The Unified Korean flag is seen during the opening ceremony of the Pyeongchang 2018 Winter Olympic Games at the Pyeongchang Stadium on February 9, 2018. AFP / ARIS MESSINIS
The Unified Korean flag is seen during the opening ceremony of the Pyeongchang 2018 Winter Olympic Games at the Pyeongchang Stadium on February 9, 2018. AFP / ARIS MESSINIS
The Unified Korean flag is seen during the opening ceremony of the Pyeongchang 2018 Winter Olympic Games at the Pyeongchang Stadium on February 9, 2018. AFP / ARIS MESSINIS
The Unified Korean flag is seen during the opening ceremony of the Pyeongchang 2018 Winter Olympic Games at the Pyeongchang Stadium on February 9, 2018. AFP / ARIS MESSINIS

Winter Olympics open with show of Korean unity


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The Pyeongchang Winter Olympics opened in a spirit of intense rapprochement on Friday as the two Koreas marched together and South Korea's president shared a historic handshake with Kim Jong Un's sister.

At a glittering but sub-zero ceremony, South and North Korea brought the crowd to its feet as they entered behind the blue-and-white Korean unification flag.

South Korean President Moon Jae-in shook the hand of a smiling Kim Yo Jong, the powerful sister of North Korean leader Kim Jong Un, as he entered the VIP seating section, and again as the Korean athletes marched.

It cemented what has been a rapid improvement in Korean ties since North Korea - after months of fierce nuclear rhetoric and missile tests - agreed last month to attend its first Olympics in the South.

Kim Yo Jong, the first member of the North's ruling dynasty to venture South since the Korean War, forms part of the highest level delegation ever to cross the border.

South and North Korea last marched together at the 2006 Winter Olympics in Turin. They also made the symbolic gesture at the opening of the 2000 and 2004 Olympics in Sydney and Athens.

"You will inspire us all to live together in peace and harmony despite all the differences we have," said International Olympic Committee president Thomas Bach, before Moon declared the Games open.

Kim Yu-na, South Korea's former gold medal-winning figure skater, wore skates as she lit the Olympic cauldron, after being handed the torch by two members of the joint Korean women's ice hockey team - one player from the North and one from the South.

  • The Olympic cauldron is lit at the opening ceremony of the Pyeongchang 2018 Winter Olympic Games at Pyeongchang Olympic Stadium in Pyeongchang-gun, South Korea on February 9, 2018. Matthias Hangst / Getty Images
    The Olympic cauldron is lit at the opening ceremony of the Pyeongchang 2018 Winter Olympic Games at Pyeongchang Olympic Stadium in Pyeongchang-gun, South Korea on February 9, 2018. Matthias Hangst / Getty Images
  • Fireworks go off after the Olympic cauldron is lit. Phil Noble / Reuters
    Fireworks go off after the Olympic cauldron is lit. Phil Noble / Reuters
  • A general view of the Olympic Stadium during the opening ceremony. Richard Heathcote / Getty Images
    A general view of the Olympic Stadium during the opening ceremony. Richard Heathcote / Getty Images
  • Artists perform during the opening ceremony, which lasted just over two hours. Daniel Kopatsch / EPA
    Artists perform during the opening ceremony, which lasted just over two hours. Daniel Kopatsch / EPA
  • Artists perform during the opening ceremony of the Pyeongchang 2018 Winter Olympic Games. Jonathan Nackstrand / AFP
    Artists perform during the opening ceremony of the Pyeongchang 2018 Winter Olympic Games. Jonathan Nackstrand / AFP
  • Lee Hee-beom, president and chief executive of the Pyeongchang Organising Committee speaks as International Olympic Committee President Thomas Bach stands to his right during the opening ceremony of the 2018 Winter Olympics. Petr David Josek / AP Photo
    Lee Hee-beom, president and chief executive of the Pyeongchang Organising Committee speaks as International Olympic Committee President Thomas Bach stands to his right during the opening ceremony of the 2018 Winter Olympics. Petr David Josek / AP Photo
  • Performers entertain the crowd during the opening ceremony. Matthias Hangst / Getty Images
    Performers entertain the crowd during the opening ceremony. Matthias Hangst / Getty Images
  • Performers entertain the crowd during the opening ceremony. Matthias Hangst / Getty Images
    Performers entertain the crowd during the opening ceremony. Matthias Hangst / Getty Images
  • The South Korean flag is paraded during the opening ceremony. Phil Noble / Reuters
    The South Korean flag is paraded during the opening ceremony. Phil Noble / Reuters
  • Dancers perform at the opening Ceremony of the PyeongChang 2018 Winter Olympic Games. Sean M Haffey / Getty Images
    Dancers perform at the opening Ceremony of the PyeongChang 2018 Winter Olympic Games. Sean M Haffey / Getty Images
  • Dancers perform 'The Land of Peace' segment during the opening ceremony. Jamie Squire / Getty Images
    Dancers perform 'The Land of Peace' segment during the opening ceremony. Jamie Squire / Getty Images
  • One of the performance during the opening ceremony. Sean M Haffey / AFP
    One of the performance during the opening ceremony. Sean M Haffey / AFP
  • A general view of performers during the opening ceremony. Toby Melville / Reuters
    A general view of performers during the opening ceremony. Toby Melville / Reuters
  • Fireworks explode outside the stadium during the opening ceremony. Jung Yeon-Je / AFP
    Fireworks explode outside the stadium during the opening ceremony. Jung Yeon-Je / AFP
  • Fireworks go off at the Pyeongchang Stadium during the Winter Olympics opening ceremony. Brendan Smialowski / AFP
    Fireworks go off at the Pyeongchang Stadium during the Winter Olympics opening ceremony. Brendan Smialowski / AFP

Lee Hee-beom, head of the Games organising committee, said "the North and South have become one through the Olympics".

"Pyeongchang Olympics will become the hope and light for everyone that hopes for peace, not only on the Korean peninsula but in northeast Asia and the entire world," said Lee.

In contrast, Russia's athletes entered the ceremony behind a neutral flag after their team was suspended over a doping scandal. Despite the ban 168 "Olympic Athletes from Russia" will compete in Pyeongchang.

Just hours earlier, 47 Russians lost a court bid to take part in the Games after they were left off the list of athletes deemed clean from doping.

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US Vice President Mike Pence and other world leaders attended the opening ceremony in Pyeongchang, just 80 km from the heavily fortified border between North and South Korea.

Pence stood to welcome the US athletes as the Korean pop hit Gangnam Style blared around the stadium, sparking the 'Horse Dance' in the crowd and among the volunteers.

Hundreds of anti-North Korea protesters scuffled with riot police hours not far from the main stadium before the opening ceremony began, with some of their banners reading "Moon regime is leading Korea to destruction".

Thousands of spectators, including a squad of more than 200 North Korean cheerleaders, packed the frigid stadium for the opening ceremony.

Shivering athletes are bracing for one of the coldest Winter Olympics on record, with real-feel temperatures plumbing minus 10C at the opening ceremony.

Japan's speed skaters are among the athletes who decided it was too cold to brave the open-air ceremony, while organisers handed out heat packs, blankets and hats to keep spectators warm.

But Tonga's Pita Taufatofua, echoing his eye-catching entrance at the Rio Olympics, happily braved the chill as he appeared stripped to the waist and with his chest heavily oiled.

Expectations are sky-high for an array of stars at Pyeongchang, including American skiers Mikaela Shiffrin and Lindsey Vonn, while the drama in figure skating centres on whether Japan's "Ice Prince" Yuzuru Hanyu can recover from injury to retain his crown.

Potential winners also include French flag-bearer Martin Fourcade in biathlon, hoping to add to his two gold medals in Sochi in 2014.

Alpine giant slalom great Marcel Hirscher of Austria is also among the gold medal hunters.

The sensational 15-year-old Alina Zagitova of Russia will take the spotlight in women's figure skating, where a showdown is expected with her fellow Russian teen, Evgenia Medvedeva.

Another teenage breakout star could be Chloe Kim, 17, the American whose parents are Korean and who is tipped for gold in snowboard as well as adulation by the host nation.

For the South Koreans, major home hopes rest on the slender shoulders of yet another teenage girl.

In short-track speed skating, the 19-year-old Choi Min-jeong is among the favourites for a gold-medal sweep of all four races.

MATCH INFO

Rugby World Cup (all times UAE)

Final: England v South Africa, Saturday, 1pm

COMPANY%20PROFILE
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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.”

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

THE BIO: Martin Van Almsick

Hometown: Cologne, Germany

Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)

Favourite dessert: Umm Ali with dark camel milk chocolate flakes

Favourite hobby: Football

Breakfast routine: a tall glass of camel milk

The Lowdown

Us

Director: Jordan Peele

Starring: Lupita Nyong'o, Winston Duke, Shahadi Wright Joseqph, Evan Alex and Elisabeth Moss

Rating: 4/5

Classification of skills

A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation. 

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000. 

APPLE IPAD MINI (A17 PRO)

Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits

Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine

Storage: 128/256/512GB

Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4

Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps

Biometrics: Touch ID, Face ID

Colours: Blue, purple, space grey, starlight

In the box: iPad mini, USB-C cable, 20W USB-C power adapter

Price: From Dh2,099

COMPANY PROFILE
Name: Akeed

Based: Muscat

Launch year: 2018

Number of employees: 40

Sector: Online food delivery

Funding: Raised $3.2m since inception 

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Paris Can Wait
Dir: Eleanor Coppola
Starring: Alec Baldwin, Diane Lane, Arnaud Viard
Two stars

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Scoreline

UAE 2-1 Saudi Arabia

UAE Mabkhout 21’, Khalil 59’

Saudi Al Abed (pen) 20’

Man of the match Ahmed Khalil (UAE)

The Meg
Director: Jon Turteltaub
Starring:   
Two stars