• Spectacular fireworks and entertainment welcome the world to Expo 2020 Dubai on Thursday night. Photo: Expo 2020 Dubai
    Spectacular fireworks and entertainment welcome the world to Expo 2020 Dubai on Thursday night. Photo: Expo 2020 Dubai
  • The opening ceremony under the magnificent Al Wasl dome. Photo: Karim Sahib / AFP
    The opening ceremony under the magnificent Al Wasl dome. Photo: Karim Sahib / AFP
  • The silver and white ghaf tree forms a centrepiece at the performance centre of Al Wasl Plaza during the opening ceremony. Photo: Ali Haider / EPA
    The silver and white ghaf tree forms a centrepiece at the performance centre of Al Wasl Plaza during the opening ceremony. Photo: Ali Haider / EPA
  • Andrea Bocelli takes the stage at the opening ceremony. Photo: Expo 2020 Dubai
    Andrea Bocelli takes the stage at the opening ceremony. Photo: Expo 2020 Dubai
  • Dancers perform during the opening ceremony. Getty
    Dancers perform during the opening ceremony. Getty
  • Ellie Goulding performs at the Expo 2020 opening ceremony. Photo: Expo 2020 Dubai
    Ellie Goulding performs at the Expo 2020 opening ceremony. Photo: Expo 2020 Dubai
  • Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, at the Expo 2020 opening ceremony. Photo: Expo 2020 Dubai
    Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, at the Expo 2020 opening ceremony. Photo: Expo 2020 Dubai
  • Chinese pianist Lang Lang opens the performance at Al Wasl Plaza for the Middle East's first Expo. Photo: Ali Haider / EPA
    Chinese pianist Lang Lang opens the performance at Al Wasl Plaza for the Middle East's first Expo. Photo: Ali Haider / EPA
  • Artists perform during the opening ceremony of Expo 2020 Dubai on Thursday. Photo: Reuters
    Artists perform during the opening ceremony of Expo 2020 Dubai on Thursday. Photo: Reuters
  • In the pink with a splash of colour as the event starts with a bang. Photo: Reuters
    In the pink with a splash of colour as the event starts with a bang. Photo: Reuters
  • The impressive opening ceremony for Expo 2020 Dubai, which was streamed live to millions around the world. Photo: Giuseppe Cacace / AFP
    The impressive opening ceremony for Expo 2020 Dubai, which was streamed live to millions around the world. Photo: Giuseppe Cacace / AFP
  • All flowered up at the Expo 2020 Dubai opening ceremony. Reuters
    All flowered up at the Expo 2020 Dubai opening ceremony. Reuters
  • If the opening night is anything to go by, the entire event promises to be quite a spectacle. Reuters
    If the opening night is anything to go by, the entire event promises to be quite a spectacle. Reuters
  • Artists perform during the opening ceremony of Expo 2020 Dubai. Photo: Kamran Jebreili / AP
    Artists perform during the opening ceremony of Expo 2020 Dubai. Photo: Kamran Jebreili / AP
  • Lights, colour and fun are the order of the day. Photo: Reuters
    Lights, colour and fun are the order of the day. Photo: Reuters
  • Andra Day takes centre stage. Photo: Expo 2020 Dubai
    Andra Day takes centre stage. Photo: Expo 2020 Dubai
  • Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, declares Expo 2020 Dubai open with a prayer. Photo: Expo 2020 Dubai
    Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, declares Expo 2020 Dubai open with a prayer. Photo: Expo 2020 Dubai
  • World-renowned Emirati singer Hussain Al Jassmi performs in his country's Expo opening ceremony. Photo: Expo 2020 Dubai
    World-renowned Emirati singer Hussain Al Jassmi performs in his country's Expo opening ceremony. Photo: Expo 2020 Dubai
  • Ahlam AlShamsi performs. Photo: Expo 2020 Dubai
    Ahlam AlShamsi performs. Photo: Expo 2020 Dubai
  • Dimitri Kerkentzes, Secretary General of the Bureau International des Expositions, the governing body of world's fairs, addresses the audience at the opening ceremony. Photo: Expo 2020 Dubai
    Dimitri Kerkentzes, Secretary General of the Bureau International des Expositions, the governing body of world's fairs, addresses the audience at the opening ceremony. Photo: Expo 2020 Dubai
  • Hussain Al Jassmi, Mayssa Karaa and Almas perform during the opening ceremony of Expo 2020 Dubai. AFP
    Hussain Al Jassmi, Mayssa Karaa and Almas perform during the opening ceremony of Expo 2020 Dubai. AFP
  • Fireworks light up the skies around the Expo site in Dubai. Photo: Expo 2020 Dubai
    Fireworks light up the skies around the Expo site in Dubai. Photo: Expo 2020 Dubai
  • A logo of Expo 2020 Dubai is projected during the opening ceremony. AFP
    A logo of Expo 2020 Dubai is projected during the opening ceremony. AFP
  • Flag-raising at the opening ceremony of Expo 2020 Dubai on Thursday.
    Flag-raising at the opening ceremony of Expo 2020 Dubai on Thursday.
  • Ahlam AlShamsi performs during the opening ceremony. Photo: Kamran Jebreili / AP
    Ahlam AlShamsi performs during the opening ceremony. Photo: Kamran Jebreili / AP
  • Artists perform during the opening ceremony of Expo 2020 Dubai. Photo: Reuters
    Artists perform during the opening ceremony of Expo 2020 Dubai. Photo: Reuters
  • The opening ceremony of Expo 2020 Dubai on Thursday. Photo: Reuters
    The opening ceremony of Expo 2020 Dubai on Thursday. Photo: Reuters
  • The full spectacle that was the Expo 2020 Dubai opening ceremony on Thursday night. Photo: David Jimenez / Expo 2020 Dubai
    The full spectacle that was the Expo 2020 Dubai opening ceremony on Thursday night. Photo: David Jimenez / Expo 2020 Dubai
  • Dubai opens its Expo 2020 with an extravagant opening ceremony of fireworks, flags and light shows. Photo: AFP
    Dubai opens its Expo 2020 with an extravagant opening ceremony of fireworks, flags and light shows. Photo: AFP
  • Opening ceremony fireworks. Photo: Expo 2020 Dubai
    Opening ceremony fireworks. Photo: Expo 2020 Dubai
  • A young Emirati performs in the story of the ring that inspired the Expo 2020 Dubai logo. Photo: Christophe Viseux / Expo 2020 Dubai
    A young Emirati performs in the story of the ring that inspired the Expo 2020 Dubai logo. Photo: Christophe Viseux / Expo 2020 Dubai
  • The world's fair was delayed by a year due to the coronavirus pandemic. Photo: Expo 2020 Dubai
    The world's fair was delayed by a year due to the coronavirus pandemic. Photo: Expo 2020 Dubai
  • Performers line up to welcome visitors to the site of Expo 2020 Dubai. Photo: AFP
    Performers line up to welcome visitors to the site of Expo 2020 Dubai. Photo: AFP
  • Emirati girls welcome guests before the Expo 2020 Dubai opening ceremony. Chris Whiteoak / The National
    Emirati girls welcome guests before the Expo 2020 Dubai opening ceremony. Chris Whiteoak / The National
  • Traditions at play to help kick off the event. Photo: Chris Whiteoak / The National
    Traditions at play to help kick off the event. Photo: Chris Whiteoak / The National
  • Guests arrive before the Expo 2020 Dubai opening ceremony. Photo: Chris Whiteoak / The National
    Guests arrive before the Expo 2020 Dubai opening ceremony. Photo: Chris Whiteoak / The National
  • A buzz is spreading around the site before the opening ceremony. Photo: Chris Whiteoak / The National
    A buzz is spreading around the site before the opening ceremony. Photo: Chris Whiteoak / The National
  • Al Wasl Plaza before the Expo 2020 Dubai opening ceremony. Photo: Chris Whiteoak / The National
    Al Wasl Plaza before the Expo 2020 Dubai opening ceremony. Photo: Chris Whiteoak / The National
  • The national flags of countries participating in Expo 2020 Dubai. AFP
    The national flags of countries participating in Expo 2020 Dubai. AFP
  • Excited spectators arrive. AFP
    Excited spectators arrive. AFP
  • Members of staff pose for a picture before the Expo 2020 Dubai opening ceremony. Photo: Chris Whiteoak / The National
    Members of staff pose for a picture before the Expo 2020 Dubai opening ceremony. Photo: Chris Whiteoak / The National
  • An ideal photo opportunity. Photo: Chris Whiteoak / The National
    An ideal photo opportunity. Photo: Chris Whiteoak / The National
  • Last-minute preparations, as meticulous as ever, for the big event. Photo: Chris Whiteoak / The National
    Last-minute preparations, as meticulous as ever, for the big event. Photo: Chris Whiteoak / The National
  • Final preparations are under way in Al Wasl Plaza before the Expo 2020 Dubai opening ceremony on Thursday. Chris Whiteoak / The National
    Final preparations are under way in Al Wasl Plaza before the Expo 2020 Dubai opening ceremony on Thursday. Chris Whiteoak / The National
  • Officials have anticipated and prepared for every eventuality that could crop up during the 182-day world's fair. Photo: Chris Whiteoak / The National
    Officials have anticipated and prepared for every eventuality that could crop up during the 182-day world's fair. Photo: Chris Whiteoak / The National

UAE welcomes the world to Expo 2020 Dubai with spectacular opening ceremony


James Langton
  • English
  • Arabic

LIVE BLOG: Full coverage of Expo 2020 Dubai

It is here at last. The greatest show on Earth has arrived in town with the opening of Expo 2020 Dubai.

The months of waiting and the one-year delay caused by the global pandemic were swept away in a spectacular opening ceremony that was shown live at 430 locations across the UAE and on screens in New York's Times Square.

The breathtaking show culminated in a firework display to match the “big bang” promised by organisers to launch the next 182 days.

By hosting Expo 2020 Dubai, we aim to convey a message of tolerance and that we are willing to co-operate with all of the world
Sheikh Nahyan bin Mubarak

As darkness fell on Al Wasl Plaza, the 67-metre dome inspired by the shape of the official Expo logo, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai saw his dream became a reality.

It is nearly eight years since Dubai was awarded the right to host the 2020 world's fair, brought to life on a site that is now a city within a city, and reportedly bigger than Monaco.

Sheikh Mohammed was joined by Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces.

They watched as the evening began with a performance of the UAE national anthem performed by Emirati singer and actor Rashed Al Nuaimi, followed by fireworks in red, green and white to reflect the country’s flag.

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, at the opening ceremony.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, at the opening ceremony.

UAE superstar Hussain Al Jassmi then took the stage for the opening sequence based on the story of the Expo 2020 Dubai logo and set on an undulating sand dune, as an Emirati girl is empowered by the spirit of expo and the discovery of a golden ring connecting the past to the present.

Next came the entry of the flags of the UAE, Expo 2020 Dubai and the BIE, the organising world body, after which the flags of all 192 nations taking part were revealed to a performance by the Grammy winner Angelique Kidjo and Saudi singer Mohammed Abdu.

For the formal opening ceremony, Sheikh Nahyan bin Mubarak, Expo 2020 Dubai Commissioner General and Minister of Tolerance and Coexistence, told the audience: “By hosting Expo 2020 Dubai, we aim to convey a message of tolerance and that we are willing to co0-operate with all of the world. By connecting minds, we hope to sow the seeds of progress for the next 50 or even 100 years.

“Today we say to the whole world, welcome to the United Arab Emirates and welcome to Expo 2020 Dubai, which will provide a significant platform for all people to connect, discuss and work together.”

Declaring the opening, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, offered a prayer, saying: “Today we witness, together, a new beginning, as we inaugurate, with the blessings of Allah, Expo 2020. May God grant us success.”

Jaw-dropping special effects

The dome and plaza transformed into a magical garden with dancers in fantastical costumes representing blossoming flowers and a huge silver and white ghaf tree, the native symbol of the UAE, along with world-famous tenor Andrea Bocelli Expo 2020 Dubai.
The dome and plaza transformed into a magical garden with dancers in fantastical costumes representing blossoming flowers and a huge silver and white ghaf tree, the native symbol of the UAE, along with world-famous tenor Andrea Bocelli Expo 2020 Dubai.

An international cast of more than 900 performers had been assembled for show that followed. There were Emiratis and others representing 64 countries, all already living and working in the UAE.

With the world’s biggest sound system and 152 projectors assembled inside the Al Wasl dome, the event featured jaw-dropping special effects. They began by depicting the birth of the planet in a glowing orb of fire. It then evolved into the blue and white globe of Earth and finally a shimmering pearl that descended under the sea.

Each segment featured an internationally famous artist, beginning with the Chinese concert pianist Lang Lang.

An underwater sequence filled with brilliant tropical fish, turtles and, finally, a giant whale represented living in harmony with nature and sustaining life, one of the themes of Expo 2020 Dubai.

It was followed by the award-winning singer Ellie Goulding and the song Anything Could Happen as clouds filled the dome.

Then came a performance by Golden Globe winning performer Andra Day, as cast members assembled into a caravan of humanity, representing the potential to create a better tomorrow.

In the show’s final act, the dome and plaza were transformed into a magical garden with dancers in fantastical costumes representing blossoming flowers. There was a huge silver and white ghaf tree, the native symbol of the UAE, along with the voice live on stage of the world-famous tenor Andrea Bocelli and a prayer in song: “When shadows fill our day, lead us to a place.”

A final firework display - the last and most spectacular of three during the performance - burst in the skies over the site, signalling not the end of the evening but the beginning of six months that unites the world in Dubai.

  • Visitors admire the dome at Al Wasl Plaza at Expo 2020 Dubai. Photo: Expo 2020 Dubai
    Visitors admire the dome at Al Wasl Plaza at Expo 2020 Dubai. Photo: Expo 2020 Dubai
  • The kaleidoscope entrance of the Monaco pavilion at Expo 2020 in Dubai. Chris Whiteoak / The National
    The kaleidoscope entrance of the Monaco pavilion at Expo 2020 in Dubai. Chris Whiteoak / The National
  • The Japan Pavilion at Expo 2020 Dubai. Victor Besa / The National
    The Japan Pavilion at Expo 2020 Dubai. Victor Besa / The National
  • Dress rehearsal for the opening ceremony of Expo 2020 Dubai. Photo: Expo 2020 Dubai
    Dress rehearsal for the opening ceremony of Expo 2020 Dubai. Photo: Expo 2020 Dubai
  • A night view of Terra - The Sustainability Pavilion, Expo 2020 Dubai. Photo: Expo 2020 Dubai
    A night view of Terra - The Sustainability Pavilion, Expo 2020 Dubai. Photo: Expo 2020 Dubai
  • An exhibit at the Singapore pavilion at Expo 2020 Dubai.
    An exhibit at the Singapore pavilion at Expo 2020 Dubai.
  • A huge lantern with flashing lights and a friendly panda robot will be crowd pullers for the China pavilion at Expo 2020 Dubai.
    A huge lantern with flashing lights and a friendly panda robot will be crowd pullers for the China pavilion at Expo 2020 Dubai.
  • An exhibition inside Terra - the Sustainability Pavilion at the Expo 2020 site. Courtesy: WAM
    An exhibition inside Terra - the Sustainability Pavilion at the Expo 2020 site. Courtesy: WAM
  • Mission Possible - The Opportunity Pavilion, Expo 2020 Dubai. Photo: Expo 2020 Dubai
    Mission Possible - The Opportunity Pavilion, Expo 2020 Dubai. Photo: Expo 2020 Dubai
  • The Opportunity Portal, Expo 2020 Dubai. Photo: Expo 2020 Dubai
    The Opportunity Portal, Expo 2020 Dubai. Photo: Expo 2020 Dubai
  • A bird's-eye view of Al Wasl Plaza. Photo: Expo 2020 Dubai
    A bird's-eye view of Al Wasl Plaza. Photo: Expo 2020 Dubai
  • Night view of 2020 Plaza and Al Wasl at Expo 2020 Dubai. Photo: Expo 2020 Dubai
    Night view of 2020 Plaza and Al Wasl at Expo 2020 Dubai. Photo: Expo 2020 Dubai
  • Looking up at the 'iris' of Al Wasl, Expo 2020 Dubai. Photo: Expo 2020 Dubai
    Looking up at the 'iris' of Al Wasl, Expo 2020 Dubai. Photo: Expo 2020 Dubai
  • Vistors at the Sustainability Portal, Expo 2020 Dubai. Photo: Expo 2020 Dubai
    Vistors at the Sustainability Portal, Expo 2020 Dubai. Photo: Expo 2020 Dubai
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How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
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  • Drones must weigh 5 kg or less
Mica

Director: Ismael Ferroukhi

Stars: Zakaria Inan, Sabrina Ouazani

3 stars

FFP EXPLAINED

What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.

What the rules dictate? 
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

What are the penalties? 
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.

Results

Stage three:

1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-43

2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s

3. Tom Dumoulin (NED) Jumbo-Visma, at 14s

4. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s

5. Joao Almeida (POR) UAE-Team Emirates, at 22s

6. Mikkel Bjerg (DEN) UAE-Team Emirates, at 24s

General Classification:

1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-13-02

2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s

3. Jasper Philipsen (BEL) Alpecin Fenix, at 12s

4. Tom Dumoulin (NED) Jumbo-Visma, at 14s

5. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s

6. Joao Almeida (POR) UAE-Team Emirates, at 22s

How to donate

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200

if you go

The flights

Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.

The hotel

Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.

The tour

Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg

Muslim Council of Elders condemns terrorism on religious sites

The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.

It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.

“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.

The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.

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Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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The specs

Engine: 5.0-litre supercharged V8

Transmission: Eight-speed auto

Power: 575bhp

Torque: 700Nm

Price: Dh554,000

On sale: now

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

Company%C2%A0profile
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Most match wins on clay

Guillermo Vilas - 659

Manuel Orantes - 501

Thomas Muster - 422

Rafael Nadal - 399 *

Jose Higueras - 378

Eddie Dibbs - 370

Ilie Nastase - 338

Carlos Moya - 337

Ivan Lendl - 329

Andres Gomez - 322

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

The BIO:

He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal

He ascended Mount Everest the next year from the more treacherous north Tibetan side

By 2015, he had completed the Explorers Grand Slam

Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border

He carries dried camel meat, dried dates and a wheat mixture for the final summit push

His new goal is to climb 14 peaks that are more than 8,000 metres above sea level

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Normal People

Sally Rooney, Faber & Faber
 

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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Gulf Under 19s final

Dubai College A 50-12 Dubai College B

FINAL LEADERBOARD

1. Jordan Spieth (USA) 65 69 65 69 - 12-under-par
2. Matt Kuchar (USA) 65 71 66 69 - 9-under
3. Li Haotong (CHN) 69 73 69 63 - 6-under
T4. Rory McIlroy (NIR) 71 68 69 67 - 5-under
T4. Rafael Cabrera-Bello (ESP) 67 73 67 68 - 5-under
T6. Marc Leishman (AUS) 69 76 66 65 - 4-under
T6. Matthew Southgate (ENG) 72 72 67 65 - 4-under
T6. Brooks Koepka (USA) 65 72 68 71 - 4-under
T6. Branden Grace (RSA) 70 74 62 70 - 4-under
T6. Alexander Noren (SWE)  68 72 69 67 - 4-under

Updated: October 01, 2021, 2:17 AM