PARIS // An Expo historian called the World Expo 2020 in Dubai’s favour before the first vote was cast.
Urso Chappell, an American, said a combination of intuition, studying traffic on his Expo websites and weighing factors such as regional alliances and government backing helped him choose a winner in this and earlier Expos.
The planning behind the Dubai Expo 2020 bid made a difference, he said.
“I was fortunate to see at first hand how specific plans were made,” Mr Chappell said.
“Those plans, particularly the visuals, make it easy for delegates to see that the project was feasible. I was particularly impressed by the site visuals. One could almost be forgiven if they thought the Expo was just about to open given the quality of the visuals.”
The grassroots-level approach with public support for the event was also key to the UAE’s success, he said.
His sites ExpoMuseum.com and ExpoBids.com, that provide information about past expos and future bids, have received heavy traffic from the UAE.
Speaking about the tide of support for Dubai’s Expo 2020 bid, he said: “A city needs to have a certain appetite to think beyond the past and current realities, and see a vision for what it would like to be in the future. Expos are ways for a city, region, or nation to experiment with its own identity and way of living.
“It is a laboratory that not only leaves a physical legacy but a legacy in the minds and attitudes of its young people. A city, as a whole, has to be willing to take on that task.”
Earlier Expo results he has predicted include Yeosu, South Korea last year; Shanghai, China winning Expo 2010 and Zaragoza, Spain in 2008.
Born in St Louis, Missouri, the site of a 1904 US world fair, he grew up hearing stories about Expos and witnessed the lasting imprint the fairs left on people.
“It really helped give St Louis an identity, and is still a major part of St Louis history,” he said.
My great-grandmother attended and stories had come down through the family.”
Since visiting the 1982 world fair in Knoxville, Tennessee, he began studying the event’s history and has since attended nine Expos.
Mr Chappell’s blog features on the BIE’s (Bureau International des Expositions) website. The BIE oversees, regulates and selects the host for an Expo and is headquartered in Paris.
rtalwar@thenational.ae
Five expert hiking tips
- Always check the weather forecast before setting off
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- Take your litter home with you
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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
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- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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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The essentials
What: Emirates Airline Festival of Literature
When: Friday until March 9
Where: All main sessions are held in the InterContinental Dubai Festival City
Price: Sessions range from free entry to Dh125 tickets, with the exception of special events.
Hot Tip: If waiting for your book to be signed looks like it will be timeconsuming, ask the festival’s bookstore if they have pre-signed copies of the book you’re looking for. They should have a bunch from some of the festival’s biggest guest authors.
Information: www.emirateslitfest.com
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