Here in Britain, we have strict laws against fly-tipping. Councils operate a “hotline” which anyone can call and they will send someone round to remove the mess, and if possible, investigate and prosecute.
Coming up Park Lane in London’s Mayfair, past the bevy of luxury hotels and apartments on one side and the luscious expanse of Hyde Park on the other, I want to dial the Westminster city council number.
Someone has dumped trailer loads of rubble next to Marble Arch. The giant pile has been there for a while, it would seem, so much so that grass has taken root.
It’s a big green hill, reminiscent of the town where I was raised in the north of England and the massive bank of "slag" (the spent fuel leftover from the steelworks) that was also grassed over in part and we would climb up and walk along as children.
It was an ugly monstrosity, put there when people did not know any better, when there were no rules about locating industrial waste.
These days, of course, we’re more environmentally conscious. Still, tens of lorries have tipped their rubbish, right in the centre of London, on the major traffic roundabout at the western end of Oxford Street.
It’s shocking. Where are the council details? As I near, I can see there are people on it, not dismantling but climbing to the top, up flights of steps. It all seems deliberate and permissible.
Hang on a minute, the notices indicate this eyesore is the brainchild of Westminster city council – the very same body I would phone to complain.
Marble Arch Mound, for that's its official title, measures 25 metres high and cost £6 million ($8.2m). It’s a shocker, hard to imagine how it was ever conceived, let alone allowed to get this far. Others agree, for Melvyn Caplan, the deputy council leader who spearheaded its building, has resigned. He went, not because he’d overseen the creation of a gigantic blob of whatever, but because the bill tripled, from an initial £2m.
The July opening, too, was botched, with those few visitors who bothered to ascend the stairs of what was billed as an “experiential destination” complaining it wasn’t finished and there was scaffolding everywhere. Instead of charging £4.50 to £8 for a ticket, the council gave refunds and made it free for the remainder of August.
Mr Caplan was not to blame for the awfulness of its appearance. After all, beauty is entirely subjective and the hill was designed by a Dutch firm of architects and the plans and computerised impressions were all approved by committees.
An instant source of ridicule
The unveiling of the mound came as a shock. For months, there were hoardings hiding some sort of construction work but exactly what was not clear.
Then, when the shrouds were removed, it was a head-spinner, an instant source of finger-pointing and ridicule.
Admittedly, Marble Arch is not as grand as the Arc de Triomphe in Paris or even Wellington Arch at the other end of Park Lane at Hyde Park Corner.
That’s due in part to the fact it was never intended to be there – designed in the 19th century as a grand entrance for Buckingham Palace, Marble Arch was bizarrely and ignominiously moved to form the opening to the Great Exhibition in 1850 and never returned.
Today, Marble Arch is lost, amid a constant stream of vehicles and adjacent shops.
That explains some of the rationale behind the madness, that Oxford Street, hit hard by the rise of online retailing, required a boost. That was even before the onset of the pandemic. Since then, almost 20 per cent of the shops along the east-west thoroughfare have closed permanently. Social distancing restrictions have eased but footfall remains at half the pre-virus level.
Missing the sights
Marble Arch Mound was aimed, then, to draw crowds, as an “experiential destination”. It was part of a £150m outlay to try to return this part of London’s West End to its retailing heyday.
We live in an age of greening, of constructing vertical gardens on the sides of towers, planting trees on rooftops and placing flower beds and shrubs on bridges and walkways.
The concept was not unadjacent to New York’s High Line, affording vistas over Hyde Park and central London.
But, as anyone familiar with London’s layout should know, Marble Arch is not the ideal spot for providing spectacular cityscapes. At an elevated level, this section of the capital is rather drab, viewing-wise.
The iconic sights of Big Ben, St Paul’s, Tower Bridge, the City skyline, are elsewhere. This is a district of squat blocks, office and apartments below, shops beneath.
Hyde Park, too, is no great shakes to look at, not from a platform 25 metres up. Fair enough if the tops of trees and glimpses of lawns are your thing, but otherwise, it’s unexciting.
A tacky pop-up
Originally, the plan was for the Rotterdam consultancy, MVRDV, which specialises in devising “happy and adventurous places”, to totally cover Marble Arch.
They have form in this regard. MVRDV once proposed burying London’s Serpentine Gallery under a hill. That concept was scrapped because of cost overruns, but more successfully they did erect a 30-metre staircase in the centre of Rotterdam that rewarded the brave, and fit, with arresting views right across that city.
They were warned, though, that their idea for Marble Arch would risk damaging the white marble-faced structure, that being subjected to a lengthy period of darkness would weaken the mortar. A compromise was sought of erecting a mound to the side.
The landscaping was supposed to have a lush aspect, but London’s early summer heatwave put paid to that, with the result that the sparse vegetation is forlorn and wilting.
The hill’s unnatural, clunky shape (it looks like it’s been designed by computer, which it has) can also be explained by the fact it’s not a solid lump at all but a shell, hollow inside, put together in sections and hanging on a frame. There is the ubiquitous cafe and exhibition space at the bottom.
In a location badly devoid of foreign tourists, thanks to Covid, visitor numbers are low, although the mound has become an attraction of sorts, as a source of bemusement and amusement.
Sadly, the Marble Arch Mound will not solve the long-term issue of how to return excitement to Oxford Street. Neither, to be fair, was it ever meant to.
For, if there is one saving grace it is the hill’s impermanence. It was only ever conceived as temporary and will close as planned after six months, in January.
It’s a pop-up in other words – same as so many others that now grace the area. Somehow, that only serves to make its tackiness more fitting.
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The specs: 2017 Dodge Ram 1500 Laramie Longhorn
Price, base / as tested: Dhxxx
Engine: 5.7L V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 556Nm @ 3,950rpm
Fuel economy, combined: 12.7L / 100km
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
UAE currency: the story behind the money in your pockets
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'Spies in Disguise'
Director: Nick Bruno and Troy Quane
Stars: Will Smith, Tom Holland, Karen Gillan and Roshida Jones
Rating: 4 out of 5 stars
UAE WARRIORS RESULTS
Featherweight
Azouz Anwar (EGY) beat Marcelo Pontes (BRA)
TKO round 2
Catchweight 90kg
Moustafa Rashid Nada (KSA) beat Imad Al Howayeck (LEB)
Split points decision
Welterweight
Gimbat Ismailov (RUS) beat Mohammed Al Khatib (JOR)
TKO round 1
Flyweight (women)
Lucie Bertaud (FRA) beat Kelig Pinson (BEL)
Unanimous points decision
Lightweight
Alexandru Chitoran (ROU) beat Regelo Enumerables Jr (PHI)
TKO round 1
Catchweight 100kg
Marc Vleiger (NED) beat Mohamed Ali (EGY)
Rear neck choke round 1
Featherweight
James Bishop (NZ) beat Mark Valerio (PHI)
TKO round 2
Welterweight
Abdelghani Saber (EGY) beat Gerson Carvalho (BRA)
TKO round 1
Middleweight
Bakhtiyar Abbasov (AZE) beat Igor Litoshik (BLR)
Unanimous points decision
Bantamweight
Fabio Mello (BRA) beat Mark Alcoba (PHI)
Unanimous points decision
Welterweight
Ahmed Labban (LEB) v Magomedsultan Magomedsultanov (RUS)
TKO round 1
Bantamweight
Trent Girdham (AUS) beat Jayson Margallo (PHI)
TKO round 3
Lightweight
Usman Nurmagomedov (RUS) beat Roman Golovinov (UKR)
TKO round 1
Middleweight
Tarek Suleiman (SYR) beat Steve Kennedy (AUS)
Submission round 2
Lightweight
Dan Moret (USA) v Anton Kuivanen (FIN)
TKO round 2
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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.”
MATCH INFO
World Cup qualifier
Thailand 2 (Dangda 26', Panya 51')
UAE 1 (Mabkhout 45 2')
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