LONDON // With a year to go until the opening ceremony, the 2012 Olympics are a constant presence in Britain: construction work is in full swing, warm-up events are under way and the distribution of tickets is one of the biggest media stories of the year.
The preparations are in stark contrast to the last time London hosted the Games in 1948 amid the economic hardship, rationing and general gloom of post-war Britain.
London was originally scheduled to host the 1944 Games but they, along with those of 1940 in Tokyo — which were briefly switched to Helsinki — were cancelled because of World War Two.
With vast swathes of the city still a rubble-strewn bomb site, the entire nation desperately short of food and money and in the wake of one of the worst winters on record, London took on the 1948 burden and, with a predominantly volunteer organising committee, somehow planned and executed the Games in a little over 18 months.
"The social and economic condition of post-war Britain was enough to make any planner of an Olympic extravaganza give up in despair," said author Janie Hampton in her excellent 2008 book "The Austerity Olympics".
"(Yet) the 1948 Games were a true celebration of victory after dark times and one of the most inexpensive and unpretentious Olympiads of the 20th Century."
The 1948 Games cost a total of 732,268 (Dh4.33m, pound= 6 dh approx), around £20 million at today's rates, and made a post-tax profit of £9,000.
Viewed alongside the £9 billion total outlay for the 2012 Games, some of the figures from the meticulous balance sheet of 1948 make fascinating reading.
A mere £78,120 was spent polishing up Wembley Stadium and the other venues, just £3,638 went on "entertainment and hospitality", while office furniture cost £405.
Competitors were provided with bed linen but were expected to bring their own towels - or hire them upon arrival.
British athletes had to buy or make their own shorts — though every man in the team was provided with one free pair of underpants courtesy of a local outfitter.
Ticket prices ranged from two shillings (around seven pounds today) for some of the more obscure events and venues to 10 times that for the rowing at Henley.
Although the Games of 1932 in Los Angeles and 1936 in Berlin had provided purpose-built athletes' villages, that was never going to happen in a city where every available builder and piece of material was still being directed towards replacing the hundreds of thousands of buildings destroyed in the Blitz.
Instead, the athletes were dotted around the capital in accommodation varying widely in type and condition.
Richmond Park, on the route for the 2012 cycling road race, still boasted a huge pre-war army camp of wooden huts and that became home to more than 2,000 competitors of various nationalities.
Among the 30-odd venues were hostels, military barracks and schools, where desks were simply replaced with beds.
The British women's swimming team were housed on the eighth floor of an office block — with a broken lift.
However men and women who had lived through the deprivation of the war years, many of whom had seen active service, were not about to complain about the comfort of the bedding.
The multi-national nature of the living arrangements helped to build camaraderie and establish cross-border friendships unknown to most in pre-war Britain, many of which lasted a lifetime.
It was not all smiles and make-do, however, and many overseas competitors were shocked to discover that, three years after the end of the war, Britain still operated a strict food-rationing system, with even basics such as bread, eggs and milk in short supply.
The authorities took some persuading to increase the athletes' daily allowance from the basic 2,600 calories to the 3,900 allocated to workers in heavy industry.
A daily packed lunch of a thin sandwich, an apple and a hard-boiled egg was hardly the ideal training fuel for the world's sporting elite but many were rescued by the generosity of overseas governments and individuals who donated hundreds of tons of food.
There were no purpose-built venues, though some old favourites were dusted down and given a lick of paint.
Wembley was the centrepiece but that did not prevent fans of greyhound racing and speedway complaining when their track was replaced with a cinder surface for the athletics.
Steamroller-smooth initially, after a few days of rain the new track became a sticky, black quagmire.
Weather conditions also affected the open-air velodrome at Herne Hill, to the south-east of the city, where 10,000 fans crammed in to the 18th-century stadium, bomb-damaged after being used as a barrage-balloon battery during the war.
"The sun was so hot it melted the new bitumen surface and we had to follow in the tracks of previous riders," double 1948 bronze medallist Tommy Godwin told Reuters.
"But it was a wonderful atmosphere. When I rode the one-km time trial it was just a wall of noise all the way round. The whole thing was an incredibly emotional experience."
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Catch our seven-part Olympics series starting Thursday. Follow The National Sport on Twitter: ?@SprtNationalUAE
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OPINIONS ON PALESTINE & ISRAEL
Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
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.”
WISH
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The specs: 2018 Genesis G70
Price, base / as tested: Dh155,000 / Dh205,000
Engine: 3.3-litre, turbocharged V6
Gearbox: Eight-speed automatic
Power: 370hp @ 6,000rpm
Torque: 510Nm @ 1,300rpm
Fuel economy, combined: 10.6L / 100km
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Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
The specs
Price, base / as tested Dh12 million
Engine 8.0-litre quad-turbo, W16
Gearbox seven-speed dual clutch auto
Power 1479 @ 6,700rpm
Torque 1600Nm @ 2,000rpm 0-100kph: 2.6 seconds 0-200kph: 6.1 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
UAE currency: the story behind the money in your pockets
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Credits
Produced by: Colour Yellow Productions and Eros Now
Director: Mudassar Aziz
Cast: Sonakshi Sinha, Jimmy Sheirgill, Jassi Gill, Piyush Mishra, Diana Penty, Aparshakti Khurrana
Star rating: 2.5/5
Two products to make at home
Toilet cleaner
1 cup baking soda
1 cup castile soap
10-20 drops of lemon essential oil (or another oil of your choice)
Method:
1. Mix the baking soda and castile soap until you get a nice consistency.
2. Add the essential oil to the mix.
Air Freshener
100ml water
5 drops of the essential oil of your choice (note: lavender is a nice one for this)
Method:
1. Add water and oil to spray bottle to store.
2. Shake well before use.
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food