• Visitors ride a bike at Expo 2020 Dubai. Cycling and walking will be a major part of the residential legacy site. Chris Whiteoak / The National
    Visitors ride a bike at Expo 2020 Dubai. Cycling and walking will be a major part of the residential legacy site. Chris Whiteoak / The National
  • A visitor rents a bike at the Expo site on a cool Wednesday afternoon. Victor Besa / The National
    A visitor rents a bike at the Expo site on a cool Wednesday afternoon. Victor Besa / The National
  • Visitors ride a bike at the Expo site on the first Sunday of the year. Chris Whiteoak / The National
    Visitors ride a bike at the Expo site on the first Sunday of the year. Chris Whiteoak / The National
  • From left, Romanian Ionela Hapencu, Italian Antonio Bellomo and Julia Mularczyk from Poland pose with Expo passports on rented bikes.
    From left, Romanian Ionela Hapencu, Italian Antonio Bellomo and Julia Mularczyk from Poland pose with Expo passports on rented bikes.
  • James from England is all thumbs up on his bike at the Expo site on a Sunday morning. Victor Besa / The National
    James from England is all thumbs up on his bike at the Expo site on a Sunday morning. Victor Besa / The National
  • A father and his son cruise around the Expo site on a rented bike.
    A father and his son cruise around the Expo site on a rented bike.
  • Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, explores the Expo site on his bike. Photo: Dubai Media Office
    Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, explores the Expo site on his bike. Photo: Dubai Media Office
  • The world's fair has encouraged visitors to use bikes to and from Expo bus stations. Photo: Expo 2020
    The world's fair has encouraged visitors to use bikes to and from Expo bus stations. Photo: Expo 2020
  • Dubai has been pressing ahead with its goal to promote the city as a cyclists' haven. Photo: Expo 2020
    Dubai has been pressing ahead with its goal to promote the city as a cyclists' haven. Photo: Expo 2020
  • More than 10 kilometres of cycling tracks were designed to allow visitors to explore the Expo site. Photo: Expo 2020
    More than 10 kilometres of cycling tracks were designed to allow visitors to explore the Expo site. Photo: Expo 2020
  • There are more than 200 bicycles available to rent across 23 stations at the Expo site, with more than 160 shaded bike stops in the area. Photo: Expo 2020
    There are more than 200 bicycles available to rent across 23 stations at the Expo site, with more than 160 shaded bike stops in the area. Photo: Expo 2020

Expo 2020 Dubai visit numbers edge past 12 million with just over 50 days to go


Neil Halligan
  • English
  • Arabic

Expo 2020 Dubai visit numbers reached 12.4 million on Monday, with a little more than 50 days to go before the world fair closes on March 31.

Billed as the world's greatest show when it opened 130 days ago, Expo 2020 organisers confirmed that the first world fair to be held in the Arab world will close at the end of next month, despite talk of a possible extension.

The first global event attended by people since the outbreak of the pandemic, Expo 2020 Dubai has provided a showcase for Arabic heritage and culture as well as a platform for Arab nations. Expo 2020 is also the first time that all Arab countries have taken part in a world expo.

Arab pavilions are the most popular at Expo, with those of the UAE, Saudi Arabia, Egypt and Morocco among the most visited. Organisers originally set a target of 25 million visits by the end of March.

Looking ahead to the 50 days that are left before it closes, organisers said there are a number of high profile country day celebrations, including the UK, which will feature Britain's Prince William on his first official trip to the Emirates, on Thursday, February 10.

The Duke of Cambridge will meet young Emiratis, government leaders and staff from the UK pavilion on the same day. No special tickets are required to enter Expo 2020 Dubai on the day and the site will be open to the public as usual.

Other significant national days include the Philippines on Friday, February 11, Kuwait (February 25), USA (March 6). Ireland (March 17), Pakistan (March 23) and South Africa (March 28).

Expo will also mark International Women’s Day on March 8 with a forum that will bring together governments, corporations and changemakers to deliberate on silent or invisible gender-based discrimination in professional settings.

During the coming seven weeks, organisers said there will also be guest appearances from the world of gymnastics, basketball, tennis and Muay Thai.

Expo’s virtual visitation numbers have reached more than 110 million, driven by the entertainment available via Live@Expo, as well as coverage of its programme for People and Planet.

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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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Updated: February 08, 2022, 3:51 PM