• Patrons walk near the entrance of Sydney Aquatic Centre in Sydney on February 24, 2014. Before the 2000 summer Olympics, the site west of Sydney where the 1580-acre Sydney Olympic Park was built was a grungy, desolate wasteland of slaughterhouses, garbage dumps and factories. Since the games, it has slowly developed into its own suburb with hotels, offices, restaurants and parklands. The park now hosts thousands of events each year, from music festivals to sports to business conferences, drawing more than 12 million annual visitors. Rick Rycroft / AP Photo
    Patrons walk near the entrance of Sydney Aquatic Centre in Sydney on February 24, 2014. Before the 2000 summer Olympics, the site west of Sydney where the 1580-acre Sydney Olympic Park was built was a grungy, desolate wasteland of slaughterhouses, garbage dumps and factories. Since the games, it has slowly developed into its own suburb with hotels, offices, restaurants and parklands. The park now hosts thousands of events each year, from music festivals to sports to business conferences, drawing more than 12 million annual visitors. Rick Rycroft / AP Photo
  • This is a March 29, 1997 file photo of baseball fans as they fill the stands as the Atlanta Braves play an exhibition game against the New York Yankess, the first baseball game ever to be played in the new Turner Field in Atlanta. Converting the Olympic Stadium to a baseball park helped to keep the Braves in downtown Atlanta. After the 1996 games, the Olympics stadium was converted into Turner Field, the baseball stadium that’s been home to the Atlanta Braves for the past several years (AP Photo/Ric Feld, File)
    This is a March 29, 1997 file photo of baseball fans as they fill the stands as the Atlanta Braves play an exhibition game against the New York Yankess, the first baseball game ever to be played in the new Turner Field in Atlanta. Converting the Olympic Stadium to a baseball park helped to keep the Braves in downtown Atlanta. After the 1996 games, the Olympics stadium was converted into Turner Field, the baseball stadium that’s been home to the Atlanta Braves for the past several years (AP Photo/Ric Feld, File)
  • In this picture taken on February 21, 2014, the bobsleigh track damaged by artillery fire is painted with graffiti at Mt. Trebevic near Bosnian capital of Sarajevo. Wartime destruction and negligence have turned most of Sarajevo’s 1984 Winter Olympic venues into painful reminders of the city’s golden times. The world came together in the former Yugoslavia in 1984 after the West had boycotted the 1980 Olympics in Moscow and Russia boycotted the 1984 Summer Games in Los Angeles. Just eight years later, the bobsleigh and luge track on Mount Trbevic was turned into an artillery position from which Bosnian Serbs pounded the city for almost four years. Today, the abandoned concrete construction looks like a skeleton littered with graffiti. Amel Emric / AP Photo
    In this picture taken on February 21, 2014, the bobsleigh track damaged by artillery fire is painted with graffiti at Mt. Trebevic near Bosnian capital of Sarajevo. Wartime destruction and negligence have turned most of Sarajevo’s 1984 Winter Olympic venues into painful reminders of the city’s golden times. The world came together in the former Yugoslavia in 1984 after the West had boycotted the 1980 Olympics in Moscow and Russia boycotted the 1984 Summer Games in Los Angeles. Just eight years later, the bobsleigh and luge track on Mount Trbevic was turned into an artillery position from which Bosnian Serbs pounded the city for almost four years. Today, the abandoned concrete construction looks like a skeleton littered with graffiti. Amel Emric / AP Photo
  • In this picture taken on February 21, 2014, graffiti by London creative collective The Lurkers “The Lurkers do Sarajevo” is written on a destroyed hotel at Mt. Igman. Wartime destruction and negligence have turned most of Sarajevo’s 1984 Winter Olympic venues into painful reminders of the city’s golden times. The world came together in the former Yugoslavia in 1984 after the West had boycotted the 1980 Olympics in Moscow and Russia boycotted the 1984 Summer Games in Los Angeles. Just eight years later, the bobsleigh and luge track on Mount Trbevic was turned into an artillery position from which Bosnian Serbs pounded the city for almost four years. Today, the abandoned concrete construction looks like a skeleton littered with graffiti. Amel Emric / AP Photo
    In this picture taken on February 21, 2014, graffiti by London creative collective The Lurkers “The Lurkers do Sarajevo” is written on a destroyed hotel at Mt. Igman. Wartime destruction and negligence have turned most of Sarajevo’s 1984 Winter Olympic venues into painful reminders of the city’s golden times. The world came together in the former Yugoslavia in 1984 after the West had boycotted the 1980 Olympics in Moscow and Russia boycotted the 1984 Summer Games in Los Angeles. Just eight years later, the bobsleigh and luge track on Mount Trbevic was turned into an artillery position from which Bosnian Serbs pounded the city for almost four years. Today, the abandoned concrete construction looks like a skeleton littered with graffiti. Amel Emric / AP Photo
  • In this February 23, 2014 photo, people take a look at the construction site in Queen Elizabeth Olympic Park in east London. The Games’ Velodrome is seen left. London continues to bask in the success of the most recent Summer Games, but the Olympic legacy is difficult to determine. The flagship venue, renamed the Queen Elizabeth Olympic Park, is being converted into a massive park as big as London’s famous Hyde Park, complete with wildlife habitats, woods and sports facilities. The first part of the ambitious project will begin to open to the public in April. The 80,000-seat Olympic Stadium at the center of the park has been troubled by controversy since even before the games, and its post-games use was the subject of months of legal wrangling. The stadium is now being converted into a soccer venue and the home of the West Ham soccer club, with an expected price tag of $323 million. Many argue taxpayers should not have to fund a Premier League club, though officials insist that the stadium will continue to host other major sporting events, including the Rugby World Cup in 2015. Lefteris Pitarakis / AP Photo
    In this February 23, 2014 photo, people take a look at the construction site in Queen Elizabeth Olympic Park in east London. The Games’ Velodrome is seen left. London continues to bask in the success of the most recent Summer Games, but the Olympic legacy is difficult to determine. The flagship venue, renamed the Queen Elizabeth Olympic Park, is being converted into a massive park as big as London’s famous Hyde Park, complete with wildlife habitats, woods and sports facilities. The first part of the ambitious project will begin to open to the public in April. The 80,000-seat Olympic Stadium at the center of the park has been troubled by controversy since even before the games, and its post-games use was the subject of months of legal wrangling. The stadium is now being converted into a soccer venue and the home of the West Ham soccer club, with an expected price tag of $323 million. Many argue taxpayers should not have to fund a Premier League club, though officials insist that the stadium will continue to host other major sporting events, including the Rugby World Cup in 2015. Lefteris Pitarakis / AP Photo
  • In this picture taken February 23, 2014, a street vendor flies kites printed with the Beijing Olympic games mascot image near the Water Cube aquatic center in Beijing, China. The Water Cube, where U.S. swimmer Michael Phelps made history by winning eight gold medals, has been transformed into a water park popular among local families. Its operators even peddle purified glacier water under the Water Cube brand for additional income. Beijing, which spent more than $2 billion to build 31 venues for the 2008 Summer Games, is reaping some income and tourism benefits from two flagship venues, though many sites need government subsidies to meet hefty operation and maintenance costs. Ng Han Guan / AP Photo
    In this picture taken February 23, 2014, a street vendor flies kites printed with the Beijing Olympic games mascot image near the Water Cube aquatic center in Beijing, China. The Water Cube, where U.S. swimmer Michael Phelps made history by winning eight gold medals, has been transformed into a water park popular among local families. Its operators even peddle purified glacier water under the Water Cube brand for additional income. Beijing, which spent more than $2 billion to build 31 venues for the 2008 Summer Games, is reaping some income and tourism benefits from two flagship venues, though many sites need government subsidies to meet hefty operation and maintenance costs. Ng Han Guan / AP Photo
  • In this picture taken February 21, 2014, a concrete podium for winners with the text “Winter Olympic Games 1984” stands abandoned near jumping hills at Mt. Igman near the Bosnian capital of Sarajevo. Wartime destruction and negligence have turned most of Sarajevo’s 1984 Winter Olympic venues into painful reminders of the city’s golden times. The world came together in the former Yugoslavia in 1984 after the West had boycotted the 1980 Olympics in Moscow and Russia boycotted the 1984 Summer Games in Los Angeles. Just eight years later, the bobsleigh and luge track on Mount Trbevic was turned into an artillery position from which Bosnian Serbs pounded the city for almost four years. Today, the abandoned concrete construction looks like a skeleton littered with graffiti. Amel Emric / AP Photo
    In this picture taken February 21, 2014, a concrete podium for winners with the text “Winter Olympic Games 1984” stands abandoned near jumping hills at Mt. Igman near the Bosnian capital of Sarajevo. Wartime destruction and negligence have turned most of Sarajevo’s 1984 Winter Olympic venues into painful reminders of the city’s golden times. The world came together in the former Yugoslavia in 1984 after the West had boycotted the 1980 Olympics in Moscow and Russia boycotted the 1984 Summer Games in Los Angeles. Just eight years later, the bobsleigh and luge track on Mount Trbevic was turned into an artillery position from which Bosnian Serbs pounded the city for almost four years. Today, the abandoned concrete construction looks like a skeleton littered with graffiti. Amel Emric / AP Photo
  • In this August 2, 2012 file photo, weeds sprout in the remains of what was once the playing field at the abandoned Olympic softball venue in southern Athens. The legacy of Athens’ Olympics has stirred vigorous debate, and Greek authorities have been widely criticized for not having a post-Games plan for the infrastructure. While some of the venues built specifically for the games have been converted for other uses, many are underused or abandoned, and very few provide the state with any revenue. Some critics even say that the multibillion dollar cost of the games played a modest role in the nation’s 2008 economic meltdown. Thanassis Stavrakis / AP Photo
    In this August 2, 2012 file photo, weeds sprout in the remains of what was once the playing field at the abandoned Olympic softball venue in southern Athens. The legacy of Athens’ Olympics has stirred vigorous debate, and Greek authorities have been widely criticized for not having a post-Games plan for the infrastructure. While some of the venues built specifically for the games have been converted for other uses, many are underused or abandoned, and very few provide the state with any revenue. Some critics even say that the multibillion dollar cost of the games played a modest role in the nation’s 2008 economic meltdown. Thanassis Stavrakis / AP Photo
  • In this August 2, 2012 file photo, murky water and rubbish fill an abandoned training pool for athletes at the Olympic village on the northern fringes of Athens. The legacy of Athens’ Olympics has stirred vigorous debate, and Greek authorities have been widely criticized for not having a post-Games plan for the infrastructure. While some of the venues built specifically for the games have been converted for other uses, many are underused or abandoned, and very few provide the state with any revenue. Some critics even say that the multibillion dollar cost of the games played a modest role in the nation’s 2008 economic meltdown. Thanassis Stavrakis / AP Photo
    In this August 2, 2012 file photo, murky water and rubbish fill an abandoned training pool for athletes at the Olympic village on the northern fringes of Athens. The legacy of Athens’ Olympics has stirred vigorous debate, and Greek authorities have been widely criticized for not having a post-Games plan for the infrastructure. While some of the venues built specifically for the games have been converted for other uses, many are underused or abandoned, and very few provide the state with any revenue. Some critics even say that the multibillion dollar cost of the games played a modest role in the nation’s 2008 economic meltdown. Thanassis Stavrakis / AP Photo

In pictures: What happens at host cities after the Olympics


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Here is a look at past Olympic host cities and what they did with their infastructure and athletic venues after the Games have been and gone. The real challenge begins with the end of the Olympics. How do they continue to use the expensive stadiums after the party is over? What happens to the athletes’ villages? What is the legacy of the Games? Some results have been good while others have been devastating.

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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