Visitors to the Swiss pavilion at Expo 2020 Dubai will be able to walk through a cloud of fog to give them the feeling of hiking to the summit of a Swiss mountain, in a symbol of revival from the coronavirus pandemic.
Recreating a message of hope in difficult times, architects and engineers are preparing a special experience at the pavilion on the Dubai South Expo site.
A hill is being built from recycled stone, with high-tech sound and visuals to be added to recreate a panoramic view from the top of a mountain.
Structural work on the pavilion was completed on Monday.
In April 2016, Switzerland was the first country to confirm its participation at Expo 2020 Dubai.
Five years on, organisers say the 8.5 million Swiss franc ($9m) project is central to the country’s resurgence efforts.
"In these difficult times for our export economy, our pavilion is a symbol and a driving force for the recovery we all need," Manuel Salchli, commissioner general of the Swiss pavilion at Expo 2020 Dubai, told The National.
“The current health crisis has made us realise that we have to place greater emphasis on the value of solidarity and on international co-operation. As a result, Expo 2020 Dubai has turned into an essential global exchange platform.
“In these circumstances the Swiss pavilion activities are becoming even more valuable."
Planners promise a real fog with “millions of droplets forming a cloud above the ground".
The world awaits Expo 2020 Dubai:
The steel-frame pavilion, called Reflections, also makes uses of recycled concrete and large mirror panels.
“We will stage a unique experience of nature. Visitors will walk into a real sea of fog. This fog will give way to a sound and light show reproducing the passage from day to night over the Swiss Alps,” Mr Salchli said.
"The idea behind the sea of fog is inspired by a very unique and typical moment that we often experience in fall in Switzerland – hiking through a sea of fog and feeling this special emotion as the beautiful mountain panorama comes into view."
When visitors first approach the pavilion, they will see a large mirror facade and a red carpet before walking into the fog.
Expo guests will be fed fun facts about Switzerland, such as how people in the country eat about 10.3 kilograms of chocolate every year.
Tasting is on the cards for visitors, with a cafe set up by Swiss chocolate maker Sprüngli.
Exhibitions showing Swiss innovation will also be on display in line with Expo Dubai's themes of connecting the planet and people through opportunity and sustainability.
There are also plans for visits from the academic community and start-ups in Switzerland.
Work on the interior design and landscaping will finish in the next few months, with final construction to be completed by the end of August in time for the opening of the Expo in October.
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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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