Expo 2020 Dubai has raised the standard for future world's fairs, the head of the organisation governing the international events has said.
Dimitri Kerkentzes, secretary general of Bureau International des Expositions, said Expo 2020 will be an event that future organisers "will look to aspire to".
Despite being postponed by a year due to Covid-19, and grappling with international travel restrictions and other hurdles during its six-month run, Expo 2020 is set to hit its pre-pandemic target of 25 million visits following a surge in numbers during the final 50 days.
"Every Expo tries to set — to raise — the bar every time. But I have to be honest here, we had an Expo that went through some very unexpected moments, and of course Covid-19 hit," said Mr Kerkentzes.
The world's fair hosted more than 30,000 events across 96 locations on the Dubai South site.
Subjects including climate change, inclusion, food and agriculture and water have drawn more than 14,000 speakers, including world leaders and activists, who delivered ideas to protect precious resources.
"It’s clear that we have set a new bar here – it’s something I believe [Expo 2025 Osaka] will look to aspire to
Dimitri Kerkentzes,
BIE
Royalty and celebrities also joined in the show, including Britain's Prince William, football stars Cristiano Ronaldo and Lionel Messi, and artists Coldplay and Andrea Bocelli.
With the curtain set to come down on the 'greatest show' on Thursday and global pop star Christina Aguilera performing in the closing ceremony at Al Wasl Plaza, thoughts turn to the legacy of the event in Dubai and how it compares to other expos.
"It’s clear that we have set a new bar here — it’s something I believe [Expo 2025 Osaka] will look to aspire to," said Mr Kerkentzes.
"Every Expo is different, but you have to think of what has been achieved here. This is something that we will think about for many, many years to come — to have some kind of strong impact on the future.
"And I think this legacy will be seen in Osaka and whomever comes next. So, it’s an incredible way to finish off this Expo — how successful it has been."
Innovations to stay
Early expos, particularly during the industrial age, were about countries showing their latest innovations.
Expo 2020 has introduced several innovations, including the spectacular Al Wasl Dome, the gravity-defying waterfall, the world's largest passenger lift in Alif, the mobility pavilion, the net-zero rainforest in the Singapore pavilion and the friendly orange robots called Opti.
Mr Kerkentzes said while modern-day expos have evolved to becoming much more human focused and "looking at what was important for humanity", he said Dubai both corralled nations together and showed some new products that will become commonplace in the near future.
"What’s wonderful about this expo, they’re not innovations or concepts that the world will never ever see," he said.
"A lot of people and companies have a tendency to say ‘here’s a concept’, but it never comes to life.
"What I feel that we see here are things that probably in around five years will actually be impacting our daily lives. And that is one of the powers that we’ve seen [at Expo 2020 Dubai]."
Expo 2020 was the first time a world's fair had a policy of ‘One Nation, One Pavilion’, allowing every country to be represented in Dubai.
Mr Kerkentzes said he has managed to visit every pavilion at Expo and believes the event has generated plenty of interest from countries around the world to host their own expos.
Saudi Arabia has already launched a bid to host the world's fair in 2030. Riyadh is one of five cities to submit an application to host the event, alongside Rome, Moscow, Ukraine’s port city Odessa and South Korea’s coastal city Busan.
"This is going to start spurring on a lot of interest in the region and all around Africa as well," said Mr Kerkentzes.
"I’ve seen a lot of interest in how can we start moving this type of event to new parts the world. So I’m really looking forward to the next five to 10 years to see what impact this has on our future candidatures that come forward."
Children enjoying Expo 2020 Dubai — in pictures
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1 Man City 26 20 3 3 63 17 63
2 Liverpool 25 17 6 2 64 20 57
3 Chelsea 25 14 8 3 49 18 50
4 Man Utd 26 13 7 6 44 34 46
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5 West Ham 26 12 6 8 45 34 42
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6 Arsenal 23 13 3 7 36 26 42
7 Wolves 24 12 4 8 23 18 40
8 Tottenham 23 12 4 8 31 31 39
What is 'Soft Power'?
Soft power was first mentioned in 1990 by former US Defence Secretary Joseph Nye.
He believed that there were alternative ways of cultivating support from other countries, instead of achieving goals using military strength.
Soft power is, at its root, the ability to convince other states to do what you want without force.
This is traditionally achieved by proving that you share morals and values.
Killing of Qassem Suleimani
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.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
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Despacito's dominance in numbers
Released: 2017
Peak chart position: No.1 in more than 47 countries, including the United States, the United Kingdom, Australia and Lebanon
Views: 5.3 billion on YouTube
Sales: With 10 million downloads in the US, Despacito became the first Latin single to receive Diamond sales certification
Streams: 1.3 billion combined audio and video by the end of 2017, making it the biggest digital hit of the year.
Awards: 17, including Record of the Year at last year’s prestigious Latin Grammy Awards, as well as five Billboard Music Awards
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UAE currency: the story behind the money in your pockets
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MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
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
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What are the regulations?
- Fly it within visual line of sight
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- Users must avoid flying over restricted areas listed on the UAE Drone app
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- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Last 10 NBA champions
2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2
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Ben Stokes (captain), Joe Root, James Anderson, Jonny Bairstow, Stuart Broad, Harry Brook, Zak Crawley, Ben Foakes, Jack Leach, Alex Lees, Craig Overton, Ollie Pope, Matthew Potts
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The President's Cake
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Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
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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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
