UAE ministers said Expo 2020 Dubai organisers remain united in their goal to deliver a spectacular global event as they seek to overcome the challenges of the Covid-19 pandemic.
The world fair - the first to be hosted in the Middle East - was due to get under way in October before the international impact of coronavirus led to its delay by a year.
UAE officials outlined progress on the Expo site and looked ahead to next October's long-waited gathering during an International Participants Meeting held online on Monday.
Sheikh Nahyan bin Mubarak, Minister of Tolerance and Coexistence and commissioner general of Expo 2020 Dubai, said he was inspired by the resolve of the Expo community during difficult circumstances.
“I am excited by the potential of our collective efforts to learn, to grow, and to fulfil the mandate of our nations, and of the World Expo itself,” he said.
“While much has changed in the recent months, we are united in our ambitions, and empowered by the breadth and depth of our responsibilities. We will welcome the world, we will tell our stories to the world and together we will help build a better world.”
Drawing on the Expo theme Connecting Minds, Creating the Future, Reem Al Hashimy, Minister of State for International Co-operation, said connecting with others had been invaluable during the crisis.
“We must seek new definitions of success,” said Ms Al Hashimy, also director general of Expo 2020 Dubai.
“We must drive additional returns on investment. We must achieve tangible, positive outcomes.”
We are firmly resolved to deliver an outstanding World Expo in 2021
She said while the world awaits the creation and production on a Covid-19 vaccine, the knowledge gained would help build a safer, more resilient future.
Speaking from a small room on the Expo site instead of a stage normally set up for big conferences, Ms Al Hashimy said organisers were prepared to meet the end of year construction deadlines.
“Dubai is open, we are convening every day online and in person, we are planning for every scenario, and we are firmly resolved to deliver an outstanding World Expo in 2021,” she said.
“If 2020 has been a year in which we have all been forced to look after ourselves, then next year will be the moment and Expo the platform from which we are able to reach out again, across land and sea, and fully embrace our neighbours near and far.”
Sheikh Ahmed bin Saeed Al Maktoum, chairman of the Expo 2020 Dubai Higher Committee, highlighted the robust response of the emirate to the public health crisis.
“The agility and responsiveness of Dubai and the UAE has been instrumental in the swift re-opening of the country’s tourism sector. Coupled with its infrastructure and facilities, including airlines and hotels, Dubai has emerged quickly from what has been a challenging period for the whole world,” he said.
“Expo 2020 and its hundreds of participants will highlight the importance of international collaboration and co-operation to help contribute to global progress.”
He said the world fair was aligned with the country’s commitment to building a brighter future, acting in solidarity with countries and communities around the world.
Organisers and participants will convene virtually over four days to discuss updates in site operations, facilities management, content related to marketing, and communications.
After the completion of Expo-led construction last year, work is being carried out to landscape the site, fit out Expo-owned buildings and prepare the country pavilions.
Dimitri Kerkentzes, secretary general of the Bureau International des Expositions, the governing body of World Expos, said Dubai, the UAE and participating countries have made “remarkable progress” towards delivering the next World Expo despite the impact of a global pandemic.
He said the BIE would work with the UAE government and organisers in the coming months to develop guidelines for various scenarios to ensure a coronavirus-free Expo site.
“Expo 2020 Dubai will represent a new model for global events, one that innovates and fundamentally changes world expos,” he said describing it as a watershed event next year.
Planning and management while dealing with the challenges of a global pandemic would provide valuable lessons for mega events, Mr Kerkentzes said.
“Expo 2020 Dubai will be a transformative event and an inspiration for other organisers, cities and countries with regard to innovation and technology that can make a real difference to people’s lives.”
Pavilion construction is to be completed by the end of the year and it was critical participating countries and organisers worked in sync.
“Construction of many participating country pavilions has reached a very final stage,” he said.
“Once the construction has been finalised in December, the participating countries teams will continue working on the content, exhibition and operational plans in their home countries before coming back for a fit out of the pavilions.”
Expo 2020 Dubai will run for six months from October next year.
The world fair will coincide with the 50th anniversary of the founding of the UAE and aims to further cement the country’s position as a global hub that connects people, ideas and innovation.
Teaching your child to save
Pre-school (three - five years)
You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.
Early childhood (six - eight years)
Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.
Middle childhood (nine - 11 years)
Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.
Young teens (12 - 14 years)
Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.
Teenage (15 - 18 years)
Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.
Young adulthood (19 - 22 years)
Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.
* JP Morgan Private Bank
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
West Asia Premiership
Dubai Hurricanes 58-10 Dubai Knights Eagles
Dubai Tigers 5-39 Bahrain
Jebel Ali Dragons 16-56 Abu Dhabi Harlequins
THE SPECS
Engine: 3.5-litre V6
Transmission: six-speed manual
Power: 325bhp
Torque: 370Nm
Speed: 0-100km/h 3.9 seconds
Price: Dh230,000
On sale: now
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.”
