One of the world’s smallest countries is adding the finishing touches to a giant slide inside its Expo 2020 Dubai pavilion to remind visitors of traditional funfair rides.
When visitors go down the three-storey slide, made of stainless steel and plexiglass, they will see trees and plants across an atrium, recreating Luxembourg's lush green woodlands.
The main construction work was completed this month.
It will give you a good feel of the valleys and gorges that you can find in Luxembourg
Maggy Nagel, commissioner general of Luxembourg at Expo 2020 Dubai, said she would take the stairs and go down the 21-metre high slide when the World Fair opens in October.
"I will, of course, use the slide as it will be quite a thrill to just slide down through the atrium," she told The National.
“But I will also use the stairs as there are different scenes from Luxembourg to be seen in spheres that we have positioned over the handrail.
“The greenery representing typical landscapes of Luxembourg will be in the atrium. Due to security reasons, we will not be able to make it as luscious as in reality but it will give you a good feel of the valleys and gorges that you can find in Luxembourg.
"The fragrance that we have developed is a beautiful interpretation of the scents of the woods and plants that we have in Luxembourg.”
Organisers are keen to recreate the fun element of fairs such as Luxembourg's popular Schueberfouer. The annual event has more than 200 rides that attract more than two million visitors every summer.
The $32 million pavilion also boasts unusual architecture that will make visitors step back and consider the concept of an object with no boundaries.
The outer curved steel structure that runs in a continuous loop resembles a broad ribbon with no end.
The form is based on the Mobius strip, or one-sided surface, discovered by a German mathematician in 1858.
Organisers aim to convey a circular and dynamic economy through a thought-provoking structure that will draw people in.
Ms Nagel promises an experience to capture “all of your senses”.
A quiz before entry will provide visitors with unusual facts about the country and its people.
They will be greeted with a virtual message from the Grand Duke Henri of Luxembourg, the country’s head of State.
Another highlight is a short animation film about the nation’s commitment to sustainability.
Ms Nagel said the six-month expo will send out a message of hope.
“The pandemic, tragic as it is for so many people, has shown us how essential it is to stay connected and to be resourceful in order to overcome crises and to create a better future,” she said.
“The theme of this Expo has become even more meaningful and discussing these issues together is ever more urgent. We are thankful to Dubai and the UAE for their determination and resilience that will make this Expo happen. This is indeed a very timely event that sends an important positive message.”
A Michelin-star chef has planned the dishes that will be served in the Schengen Lounge where students from the Ecole d'Hotellerie et de Tourisme du Luxembourg, a hotel and tourism school, will work.
Ms Nagel said guests will be surprised with modern food and classic Luxembourg fare, such as ginger fish sauce drizzled on pan-seared river trout with dill oil and roasted fennel.
“There will be so many other dishes that people should try and you will also find international flavors that are a reflection of Luxembourg’s heritage and its diversity,” she said.
The organisers are also working on a digital tour for people who cannot visit the pavilion.
Luxembourg was the first country in June 2016 to officially confirm its participation with a national pavilion.
The expo is expected to attract 25 million visits.
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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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