Price tag for Dubai's Expo 2020 dream: Dh30.84 billion



DUBAI // It will cost the UAE Dh30.84 billion to host Expo 2020 in Dubai if its bid is successful.

The total bill is listed in euros in a budget in Dubai’s official bid dossier as €6.46bn.

Capital funding of €5.21bn would be required – but this figure includes some projects, such as a Metro extension, that are likely to go ahead whether or not the expo bid succeeds.

The team says the fair’s projected €1.25bn operating costs would be covered by revenues from ticket sales, sponsorship, food and beverage sales, merchandising and other sources.

Various tickets are likely to be offered, including general admission, night, family, three-day and season.

The dossier includes detailed plans for ensuring the safety of the public and staff. Everyone entering the site will pass through security checks and safety operations will be run from a command and control centre.

The bid has six premier partners – Dubai Airports, Emirates Airline, Emirates NBD, Etisalat, DP World and Jumeirah Group.

This approach to partnerships has gained valuable international exposure for the bid and the team plans to continue with it if Dubai is chosen as the host city.

The dossier states the expo would attract 25 million visitors, who would make 33 million visits. It is thought 7.5 million would come from the UAE and the rest from abroad.

The team estimates that 182 guest nations would take part and display areas of various sizes would be available. Countries would either build their own pavilions or occupy ones constructed by the organisers.

Some pavilions could eventually become landmarks in other parts of the city or beyond, as there are plans to relocate them either on site or elsewhere after the expo.

The organisers would encourage developing nations to take part by covering their costs and providing free exhibition space.

The fair would be managed by an organising committee made up of representatives from government, academic institutions and industry.

The expo theme is Connecting Minds, Creating the Future, and there are three sub-themes – mobility, sustainability and opportunity. The thinking behind the bid is set out in the dossier’s prologue.

“The Dubai Expo 2020 theme, Connecting Minds, Creating the Future, reflects the belief that tomorrow’s challenges will be far too complex to be met in isolation,” it states.

“They will require partnerships, networks and collaboration to foster the innovative, inspirational and practical solutions needed to forge a sustainable path for progress.

“The Dubai Expo 2020 aspiration reflects the essence of what the United Arab Emirates has always done uniquely and best. A country born of settlements that were historically trading posts and fertile oases, the UAE has always maintained a resilient spirit and an open, welcoming attitude.”

Helal Saeed Al Marri, chief executive of Dubai World Trade Centre and a member of the Higher Committee for Hosting the 2020 World Expo in Dubai, said: “The master plan for our proposed site for the 2020 world expo will reflect the UAE’s focus on both connectivity and sustainability. We will use the latest technology to develop state-of-the-art infrastructure and ensure an entertaining, educational and seamless expo experience for global visitors and participants, while also creating a lasting legacy for generations to come.”

The prologue of the dossier concludes by stating the UAE would be honoured to host the expo: "We look forward to the day in 2020 when we will say to the world with our arms outstretched: Ahlan Wa Sahlan. Welcome to Dubai."

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Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

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Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.

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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Price, base / as tested Dh326,700 / Dh342,700

Engine 3.0L V6

Transmission Eight-speed automatic

Power 340hp @ 6,000pm

Torque 450Nm @ 3,500rpm

Fuel economy, combined 9.1L / 100km

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The specs
 
Engine: 3.0-litre six-cylinder turbo
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Price: From Dh330,000 (estimate)

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Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The specs: 2018 GMC Terrain

Price, base / as tested: Dh94,600 / Dh159,700

Engine: 2.0-litre turbocharged four-cylinder

Power: 252hp @ 5,500rpm

Torque: 353Nm @ 2,500rpm

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Company%20Profile
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COMPANY%20PROFILE%20
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  • Individuals must register on UAE Drone app or website using their UAE Pass
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What are the regulations?
  • Fly it within visual line of sight
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  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
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Our family matters legal consultant

 

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.