• Prime Minister Jacinda Ardern speaks at an event in Auckland on Thursday to promote New Zealand's participation at Dubai Expo 2020. Getty Images
    Prime Minister Jacinda Ardern speaks at an event in Auckland on Thursday to promote New Zealand's participation at Dubai Expo 2020. Getty Images
  • Ms Ardern introduces the rock band Six60 at an event to discuss the country's participation at Expo 2020 Dubai. Getty Images
    Ms Ardern introduces the rock band Six60 at an event to discuss the country's participation at Expo 2020 Dubai. Getty Images
  • Six60 perform during the 'New Zealand at Expo 2020 event'. Getty Images
    Six60 perform during the 'New Zealand at Expo 2020 event'. Getty Images
  • Ms Ardern speaks to media with Damien O'Connor, Minister of Trade and Export Growth, right, and Rino Tirakatene, Parliamentary Under Secretary, left, during the 'New Zealand at Expo 2020' event. Getty Images
    Ms Ardern speaks to media with Damien O'Connor, Minister of Trade and Export Growth, right, and Rino Tirakatene, Parliamentary Under Secretary, left, during the 'New Zealand at Expo 2020' event. Getty Images
  • Ms Ardern said the event in October 2021 was a chance to reopen New Zealand to the world. Getty Images
    Ms Ardern said the event in October 2021 was a chance to reopen New Zealand to the world. Getty Images
  • Chris Seed, Secretary of Foreign Affairs and Trade, left, takes a selfie with New Zealand Prime Minister Jacinda Ardern and members of Six60 during the New Zealand at Expo 2020 event at the Park Hyatt in Auckland, New Zealand. Getty Images
    Chris Seed, Secretary of Foreign Affairs and Trade, left, takes a selfie with New Zealand Prime Minister Jacinda Ardern and members of Six60 during the New Zealand at Expo 2020 event at the Park Hyatt in Auckland, New Zealand. Getty Images
  • New Zealand Prime Minister Jacinda Ardern is joined by Six60; Clayton Kimpton, Commissioner General for New Zealand Expo; Damien O'Connor, Minister of Trade and Export Growth; Chris Seed, Secretary of Foreign Affairs and Trade; and Rino Tirakatene, Parliamentary Under Secretary, during the New Zealand at Expo 2020 event at the Park Hyatt in Auckland, New Zealand. Getty Images
    New Zealand Prime Minister Jacinda Ardern is joined by Six60; Clayton Kimpton, Commissioner General for New Zealand Expo; Damien O'Connor, Minister of Trade and Export Growth; Chris Seed, Secretary of Foreign Affairs and Trade; and Rino Tirakatene, Parliamentary Under Secretary, during the New Zealand at Expo 2020 event at the Park Hyatt in Auckland, New Zealand. Getty Images

Government

Jacinda Ardern: New Zealand to 'reconnect with the world' at Expo 2020 Dubai

PM says Expo 2020 is a chance for New Zealand to re-establish a presence on the global stage

Neil Halligan
Neil Halligan

March 18, 2021

  • English
  • Arabic

New Zealand will use its participation at Expo 2020 Dubai to "reconnect with the world", according to Prime Minister Jacinda Ardern.

New Zealand responded to the coronavirus pandemic with procedures that included border closures, compulsory quarantine for travellers, contact tracing and snap lockdowns.

As a result, New Zealand recorded about 2,000 confirmed cases and 26 deaths since last March, when the pandemic began.

In Auckland on Thursday, Ms Ardern said Expo 2020 represented a chance for New Zealand to re-establish its presence on the world stage.

"We're here to really kickstart New Zealand's presence and Expo 2020," Ms Ardern said at the launch event.

"This – in a post-Covid world – will be a chance for New Zealand to reconnect with the world."

New Zealand Trade Minister Damien O'Connor said the timing of Expo 2020 Dubai meant many New Zealanders would be vaccinated by October.

"We're aware of the danger of travelling internationally – but we expect by that time many would have had access to the vaccine,” he said.

New Zealand started its national campaign for the Pfizer-BioNTech vaccine last month and expects to have inoculated its entire population by the end of the year.

It initially ordered 1.5 million doses of the vaccine, enough to vaccinate 750,000 people, but recently announced plans to buy an additional 8.5 million doses, which are expected to reach the country in the second half of the year.

The country has a population of about 4.85 million people.

New Zealand at Expo – what to expect?

New Zealand announced in December that its pavilion, located in the Sustainability District of the Expo 2020 site, was 95 per cent complete. It is expected that the building, including its feature facade, will be completed in mid-2021.

The New Zealand Pavilion was designed by Jasmax architects to increase efficiency through its use of sustainable materials, including Abodo New Zealand eco-timber, which will be a striking aspect of the pavilion’s restaurant and venues.

The pavilion's facade will be a highlight of the structure. Made from Kaynemaile, a lightweight material made in New Zealand from recycled materials and is itself 100 per cent recyclable.

The New Zealand pavillion theme is kaitiakitanga, which refers to the care and connection between land and people.

It was inspired by waka taonga, which are receptacles made by Maori to safeguard items of considerable value.

Choreographer Parris Goebel was announced as the creative director for New Zealand's Expo 2020 entertainment and cultural programme.

It will feature a focus on youth and will reflect New Zealand’s Expo 2020 theme, which revolves around sustainability and stresses the importance of looking out for future generations.

New Zealand Prime Minister Jacinda Ardern (C) pictured with by Six60, Clayton Kimpton, Commissioner General for New Zealand Expo (L) Damien O'Connor, Minister of Trade and Export Growth (CL) Chris Seed, Secretary of Foreign Affairs and Trade (R) Rino Tirakatene, Parliamentary Under Secretary (LB) during the New Zealand at Expo 2020 event in Auckland. (Fiona Goodall/Getty Images)
New Zealand Prime Minister Jacinda Ardern (C) pictured with by Six60, Clayton Kimpton, Commissioner General for New Zealand Expo (L) Damien O'Connor, Minister of Trade and Export Growth (CL) Chris Seed, Secretary of Foreign Affairs and Trade (R) Rino Tirakatene, Parliamentary Under Secretary (LB) during the New Zealand at Expo 2020 event in Auckland. (Fiona Goodall/Getty Images)

The launch event in Auckland announced that Six60, one of the country's biggest bands, will play at Expo 2020 Dubai.

The band played to about 23,000 people in Christchurch's Hagley Park last month, which was the biggest audience in the world to attend a live concert since the pandemic began.

Six60 is the first to be unveiled as part of a hand-picked line-up of New Zealand talent, which will include singers, dancers and artists.

“Our entertainment and cultural programme, which is curated by Parris Goebel, includes a diverse range of New Zealand talent from dancers and singers to artists and cultural performers with a particular emphasis on those with Maori and Pasifika roots," said Clayton Kimpton, New Zealand’s commissioner-general to Expo 2020 Dubai.

"We’re working with some very new, up-and-coming young talent right through to the established groups like Six60 and we know visitors will be thoroughly entertained."

In pictures – Expo 2020 Dubai pavilions

  • The US Pavilion at the Expo 2020 site. Reem Mohammed / The National
    The US Pavilion at the Expo 2020 site. Reem Mohammed / The National
  • The Netherlands pavilion at Expo 2020 Dubai. Courtesy: V8 Architects
    The Netherlands pavilion at Expo 2020 Dubai. Courtesy: V8 Architects
  • The Luxembourg pavilion, under construction at the Expo 2020 Dubai site. Courtesy: Luxembourg pavilion at Expo 2020
    The Luxembourg pavilion, under construction at the Expo 2020 Dubai site. Courtesy: Luxembourg pavilion at Expo 2020
  • France's Expo pavilion. Courtesy: France Expo 2020 Dubai
    France's Expo pavilion. Courtesy: France Expo 2020 Dubai
  • The Swiss pavilion for Expo 2020. Chris Whiteoak / The National
    The Swiss pavilion for Expo 2020. Chris Whiteoak / The National
  • The Australian pavilion at Expo 2020 Dubai. Courtesy: Australian Pavilion at Expo 2020 Dubai
    The Australian pavilion at Expo 2020 Dubai. Courtesy: Australian Pavilion at Expo 2020 Dubai
  • The Irish pavilion located in the Mobility District, near Jubilee Park. Courtesy: Embassy of Ireland
    The Irish pavilion located in the Mobility District, near Jubilee Park. Courtesy: Embassy of Ireland
  • The Austrian Expo 2020 Pavilion.
    The Austrian Expo 2020 Pavilion.
  • The Bahrain Expo 2020 Pavilion.
    The Bahrain Expo 2020 Pavilion.
  • Belarus's Expo 2020 Pavilion.
    Belarus's Expo 2020 Pavilion.
  • The Belgium Expo 2020 Pavilion.
    The Belgium Expo 2020 Pavilion.
  • The Czech Republic Expo 2020 Pavilion.
    The Czech Republic Expo 2020 Pavilion.
  • Finland's Expo 2020 Pavilion.
    Finland's Expo 2020 Pavilion.
  • France's Expo 2020 Pavilion.
    France's Expo 2020 Pavilion.
  • The German Expo 2020 Pavilion.
    The German Expo 2020 Pavilion.
  • The Italian Expo 2020 Pavilion.
    The Italian Expo 2020 Pavilion.
  • Japan's Expo 2020 Pavilion.
    Japan's Expo 2020 Pavilion.
  • The Monaco Expo 2020 Pavilion.
    The Monaco Expo 2020 Pavilion.
  • The Netherlands' Expo 2020 Pavilion.
    The Netherlands' Expo 2020 Pavilion.
  • The New Zealand pavilion for Expo 2020.
    The New Zealand pavilion for Expo 2020.
  • Norway's Expo 2020 Pavilion.
    Norway's Expo 2020 Pavilion.
  • The Omani Expo 2020 Pavilion.
    The Omani Expo 2020 Pavilion.
  • Poland's Expo 2020 Pavilion.
    Poland's Expo 2020 Pavilion.
  • The Saudi Expo 2020 Pavilion.
    The Saudi Expo 2020 Pavilion.
  • The Spanish Expo 2020 Pavilion.
    The Spanish Expo 2020 Pavilion.
  • The South Korea Expo 2020 Pavilion.
    The South Korea Expo 2020 Pavilion.
  • The Sweden Expo 2020 Pavilion.
    The Sweden Expo 2020 Pavilion.
  • The Swiss Expo 2020 Pavilion.
    The Swiss Expo 2020 Pavilion.
  • Thailand's Expo 2020 Pavilion.
    Thailand's Expo 2020 Pavilion.
  • An artist's impression of the UAE pavilion.
    An artist's impression of the UAE pavilion.
  • The UK pavilion at Expo 2020.
    The UK pavilion at Expo 2020.
  • Ukraine's Expo 2020 Pavilion.
    Ukraine's Expo 2020 Pavilion.

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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