Sheikh Mohammed bin Rashid unveils the logo for Expo 2020 Dubai, based on a 4,000-year-old gold ring, in 2016. Courtesy: Dubai Government Media Office
Sheikh Mohammed bin Rashid unveils the logo for Expo 2020 Dubai, based on a 4,000-year-old gold ring, in 2016. Courtesy: Dubai Government Media Office
Sheikh Mohammed bin Rashid unveils the logo for Expo 2020 Dubai, based on a 4,000-year-old gold ring, in 2016. Courtesy: Dubai Government Media Office
Sheikh Mohammed bin Rashid unveils the logo for Expo 2020 Dubai, based on a 4,000-year-old gold ring, in 2016. Courtesy: Dubai Government Media Office

Government

Sheikh Mohammed bin Rashid marks 100-day countdown to Expo 2020 Dubai

The Vice President and Ruler of Dubai says people from every corner of the globe are welcome to join

The National

June 24, 2021

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Related - 100 days to Expo 2020 Dubai: from design to reality and beyond

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, marked the countdown to Expo 2020 Dubai on Wednesday.

In 100 days, the UAE will be the first country in the Middle East to host a World Expo – the largest global gathering since the beginning of the Covid-19 pandemic.

The world fair was delayed by a year by the Covid-19 pandemic, but organisers have promised visitors an even more engaging experience that will have been worth the wait.

It is set to begin on October 1 and is expected to attract more than 25 million visitors.

“Hundred days to go for Expo 2020 Dubai, the world’s largest cultural event. Hundred days to go for the gathering of 192 nations in Dubai in the biggest global event since the outset of the pandemic to usher in a new phase of recovery,” Sheikh Mohammed tweeted.

“Fifty-thousand employees have set up 192 pavilions and 30,000 volunteers are ready to welcome the world at Expo 2020 Dubai.

“Expo 2020 Dubai will provide the space for the largest and most inclusive cultural and knowledge exchange in the world.

“It will pave the roadmap for key economic, development and cultural trends of the post-Covid-19 era.

“Our success in hosting the world’s largest cultural event reflects the power of human solidarity in overcoming the pandemic," Sheikh Mohammed said.

“The global community is preparing for a new stage of collaboration by harnessing science and technology to combat the pandemic. Expo 2020 Dubai provides the platform for sharing knowledge and innovations.

“People from every corner of the globe are welcome to join ... we will meet at Expo 2020 Dubai.”

The UAE will host the huge event with strict Covid-19 precautionary measures in place.

Last month, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, announced free vaccinations for all Expo 2020 Dubai participants and their staff.

While vaccination will be mandatory for the expo workforce, it is being encouraged, but not enforced, for visitors and tourists.

Testing will be in place for visitors.

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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.”

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