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The Democratic National Convention is in full swing in Chicago as the party prepares to mark the formal nomination of US Vice President Kamala Harris as presidential candidate and Minnesota Governor Tim Walz as vice presidential candidate for the 2024 election.
The political gathering caps off a whirlwind month for Democrats who quickly coalesced around the new ticket after President Joe Biden ended his re-election bid in July.
While there is likely to be a festive atmosphere inside the convention hall, protests are expected outside, as months of frustration over support for Israel amid the Gaza war threatens to boil over.
The National takes a look at what to expect at the DNC this week:
What is a convention?
The two major US political parties hold a convention each presidential election cycle to officially nominate their candidates and adopt a party platform.
Democrats officially nominated Ms Harris last month in a virtual vote of delegates due to concerns about ballot access in states with early deadlines, Reuters reported.
At the Republican National Convention last month in Milwaukee, Wisconsin, Donald Trump was officially nominated and introduced his choice for vice president, JD Vance, a US senator from Ohio.
When and where is the Democratic Convention?
The convention will run from August 19-22 in Chicago's United Centre arena.
Official programming generally takes place during the day, while main stage events including speeches will run from about 5pm to 10pm local time.
How can you watch the DNC?
The prime time events will be broadcast on all major networks and cable news channels, as well as streaming services including Hulu, Paramount Plus, Peacock and Max.
Bloomberg reported that the convention will also be streamed on the DNC’s website, as well as on TikTok, Instagram and YouTube, a first in the gathering's history, according to the organisation.
Who are the speakers? What is the schedule?
Mr Biden will kick off the convention on Monday night with a keynote speech that will serve as a goodbye of sorts for a politician who weeks ago was expected to once again accept the nomination as his party's presidential candidate.
He is expected to “hand off” his leadership in the party and the White House bid to Ms Harris, who will be present.
Former presidential candidate Hillary Clinton is also expected to speak on Monday.
On Tuesday, former president Barack Obama and Doug Emhoff, husband of Ms Harris, are scheduled to address the DNC. Former first lady Michelle Obama, a popular public figure in the Democratic Party, may also speak.
Vice presidential nominee Mr Walz will give his acceptance speech on Wednesday after former president Bill Clinton and former speaker of the House of Representatives Nancy Pelosi speak.
On Thursday, Ms Harris will accept the convention's nomination for president in a speech to cap the DNC.
What are the themes for each day?
Monday will focus on the Biden administration's policy accomplishments; Tuesday will contrast Mr Trump's and Ms Harris's visions for America and Wednesday will address the importance of protecting individual freedoms.
Thursday's programme, with the highlight being Ms Harris's acceptance speech, is titled For Our Future.
Will there be protests?
Thousands of anti-war protesters plan to demonstrate during the convention in the streets of Chicago, demanding that the US end aid to Israel amid the Israel-Gaza conflict.
The March on the DNC, a coalition of more than 200 organisations from all over the country, plans to hold two demonstrations during the event. Those protests are expected to take place on Monday and Thursday.
What about Trump?
Mr Trump and Mr Vance will spend the week touring battleground states, including Pennsylvania, Michigan, Wisconsin, North Carolina, Arizona and Georgia, Reuters reported.
The Republicans have announced their own themes, similar to the ones they laid out during their convention last month. Monday's events will focus on the economy; Tuesday's on crime and public safety; Wednesday's on national security, and Thursday's on immigration.
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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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