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.
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
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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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
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Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
FROM%20THE%20ASHES
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The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
The years Ramadan fell in May
The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
Juventus v Napoli, Sunday, 10.45pm (UAE)
Match on Bein Sports
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
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UAE squad to face Ireland
Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind
UAE Falcons
Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Company%20profile
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The specs: Lamborghini Aventador SVJ
Price, base: Dh1,731,672
Engine: 6.5-litre V12
Gearbox: Seven-speed automatic
Power: 770hp @ 8,500rpm
Torque: 720Nm @ 6,750rpm
Fuel economy: 19.6L / 100km