The XIX Commonwealth Games kicks off in Delhi today with talk still centring on the collapsed bridge, security concerns, questionable facilities and athlete withdrawals rather than what will happen on the field.
The concerns surrounding the Games in India are just the latest to plague cities that have held major sporting events: the World Cup, the Olympics, the European Championship, the Winter Olympics, the World Athletics Championship, the Asian Games, and now the Commonwealth Games.
It is not just the athletes who are getting fatigued by the string of major international sporting events. With obvious exceptions, are all of these events still significant to the spectators? Athletics, arguably one of the pillars of major games, has lost a lot of its lustre in the last two decades, a good indicator of the general decline in popularity of some competitions. For sport fans of a certain age, the moment it all started to go wrong is etched in their memories. At the 1988 Olympics in Seoul, the Canadian sprinter Ben Johnson annihilated the 100-metre world record to claim gold, defeating the great Carl Lewis in the final.
The next day, it was revealed that Johnson had failed a drug test, and athletics, and the Olympics, were never the same again. Since then, the Olympics, Commonwealth Games and other competitions rarely pass without a doping scandal - whether in athletics, swimming, cycling or many other events - damaging the public's faith in anything approaching the idea of fair play or sportsmanship. The result is that many fans have simply lost interest.
And yet countries, which in many cases can barely afford it, continue to bid for tournaments that mean less and less. National pride may be the overriding factor for holding these showpieces, but it comes at a hefty price. Of course, the World Cup remains hugely popular, as does the Olympic Games, but has the time come to scale down many other events like the Commonwealth Games? The Games were meant to showcase that India had made giant gains in the sporting arena as it has in many other fields, but even the most cursory glance at cities that have held major events in the past decade will show that the aftermath tends to be very grim indeed.
It is still too early to gauge the long-term benefits of the 2010 World Cup in South Africa, but the short-term numbers do not make positive reading. Thousands of people were displaced from their homes and, as for boosting the local economy, Fifa put paid to that dream by allowing only approved partners and vendors to do business in the vicinity of its stadiums, driving many South African shops out of business. Analysts estimate that less than half of the almost $6 billion (Dh22 billion) that South Africa pumped into new stadiums, roads and airports will be recouped.
Beijing spent an astronomical $33 billion on the 2008 Olympic Games while displacing thousands - a success or nationalistic bluster? In 2004, the Athens Olympics cost $15 billion, and within months of the Games, the Olympic Village and other facilities that had been used for barely three weeks were abandoned and have by now become derelict sites. In fact, the Athens Games have been blamed as the catalyst for Greece's catastrophic financial collapse.
Even the successful Sydney Olympics in 2000, described by the former International Olympic Committee president Juan Antonio Samaranch as "the best Games ever", is now dismissed for its inadequate post-Games strategy. Still, it was something of an exception as the Sydney Olympic Park did eventually develop into a successful community and leisure district. The cost of the 2012 London Olympics has spiralled to a stratospheric $20 billion, money that even Briton can ill afford to spend in the current economic climate. With the Games less than two years away, many Londoners remain opposed to them.
And so to the Delhi Commonwealth Games. The feeling persists that India has overreached, spending something approaching $4 billion on what appear to be inadequate facilities. The blogosphere has been inundated with comments that criticism of the Games is an attempt to belittle India, but the apologists are missing the point. A collapsed bridge, security breaches and abysmal accommodation would deserve criticism regardless of the host city.
It is precisely because of India's massive strides and standing in the international community that it should be judged by the same standards as London, Beijing or Berlin. To make excuses for its problems would be condescending to say the least and, paradoxically, provide the most convincing indictment that Delhi is indeed not ready for an event of this size.
[ akhaled@thenational.ae ]
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July 16, 1995: Amazon formally opens as an online bookseller. Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought becomes the first item sold on Amazon
1997: Amazon goes public at $18 a share, which has grown about 1,000 per cent at present. Its highest closing price was $197.85 on June 27, 2024
1998: Amazon acquires IMDb, its first major acquisition. It also starts selling CDs and DVDs
2000: Amazon Marketplace opens, allowing people to sell items on the website
2002: Amazon forms what would become Amazon Web Services, opening the Amazon.com platform to all developers. The cloud unit would follow in 2006
2003: Amazon turns in an annual profit of $75 million, the first time it ended a year in the black
2005: Amazon Prime is introduced, its first-ever subscription service that offered US customers free two-day shipping for $79 a year
2006: Amazon Unbox is unveiled, the company's video service that would later morph into Amazon Instant Video and, ultimately, Amazon Video
2007: Amazon's first hardware product, the Kindle e-reader, is introduced; the Fire TV and Fire Phone would come in 2014. Grocery service Amazon Fresh is also started
2009: Amazon introduces Amazon Basics, its in-house label for a variety of products
2010: The foundations for Amazon Studios were laid. Its first original streaming content debuted in 2013
2011: The Amazon Appstore for Google's Android is launched. It is still unavailable on Apple's iOS
2014: The Amazon Echo is launched, a speaker that acts as a personal digital assistant powered by Alexa
2017: Amazon acquires Whole Foods for $13.7 billion, its biggest acquisition
2018: Amazon's market cap briefly crosses the $1 trillion mark, making it, at the time, only the third company to achieve that milestone
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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.”