Fireworks explode over Maracana stadium with the Mangueira 'favela' community in the foreground during opening ceremonies for the Rio 2016 Olympic Games on August 5, 2016 in Rio de Janeiro, Brazil. Mario Tama/Getty Images
Fireworks explode over Maracana stadium with the Mangueira 'favela' community in the foreground during opening ceremonies for the Rio 2016 Olympic Games on August 5, 2016 in Rio de Janeiro, Brazil. Mario Tama/Getty Images
Fireworks explode over Maracana stadium with the Mangueira 'favela' community in the foreground during opening ceremonies for the Rio 2016 Olympic Games on August 5, 2016 in Rio de Janeiro, Brazil. Mario Tama/Getty Images
Fireworks explode over Maracana stadium with the Mangueira 'favela' community in the foreground during opening ceremonies for the Rio 2016 Olympic Games on August 5, 2016 in Rio de Janeiro, Brazil. Ma

Rio 2016: Poor Brazilians watch Olympic opening ceremony from rooftops of favela slums


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RIO DE JANEIRO // In the hills that hug Maracana Stadium, many Brazilians saw the flash and glitz of the opening ceremony for the Olympics from rooftops with exposed wiring and water pipes, amid trash-filled streets separated from the spectacle by a highway and train tracks.

Mangueira is but one of the thousand favelas in Rio de Janeiro, a slum marred by gang violence and poverty that sits squarely in the shadow of the pageantry of South America’s first Olympic Games. In this neighborhood of tattered homes, the next two weeks are a visceral reminder of the lines dividing the city’s haves and have-nots, and the opening gala just down the road punctuated those differences with every crackle and pop.

“The poor, we don’t really get to experience the Olympics. We are close in distance, but far away,” said Luiz Alberto Araujo, a 30-year-old doorman who works in the posh Ipanema beach but lives in the slums. “We still have fun, but this party is for foreigners, for the rich.”

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Araujo watched the gala from the rooftop of a lime green house high on a hill in Mangueira, occasionally staring in silence at the stadium where, inside, athletes and fans cheered a supermodel strolling across a stage and Grammy-winning musicians performing samba.

Even from afar, the party was a momentary distraction for many of Mangueira’s 40,000 or so souls, offering a brief respite from the country’s persistent economic and political woes.

But they warned: Don’t confuse temporary joy with lasting satisfaction.

“I like having my family over. Of course, it would be a lot better to be right there,” Sandra Prado, a teacher, said as she pointed toward the Maracana. “But those prices are impossible for us.”

Prado and her family invited Araujo and others to gather to watch the ceremony from a distance. They drank beer and shared fried snacks while their children stayed glued to a television screen, awed by the special effects and the acrobatics of the performers. At one point during the show, dancers jumped over colorful shacks – meant to represent the city’s slums – and Araujo shouted: “It’s favela time! Now, we have to duck when there’s a shooting.”

When a song they all knew was performed inside the stadium, the women gathered at Prado’s sang along: “All I want is to be happy/ to roam free in the favela where I was born/ and to be proud/ and feel like us poor people have our own place.”

For the poor, the celebration that launched the coming competition was far out of reach financially. Ticket prices for the opening ceremony ranged from about $63 to $1,400. A minimum-wage worker in Brazil takes home some $55 a week.

“It is scandalous that ticket prices cater to very few higher-income residents and that the bulk of profits will leave the country,” said Bruno Carvalho, a Princeton University professor and author of the book “Porous City: A Cultural History of Rio de Janeiro.” “It was as if many Brazilians found out that they were hosting a global party to which only a select few had been invited.”

From a balcony in Mangueira, Adriana Santos, a 34-year-old dental secretary, celebrated the opening of the games with her sister’s family and mother. Like many Brazilians who have protested for improvements in education and health care, Santos said her country’s leaders should focus on fixing economic woes rather than staging mega sporting events.

Brazil is suffering its worst economic crisis in decades. Only two years ago, the nation also hosted the 2014 FIFA World Cup.

“It’s not worth it,” said Santos.

Still, others couldn’t help but feel a touch of pride when the stadium that serves as their backyard lit up in a stunning fireworks display. Many grabbed their smartphones and tried to shoot selfies with Maracana sparkling in the background, but most of the photos were too blurry or dark.

Deisi Alves, a 46-year-old maid, said she would forever cherish watching the ceremony. She took it all in with her 19-year-old son and nieces in the living room of a home where half of the floor is tile, and the rest concrete or dirt.

“I know I am not there. With the money of one ticket, I could finish my home,” she said. “But at least I can watch it from here, with this view and my loved ones.”

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The Byblos iftar in numbers

29 or 30 days – the number of iftar services held during the holy month

50 staff members required to prepare an iftar

200 to 350 the number of people served iftar nightly

160 litres of the traditional Ramadan drink, jalab, is served in total

500 litres of soup is served during the holy month

200 kilograms of meat is used for various dishes

350 kilograms of onion is used in dishes

5 minutes – the average time that staff have to eat
 

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Director: Shahad Ameen

Rating: 3/5

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Produced: Sajid Nadiadwala and Phantom Productions
Directed: Vikas Bahl
Cast: Hrithik Roshan, Pankaj Tripathi, Aditya Srivastav, Mrinal Thakur
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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

MATCH INFO

Everton 0

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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.”

Scores

New Zealand 266 for 9 in 50 overs
Pakistan 219 all out in 47.2 overs 

New Zealand win by 47 runs

Cricket World Cup League 2

UAE squad

Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind

Fixtures

Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE

Thanksgiving meals to try

World Cut Steakhouse, Habtoor Palace Hotel, Dubai. On Thursday evening, head chef Diego Solis will be serving a high-end sounding four-course meal that features chestnut veloute with smoked duck breast, turkey roulade accompanied by winter vegetables and foie gras and pecan pie, cranberry compote and popcorn ice cream.

Jones the Grocer, various locations across the UAE. Jones’s take-home holiday menu delivers on the favourites: whole roast turkeys, an array of accompaniments (duck fat roast potatoes, sausages wrapped in beef bacon, honey-glazed parsnips and carrots) and more, as  well as festive food platters, canapes and both apple and pumpkin pies.

Ruth’s Chris Steakhouse, The Address Hotel, Dubai. This New Orleans-style restaurant is keen to take the stress out of entertaining, so until December 25 you can order a full seasonal meal from its Takeaway Turkey Feast menu, which features turkey, homemade gravy and a selection of sides – think green beans with almond flakes, roasted Brussels sprouts, sweet potato casserole and bread stuffing – to pick up and eat at home.

The Mattar Farm Kitchen, Dubai. From now until Christmas, Hattem Mattar and his team will be producing game- changing smoked turkeys that you can enjoy at home over the festive period.

Nolu’s, The Galleria Mall, Maryah Island Abu Dhabi. With much of the menu focused on a California inspired “farm to table” approach (with Afghani influence), it only seems right that Nolu’s will be serving their take on the Thanksgiving spread, with a brunch at the Downtown location from 12pm to 4pm on Friday.

Day 1, Abu Dhabi Test: At a glance

Moment of the day Dimuth Karunaratne had batted with plenty of pluck, and no little skill, in getting to within seven runs of a first-day century. Then, while he ran what he thought was a comfortable single to mid-on, his batting partner Dinesh Chandimal opted to stay at home. The opener was run out by the length of the pitch.

Stat of the day – 1 One six was hit on Day 1. The boundary was only breached 18 times in total over the course of the 90 overs. When it did arrive, the lone six was a thing of beauty, as Niroshan Dickwella effortlessly clipped Mohammed Amir over the square-leg boundary.

The verdict Three wickets down at lunch, on a featherbed wicket having won the toss, and Sri Lanka’s fragile confidence must have been waning. Then Karunaratne and Chandimal's alliance of precisely 100 gave them a foothold in the match. Dickwella’s free-spirited strokeplay meant the Sri Lankans were handily placed at 227-4 at the close.

Tell Me Who I Am

Director: Ed Perkins

Stars: Alex and Marcus Lewis

Four stars

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Singham Again

Director: Rohit Shetty

Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

Rating: 3/5

INVESTMENT PLEDGES

Cartlow: $13.4m

Rabbitmart: $14m

Smileneo: $5.8m

Soum: $4m

imVentures: $100m

Plug and Play: $25m

Summer special
The biog

Hometown: Birchgrove, Sydney Australia
Age: 59
Favourite TV series: Outlander Netflix series
Favourite place in the UAE: Sheikh Zayed Grand Mosque / desert / Louvre Abu Dhabi
Favourite book: Father of our Nation: Collected Quotes of Sheikh Zayed bin Sultan Al Nahyan
Thing you will miss most about the UAE: My friends and family, Formula 1, having Friday's off, desert adventures, and Arabic culture and people