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Despite economic woes back home, Lebanon is ready to meet the world at Expo 2020 Dubai.
The final touches are under way in the country’s pavilion, where it hopes to welcome millions of visitors once the world fair opens its doors on October 1.
The country is in the midst of an economic crisis that has left almost 80 per cent of the population living in poverty and caused shortages of medicines and fuel.
Though the pavilion may not be extravagant, due to budget constraints, it carries a loud message and is rich in essence, said creative director Joelle Hajjar.
The funding we had was not enough. But the alternative was to take Lebanon off the world map at this event - and we could not let that happen
Joelle Hajjar
“When we lose everything, all we have left is each other,” she told The National.
“That is our goal at Expo 2020, for the world to meet the Lebanese and see who they truly are.”
Under the theme Together, We Walk, the pavilion aims to celebrate the country’s most valuable resource: its people.
It brings together some of the country's brightest minds from different fields to showcase their skills and talents at the world fair.
From music to film to design and more, the Lebanon pavilion will put on display its wealth of talent and creativity, say organisers.
“We want to turn the spotlight on the Lebanese who are excelling everywhere,” said Ms Hajjar.
During the world fair - which runs until March 31, 2022 - the Lebanon pavilion will host workshops, round tables, performances, exhibitions, competitions and more.
“We will not have a dull moment,” Ms Hajjar said. “We want to keep people coming back.”
The pavilion will also host chefs to cook up delicious Lebanese cuisine, and will feature a wine bar stocked with local brands and offering a wine-tasting experience.
“Everything we’re bringing to Expo 2020 Dubai is of the highest quality,” said Ms Hajjar.
“We’re giving a platform only to the best of the best.”
All this has been achieved despite the Lebanese team only having a few months to prepare its pavilion, after the country's economic crisis hit state funding.
In response, the private sector and the Lebanese diaspora took on the responsibility to sponsor the pavilion and get the country to Expo 2020.
“The funding we had was not enough,” Ms Hajjar said.
“But the alternative was to take Lebanon off the world map at this event, and we could not let it happen.”
With limited means, the pavilion was created to reflect on the people’s suffering, and show what they’re capable of achieving.
Visitors will be able to walk with the Lebanese people and see what talent they have to offer the world, despite the hardships of everyday life in the country, say organisers.
“We want to leave a legacy behind,” said Ms Hajjar.
“Out of 192 countries, our pavilion will be imprinted in the mind of every visitor.”
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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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