More than 4,000 athletes and coaches attended the closing ceremony for the Special Olympics Host Town Programme at Global Village, Dubai, last night.
Under the programme more than 11,000 people from more than 190 nations, were hosted across the seven emirates.
Athletes and coaches spent the last three days being guided around the UAE, taking in sights such as the Sheikh Zayed Grand Mosque, Louvre Abi Dhabi, the Dubai Frame and Dubai Parks and Resorts.
The three-day tour of the UAE ended last night with an array of multicultural music acts playing to more than 4,000 athletes and coaches, who will be taking part in the Special Olympics World Games.
"I am amazed at the scale of Dubai and the friendliness of all the people here," said Andrew Stuart, 19, who will be representing the Great Britain team in golf.
“We have seen first-hand how welcome visitors are made to feel in this country and it’s very impressive.”
James Francis Duncan, 33, who hoped to pick up a medal playing football for Australia, said he has loved every minute of his time in the UAE.
“I just love it and it has been even more special because we get to share it with athletes from other countries,” he said.
“The highlight for me so far has been the amusement parks they took us around. It has been great fun so far and it’s really opened my eyes to different cultures.”
Egyptian rollerskater Sherif Mohamed Nada, 20, said that being part of the Special Olympics had given him a great feeling of happiness.
“I am just extremely happy to be here and be part of this amazing event,” he said.
“Dubai is incredible and we have all had a brilliant time. It is an awesome place.”
His coach said that Global Village was the perfect location for the closing ceremony.
“These Games are global and that’s why you couldn’t find a better place to host this event than here,” said Wael Mohamed Ghazala. “Everybody is enjoying themselves and having such a good time.”
Canadian football coach Neil Lewis said the Host Town Programme had been a resounding success because it had helped the athletes to bond with their hosts.
“We are all in love with the UAE – it’s such a beautiful and friendly country,” he said.
"The athletes are all incredible. People don't realise how much hard work goes into getting everyone together – some members of the team have to travel hours just for training.
“It’s great to be able to see them getting their rewards.”
American basketball player Jeffrey Anthony said he could not get enough of the UAE.
“I really love it here. It’s incredible to see how everything is built here,” said the 24-year-old from Arizona.
Ireland’s Daniel Byrne said he could not have asked for a better welcome.
“It is such a nice country and they have gone out of their way to be respectful to everyone,” said the footballer from Dublin, who will be hoping for a double celebration at the Games because his 20th birthday falls on March 16.
The event could not have been a bigger success, organisers said.
“We want to show that Dubai is as much a society for people with disability as it is for anyone else,” said Maryam Al Obaid, policy and strategy adviser for the Executive Council of Dubai.
“The Host Town Programme has been about showcasing our local culture and folklore.
“We have had so much fun with the athletes and we are so proud of what we have achieved.
F1 drivers' standings
1. Lewis Hamilton, Mercedes 281
2. Sebastian Vettel, Ferrari 247
3. Valtteri Bottas, Mercedes 222
4. Daniel Ricciardo, Red Bull 177
5. Kimi Raikkonen, Ferrari 138
6. Max Verstappen, Red Bull 93
7. Sergio Perez, Force India 86
8. Esteban Ocon, Force India 56
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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.”
'The Sky is Everywhere'
Director:Josephine Decker
Stars:Grace Kaufman, Pico Alexander, Jacques Colimon
Rating:2/5
