Abu Dhabi, United Arab Emirates, June 29, 2017: General view of Qasr Al Hosn, which is currently undergoing restoration, in the Al Hosn area of Abu Dhabi on June 29, 2017. Christopher Pike / The National Job ID: Reporter: Section: Big Picture Keywords: *** Local Caption *** CP0629-big picture-02.JPG
Abu Dhabi, United Arab Emirates, June 29, 2017: General view of Qasr Al Hosn, which is currently undergoing restoration, in the Al Hosn area of Abu Dhabi on June 29, 2017. Christopher Pike / The National Job ID: Reporter: Section: Big Picture Keywords: *** Local Caption *** CP0629-big picture-02.JPG
Abu Dhabi, United Arab Emirates, June 29, 2017: General view of Qasr Al Hosn, which is currently undergoing restoration, in the Al Hosn area of Abu Dhabi on June 29, 2017. Christopher Pike / The National Job ID: Reporter: Section: Big Picture Keywords: *** Local Caption *** CP0629-big picture-02.JPG
Abu Dhabi, United Arab Emirates, June 29, 2017: General view of Qasr Al Hosn, which is currently undergoing restoration, in the Al Hosn area of Abu Dhabi on June 29, 2017. Christopher Pike / The Natio

Abu Dhabi's oldest building Qasr Al Hosn to re-open this year


John Dennehy
  • English
  • Arabic

The redeveloped Qasr Al Hosn in Abu Dhabi is on track to welcome its first visitors by the end of the year, according to an official for Abu Dhabi's Department of Culture and Tourism.

No exact date was given, but the historic fort at the heart of the capital is undergoing a substantial renovation to the Cultural Foundation Building and wider area. Cafes and restaurants will also feature in the finished attraction, while it will host exhibitions and concerts, along with the return of the annual Qasr Al Hosn Festival.

It forms part of the emirate plans to make a sustained push to attract more tourists. According to official figures, Abu Dhabi welcomed about five million hotel guests last year – up 10 per cent on 2016 – driven mainly by increases in Chinese and Indian visitors. This year's goal is 5.5 million.

Cruise tourism has also risen from just 7,000 in 2007 to about 345,000 today.

The sector has also been buoyed by last November's opening of Louvre Abu Dhabi, while the Warner Bros World theme park is also set to open on Yas Island in July.
"The way we position Abu Dhabi is as a cultural destination," said Sultan Al Dhaheri, executive director of the tourism sector at the Tourism Development and Investment Company. "That is our bread and butter but we also need shopping and entertainment elements such as Yas Island."
He pointed to the launch last October of Emirati Experiences – tours led by nationals – as a way to show Abu Dhabi as an authentic, cultural destination. "We're promoting this [programme] through our platforms and are linking it with Airbnb, Expedia and Tripadvisor to … sell the project."

There are 13 Emirati Experiences available, while 200 applications to join the programme await approval. Abu Dhabi is also opening up its factories as part of Emirati Experiences. For example, the Al Dana Leather Product Factory (aLmandoos) is an Emirati firm in Al Ain that makes leather goods and sandals and, on Sunday, it was announced that visitors will now be able to tour the factory in the company of an Emirati guide.  
Each emirate is trying to develop a unique tourist identity: Ras Al Khaimah has adventure tourism and Abu Dhabi has its culture.

"What we are trying to do is create a different unique selling point in each emirate so we can complement rather than compete," said Mr Al Dhaheri.
Medical tourism is also becoming more important for Abu Dhabi and figures are set to be released soon about how many people are coming to the emirate for this purpose.

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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.”

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What is THAAD?

It is considered to be the US' most superior missile defence system.

Production:

It was first created in 2008.

Speed:

THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.

Abilities:

THAAD is designed to take out projectiles, namely ballistic missiles, as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".

Purpose:

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Range:

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