Expo 2020 Dubai records more than 24 million visits after late surge

Expo 2020 Dubai recorded more than 24 million visits in its six months after a surge to the world's fair in the final weeks.

The tally of 24,102,967 visits is short of the pre-event goal of 25 million, which looked likely with one million visits in three days on the final weekend.

The 200-plus pavilions spanning the site — including those representing 192 nations — proved to be the major attractions.

Long queues formed at some of the most popular pavilions in the closing weeks, as visitors relished the opportunity to explore the site once more.

Performances by Coldplay, Alicia Keys and Mehad Hamad, appearances by footballer Cristiano Ronaldo and Formula One star Lewis Hamilton, and the annual World Government Summit helped to increase numbers.

A spectacular closing ceremony, star-studded concerts and firework displays brought down the curtain on the event on Thursday.

The celebration of cultures, innovation and ingenuity captured the imagination of people across the UAE and visitors from overseas.

Weekly visit numbers regularly topped 1 million in the second half of the six-month extravaganza, as fans made the most of their chance to soak up the carnival atmosphere.

Season pass boost

Figures released by Expo 2020 on Saturday revealed that one in every three visitors was from overseas. Organisers said there were visitors from 178 countries.

The most popular country for international visitors was India, followed by Germany, Saudi Arabia, the UK, Russia, France and the US.

Expo said 49 per cent of visits were repeats, with 70 per cent entering the site using the Season Pass.

For the final 50 days of Expo, organisers introduced a Dh50 Season Finale Pass that proved to be popular with visitors.

Expo said 22 per cent of visitors used the one-day ticket, while eight per cent used the multi-day pass.

Children (under 18) made up 18 per cent of all visits. Almost one million pupils visited as part of the Expo Schools Programme, which was suspended for most of January because schools’ activities were halted temporarily as a precaution when coronavirus infections surged.

Organisers said senior citizens (above 60) made up 3 per cent of all visits, and the oldest visitor was 98.

People with disabilities accounted for 107,000 visits, while virtual visits reached more than 200 million.

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RESULTS

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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.”

Innotech Profile

Date started: 2013

Founder/CEO: Othman Al Mandhari

Based: Muscat, Oman

Sector: Additive manufacturing, 3D printing technologies

Size: 15 full-time employees

Stage: Seed stage and seeking Series A round of financing

Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.

Persuasion

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Company profile

Company name: Dharma

Date started: 2018

Founders: Charaf El Mansouri, Nisma Benani, Leah Howe

Based: Abu Dhabi

Sector: TravelTech

Funding stage: Pre-series A

Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs

Bio:

Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour

Favourite Hobby: Serving poor people

Favourite Book: The Alchemist by Paulo Coelho

Favourite food: Fish and vegetables

Favourite place to visit: London

The biog

Name: Timothy Husband

Nationality: New Zealand

Education: Degree in zoology at The University of Sydney

Favourite book: Lemurs of Madagascar by Russell A Mittermeier

Favourite music: Billy Joel

Weekends and holidays: Talking about animals or visiting his farm in Australia

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Uefa Champions League semi-final, first leg

Barcelona v Liverpool, Wednesday, 11pm (UAE).

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Liverpool v Barcelona, Tuesday, May 7, 11pm

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