No alcohol, no hugs, no cheers and no autographs: Tokyo Olympic organisers unveiled tough new rules for spectators at the pandemic Games on Wednesday, as they marked one month until the opening ceremony.
Tokyo 2020 president Seiko Hashimoto warned festivities "will have to be suppressed" to keep the Games safe, and conceded that organisers will need to be "creative" to stoke a party atmosphere.
Games chiefs decided on Monday to allow up to 10,000 spectators into competition venues, but Hashimoto warned them not to expect the kind of festival mood being enjoyed by football fans at Euro 2020.
"In Europe, the venues are filled with celebration," she said. "Unfortunately, we may not be able to do the same."
Spectators will need to clear several antivirus requirements, including temperature checks and mask-wearing, just to get into venues – with no refunds available for those who cannot.
Once inside, they are forbidden from cheering or "making direct contact with other spectators" and will be asked to go straight home after the event ends.
Asking athletes for autographs or "expressing verbal support" is also a no-no, as is waving a towel or "any form of cheering that could create a crowd".
"The festive mood will have to be suppressed – that has become a major challenge," Hashimoto said.
"People can feel joy in their hearts, but they can't be loud and they have to avoid crowds.
"Those are the areas where we need to be creative, and we are putting in a lot of effort to come up with a new way of celebrating."
Spectators will also have to do without alcohol, even though it is allowed at other sporting events currently being held in Japan.
Hashimoto said the ban was decided "to alleviate the concerns of the public as much as possible."
'True values'
With the July 23 opening ceremony nearing, organisers are scrambling to finalise preparations and win over the sceptical public, pledging the Games will be safe for locals and participants.
Former athlete Hashimoto said a stripped-back Games was a chance to refocus attention on the "true values" of the Olympics.
"In recent years when I was participating as an athlete, there were concerns that this [event] has become so huge," she said.
"This time, I feel that the true values of the Olympic and Paralympic Games are finally being discussed."
Hashimoto rejected the suggestion that the complications of Tokyo 2020 might put off future hosts, as Olympic officials face a dwindling number of cities eager for the expensive undertaking.
"I see this as one opportunity to present the essence of the Olympic and Paralympic Games, and to change the format of the Games, so that other cities will be willing to hold the Games in the future," she said.
It may not be a line that convinces everyone, with athletes facing tough restrictions including daily testing and a ban on travel except between venues and the Olympic Village.
Domestic opposition to the Games has softened in recent weeks, but around half of Japan's public still do not want the event to open in four weeks' time, opinion polls show.
On Saturday, a Ugandan Olympic coach tested positive on arrival in Japan, despite the team reportedly being vaccinated and testing negative before travel.
The rest of the delegation has now been put in quarantine until July 3.
The frantic pace of preparations may have taken its toll on Tokyo Governor Yuriko Koike, who has been admitted to hospital suffering from exhaustion.
Addressing fears of a fun-free Games, Hashimoto said hoped the Olympics would showcase Japan's "culture of hospitality and caring about each other."
"I hope such spirit of caring about each other, will become the legacy of the Games."
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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