The Paris 2024 Olympic Games will kick off on July 26 and some 11 million travellers from across the globe are expected to descend upon the French capital to witness stellar sporting events and also to take in the glamorous City of Light.
But reserving tickets to go to the top of the Eiffel Tower or gaze at the Mona Lisa in the Louvre must be made long in advance, while just getting around some parts of the city is going to be a challenge thanks to road closures and increased security. Instead, this could be the ideal moment to discover a very different Paris, leaving off the usual bucket-list attractions and instead heading to under-the-radar suburbs.
While popular venues such as the Place de la Concorde and Grand Palais will be transformed into spectacular temporary venues for Olympic events such as breakdancing and fencing, much of the Games are actually concentrated outside of the centre in the neighbourhoods of Saint-Ouen and adjoining Saint-Denis. A newly renovated Stade de France will host athletics and rugby sevens, alongside sparkling new venues such as the Saint-Denis Aquatic Centre for swimming, with badminton and gymnastics in Arena La Chapelle, and a Games newcomer, Sport Climbing, taking over Le Bourget Gymnasium. This is also where the Olympic Athlete's Village has been built, a home for the sports stars today, and tomorrow set to be the legacy of the Games by providing much-needed new public housing in one of the world's most-visited cities.
Like most Parisians, I rarely venture outside the Peripherique ring road into the sprawling suburbs, so I'm rather excited as I head off on an adventure to Saint-Ouen. I jump on Line 14 Metro at Gare de Lyon, which has been newly-extended to cater for the Games, and in only 10 minutes I am standing opposite the majestic Saint-Ouen town hall. The town is a proud red-brick worker’s neighbourhood that has become a vibrant hub for art, design, boutique shopping and hipster restaurants.
Flea markets and football
Next door to the Mairie de Saint-Ouen (the town hall) is the Patinoire. This 1970s supermarket was previously transformed into a skating rink, and today is an alternative arts centre that hosts regular exhibitions and also offers elevated views of the city. Saint-Ouen is perhaps best known for being home to the world’s largest flea market, nothing less than a paradise for antiques, vintage and bric-a-brac. First stop though is for foodies, the newly opened Communale, a vast food court housed in an abandoned 1920s factory.
The colourful market section displays tempting fruit and veggies, oysters, freshly baked bread and patisseries, while dozens of street stalls tempt diners with French classics such as boeuf bourguignon and quiche Lorraine to Moroccan couscous and tagine, Japanese ramen and Italian pizza. At night, there is a regular programme of concerts and DJ sets. Saint-Ouen’s backstreets are decorated with vivid street art graffiti, and an old cinema, Commune Image, is now a cutting-edge audiovisual centre, creating and screening avant-garde productions with a brilliant retro brasserie exhibitioning local artists.
Before hitting the flea market, I stop off at two very different, but typical locales of this contrasting neighbourhood. Long a political stronghold of the French Communist party, Saint-Ouen boasts its own tiny football stadium, home of one of France’s oldest teams, symbolically named Red Star. I sit to enjoy a coffee at the bar of L’Olympic, the favourite bistrot of Red Star supporters where the walls are covered with fading cuttings of past glories. But like the whole area, newly promoted Red Star is on the up, with everyone dreaming of a derby match with their historic rivals, Qatari-backed Paris Saint-Germain.
Afterwards, at the rooftop barbecue cantina of the chic Mob Hotel, it's an altogether different vibe and one that would not look out of place in hip Pigalle or the historic Marais. Well-heeled locals sip locally-brewed craft drinks or barista flat-whites as fashionistas shop at pop-up boutique stores. The entrance to the 150 year-old Puces de Saint-Ouen flea market is only a five-minute walk away. Prepare to get lost in its seven hectares of labrythine-like streets and alleyways that are home to more than 2,000 merchants who display their wares over 15 different markets, each with its own specialty. Be sure to track down Marche Paul-Bert for irresistible vintage fashion bargains; Serpette which excels in high-end luxury antiques, and Biron, for retro tableware, mirrors and lighting.
A French pilgrimage
Next stop is Saint-Denis, and Metro Line 13 takes me directly to this multi-ethnic suburb that has high expectations of the Olympics readdressing some of its economic and social problems. This is where you'll find the Stade de France, so the suburb will have a major role to play in Paris.
As I roll in, there's an unmistakable buzz of expectation, as the neighbourhood readies itself to welcome the world obvious via a "Proud to Host the Paris Games" banner draped across the town hall. This is a distinct contrast to some of the feelings in the heart of the capital, where Parisians seem to take every opportunity to moan about the big event.
Not a popular international tourist destination, but French people invariably make a pilgrimage to Saint-Denis at least once in their lifetime in order to visit its monumental Basilica. The city’s main landmark is the burial ground of French kings, yet it welcomes only 130,000 visitors annually, a lot lower than the 10 million who take in Sacre-Cœur Basilica only seven kilometers away.
Walking into the soaring interiors of this ancient Gothic cathedral, I find myself transported into the incredible royal necropolis of French royalty, surrounded by astonishing marble statues and sculpted tombs of some 43 kings, 32 queens, 60 princes and princesses. There are scarcely 20 other tourists wandering around, a stark contrast to the crowds thronging the city's Musee d’Orsay or Picasso Museum.
Deciding to stop for lunch, I have plenty of choice as cosmopolitan Saint-Denis offers something very different from typical French bistrots. I find myself struggling to choose between an exotic Algerian grill room or a colourful Ivory Coast diner.
From here, a 20-minute stroll over the Canal de Saint-Denis takes me directly to the country's largest stadium, which will be a hotspot for several Olympic events. While a six-minute train journey whizzes me right back to Paris's central Gard Du Nord.
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About Proto21
Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group
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.”
UAE currency: the story behind the money in your pockets
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Steve Smith (capt), David Warner, Cameron Bancroft, Jackson Bird, Pat Cummins, Peter Handscomb, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Shaun Marsh, Tim Paine, Chadd Sayers, Mitchell Starc.
The Gandhi Murder
- 71 - Years since the death of MK Gandhi, also christened India's Father of the Nation
- 34 - Nationalities featured in the film The Gandhi Murder
- 7 - million dollars, the film's budget
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Dubai World Cup nominations
UAE: Thunder Snow/Saeed bin Suroor (trainer), North America/Satish Seemar, Drafted/Doug Watson, New Trails/Ahmad bin Harmash, Capezzano, Gronkowski, Axelrod, all trained by Salem bin Ghadayer
USA: Seeking The Soul/Dallas Stewart, Imperial Hunt/Luis Carvajal Jr, Audible/Todd Pletcher, Roy H/Peter Miller, Yoshida/William Mott, Promises Fulfilled/Dale Romans, Gunnevera/Antonio Sano, XY Jet/Jorge Navarro, Pavel/Doug O’Neill, Switzerland/Steve Asmussen.
Japan: Matera Sky/Hideyuki Mori, KT Brace/Haruki Sugiyama. Bahrain: Nine Below Zero/Fawzi Nass. Ireland: Tato Key/David Marnane. Hong Kong: Fight Hero/Me Tsui. South Korea: Dolkong/Simon Foster.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Fixtures:
Wed Aug 29 – Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30 - UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1 - UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2 – Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4 - Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6 – Final
Dubai World Cup factbox
Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)
Most wins by a jockey: Jerry Bailey(4)
Most wins by an owner: Godolphin(9)
Most wins by a horse: Godolphin’s Thunder Snow(2)
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
Bio:
Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour
Favourite Hobby: Serving poor people
Favourite Book: The Alchemist by Paulo Coelho
Favourite food: Fish and vegetables
Favourite place to visit: London
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
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”.