Visitors to Expo 2020 Dubai on Saturday said it was the hype of the event that had attracted them.
The National spoke to visitors from countries including Germany and India.
“It’s the biggest hype in town and we wanted to see what it was all about,” said student Himanshi Mehtani, 18, from India, who was visiting the world’s fair with a group of friends.
“We really want to get to every single pavilion so we can get all the stamps in our special passports.
“This is our first day but we’ll definitely be back.”
The Dubai resident, who is studying international business, said everyone was excited about the event.
Atefeh Wieckhorst, 48, a German doctor in Dubai on holiday with her family, said there was no way she could miss the world's fair when she realised it would coincide with her holiday.
“We are only here for a short while but I am determined to visit as many county pavilions as I can,” she said.
“It’s a great opportunity to learn about new countries and I hope to be back before we leave.”
An Emirati, who works as a museum tour guide, said the event would provide the opportunity to learn about other countries and cultures, without having to leave the UAE.
“This is a once-in-a lifetime experience and I am excited to explore the different countries and cultures,” said Asma Al Romaithi, 28.
“The country I am excited the most about is Egypt because of its rich history and culture.”
The project was delayed by a year due to restrictions caused by the Covid-19 pandemic. One Dubai resident said that helped to build the expectation.
“We’ve all been hearing about it so long and everyone’s curious to see what all the excitement is about,” said public relations manager Georgia Adderley, 27, from England.
“So far I think the most impressive aspect has been the range of interactive options at each pavilion.”
Emma McCulley, a Dubai resident from Scotland, said: “There’s a great vibe and everyone’s so friendly.”
Ms McCulley, 27, who works a deputy head at a school in the emirate, added: “I like that you are seeing so many people from so many different cultures together.”
Filipina Evajoy Inigo, 24, visited on Sunday afternoon.
“People are so excited about it that I wanted to see for myself,” said the Dubai office worker.
“I am curious to explore all the various countries and pavilions and want to see South Korea in particular because I’m interested in the culture there.”
Jingya Wang and Huaefi Wu have both moved from their native China to live in Dubai for the duration of Expo.
They were taking time out from their jobs as engineers for Terminus, which is providing 150 robots to interact with visitors at the site.
“We are very proud to be working here as the pavilions are so impressive,” said Ms Wang.
“It’s amazing at night when it all lights up and everything is so vivid.”
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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Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
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