It was an evening of mind-numbing oratory and breathtaking choreography. Viktor Yanukovich, the locals' preferred candidate for the presidency, was cheered almost as much as Beyonce, and even the actual president, Viktor Yushchenko, once the initial jeers had died away, made sufficient appeal to Donetsk pride to be applauded from the podium.
Whatever the day-to-day reality of life in eastern Ukraine, as recession bites, the mines and steelworks close, and unemployment rises, it was possible last Saturday, after the grand opening of the 50,000-capacity Donbass Arena, to believe in a bright future with the new stadium at the heart of it.
This is the US$400million (Dh1,468m) realisation of the dream Rinat Akhmetov, local oligarch and owner of Shakhtar Donetsk, had in 1999 when he went to see Ukraine play France in Paris. He fell in love with the Stade de France, a decided to gift a similar facility to his home town.
Just across from the road from the Donbass Arena is the Olympyskiyi Stadium, where Shakhtar have played until now and where Serhiy Bubka first demonstrated his prowess in the pole vault. These days it is dwarfed by its bigger neighbour, which looms oddly over it like a weird blue spaceship, but it too was once a formidable venue, and it seems fitting that its last major game was the final of the European Under 19 championship, in which Ukraine beat England.
Potential, the message seemed to be, is beginning to be untapped.
The senior national team hosts Andorra on Saturday before a vital trip to Belarus on Wednesday, knowing that if they can match Croatia's results from here on in, they have the head-to-head advantage in the battle for a play-off spot; a second successive qualification for the World Cup remains within their grasp.
As the Shakhtar squad that won last season's Uefa Cup - the first tangible evidence of Ukraine's rise - was presented to the crowd on Saturday, though, there was one very noticeable absentee from the side that beat Werder Bremen to clinch the trophy.
Dmytro Chygrynskiy, the 22-year-old centre-back and national captain, was in Barcelona to finalise a £22m (Dh130m) move to the European champions.
Yet even that can be seen as a positive: as Andriy Shevchenko returns home, joining Dynamo Kiev from Chelsea, so another possible great heads off to the big leagues of the west.
But behind all the glitz and the self-congratulation, there remains one nagging question: that of the 2012 European Championship - which the Ukraine are co-hosting with Poland - and whether the Donbass Arena will, after all, host a semi-final.
The stadium may well be, as Yushchenko said, "the best in Europe" but the problems of infrastructure remain.
The airport in Donetsk consists of just one departure gate, while a survey last October reported only 583 hotel rooms in the city.
Uefa will make a final decision on venues for the tournament in November, with the suggestion being they are considering a compromise agreement under which only two Ukrainian cities - probably Kiev and Lviv - would be used, with Krakow perhaps being added to the list of Polish venues, which at present comprises Warsaw, Poznan, Gdansk and Wroclaw.
"The stadium is terrific," said Martin Kallen, the Swiss director of Uefa's 2012 committee. "But there is a lot of work to be done to make Uefa confident. We have guarantees from the government about funding for the airport, but we need to see work begin and for the hotels there is a lot to do. It's not looking as good as we had hoped."
The Polish media has been scornful of Ukraine from the start, but the comment in one paper this week that Donetsk airport resembles in run-down bus station in a provincial Polish town is not too far wide of the mark.
The fact that the international media visiting the opening had to fly to Kiev after the event because of the shortage of hotel rooms certainly does not inspire great faith, and that lack of infrastructure could also count against Donetsk's bid to host either the Champions League or Europa League final in 2012.
The great worry at the moment is that the Donbass Arena could be a great venue left adrift by the lack of a support structure to sustain it.
jwilson@thenational.ae
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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: 2017 Ford F-150 Raptor
Price, base / as tested Dh220,000 / Dh320,000
Engine 3.5L V6
Transmission 10-speed automatic
Power 421hp @ 6,000rpm
Torque 678Nm @ 3,750rpm
Fuel economy, combined 14.1L / 100km
The biog
Title: General Practitioner with a speciality in cardiology
Previous jobs: Worked in well-known hospitals Jaslok and Breach Candy in Mumbai, India
Education: Medical degree from the Government Medical College in Nagpur
How it all began: opened his first clinic in Ajman in 1993
Family: a 90-year-old mother, wife and two daughters
Remembers a time when medicines from India were purchased per kilo
UAE currency: the story behind the money in your pockets
FIXTURES
Thursday
Dibba v Al Dhafra, Fujairah Stadium (5pm)
Al Wahda v Hatta, Al Nahyan Stadium (8pm)
Friday
Al Nasr v Ajman, Zabeel Stadium (5pm)
Al Jazria v Al Wasl, Mohammed Bin Zayed Stadium (8pm)
Saturday
Emirates v Al Ain, Emirates Club Stadium (5pm)
Sharjah v Shabab Al Ahli Dubai, Sharjah Stadium (8pm)
The biog
Name: Timothy Husband
Nationality: New Zealand
Education: Degree in zoology at The University of Sydney
Favourite book: Lemurs of Madagascar by Russell A Mittermeier
Favourite music: Billy Joel
Weekends and holidays: Talking about animals or visiting his farm in Australia
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young