934.
This year’s round of the show opened on March 1 and ends on March 31.
The show attracts a wide range of visitors, including families and young people, and exhibitors hope to convert those visits into sales. Many rely on the show to make their biggest sales of the year.
“I have been participating in the fair for the past 29 years, I have never missed a year,” Manzour Atya, an exhibitor, told The National.
“For me, the show is a hub for producers and specialists in plants to showcase their stuff. There are always new visitors and even if they don’t buy anything, they stop for a conversation and I get to pass on some of my knowledge in the field.”
The vibrancy of the exhibition’s stalls and the tranquillity of the 28-acre Orman Botanical Garden is in stark contrast to the busy, polluted streets of Cairo just outside the garden’s wrought iron gates.
For many of the show’s visitors, it is a reprieve from the imposing concrete jungle that is the Egyptian capital.
“A lot of the visitors just come to enjoy the atmosphere,” continued Atya. “I think a lot of people find meaning and fulfilment from being around so many colourful plants, many of which they don’t get to see elsewhere.”
Many of the fair’s exhibitors grow exotic plants that they bring to impress buyers at the exhibition. One grower specialises in Japanese bonsai trees, which can only be found in private gardens.
The exhibition continues to attract new visitors every year, many of whom are young adults who find out about it on social media.
However, for some of the show’s visitors, the main attraction is the Orman garden, which predates the show by over 50 years, having been built by Egypt’s former ruler Khedive Ismail in 1875. The original garden, which was part of Khedive’s palace, was much larger than it is today.
It was designed by renowned French landscaper Jean-Pierre Barillet-Deschamps.
Tickets for the exhibition are available upon arrival for 10 Egyptian pounds ($0.64).
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UAE currency: the story behind the money in your pockets
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.
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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.”
Mane points for safe home colouring
- Natural and grey hair takes colour differently than chemically treated hair
- Taking hair from a dark to a light colour should involve a slow transition through warmer stages of colour
- When choosing a colour (especially a lighter tone), allow for a natural lift of warmth
- Most modern hair colours are technique-based, in that they require a confident hand and taught skills
- If you decide to be brave and go for it, seek professional advice and use a semi-permanent colour
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