Emiratis and expatriates have said the celebrations over the decision for Dubai to host the World Expo in 2020 had brought the country together. Courtesy Dubai Police
Emiratis and expatriates have said the celebrations over the decision for Dubai to host the World Expo in 2020 had brought the country together. Courtesy Dubai Police
Emiratis and expatriates have said the celebrations over the decision for Dubai to host the World Expo in 2020 had brought the country together. Courtesy Dubai Police
Emiratis and expatriates have said the celebrations over the decision for Dubai to host the World Expo in 2020 had brought the country together. Courtesy Dubai Police

UAE’s Expo win on eve of National Day highlights how far nation has grown


  • English
  • Arabic

Colin Simpson

DUBAI // The wave of jubilation that greeted the UAE’s Expo triumph was the climax of a two-year campaign that proved the country could take on global economic powerhouses and win.

The stunning victory over Russia, Brazil and Turkey in the race to host the world fair in 2020 marked a dramatic new chapter in the nation’s emergence on the world stage.

The fact this success came on the eve of the 42nd National Day was a reminder of how far the UAE had come in such a short time.

The win was also a reward for the immense amount of work put in by those involved in the bid.

The UAE left it late to name Dubai as a candidate, waiting until deadline day, November 2, 2011, to submit the application to the Paris-based organiser, the Bureau International des Expositions (BIE).

Four other contenders had already thrown their hats into the ring – Yekaterinburg, Russia; Sao Paulo, Brazil; Izmir, Turkey; and Ayutthaya, Thailand.

Russia and Brazil were particularly formidable rivals – one a former superpower turned energy exporting giant, the other one of the world’s largest and fastest-growing economies.

Izmir, meanwhile, had narrowly lost out to Milan in the bidding for Expo 2015.

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, announced the UAE’s participation on Twitter.

“The exhibition lasts for 6 months and hosts millions of visitors,” he tweeted.

Later that month, a high-powered team led by Sheikh Ahmed bin Saeed Al Maktoum, president of the Dubai Civil Aviation Authority and chairman of Emirates airline, travelled to the French capital to discuss Dubai’s bid with BIE officials.

The delegation included Reem Al Hashemi, Minister of State, and Helal Saeed Almarri, chief executive of Dubai World Trade Centre, who later emerged as key players in the campaign.

The following February, the Higher Committee for Hosting the World Expo 2020 was formed.

Sheikh Ahmed was appointed chairman, with Ms Al Hashemi named managing director.

Sheikh Ahmed later affirmed his belief in the bid with these words: “Dubai is fully committed to delivering an exceptional World Expo in 2020.”

Ms Al Hashemi stressed the importance of the bid theme, Connecting Minds, Creating the Future, when she said: “Connectivity and dialogue, between peoples and among nations, are so central to our shared future.”

Meanwhile, a massive campaign to gather support was being rolled out at home and abroad.

The internet was a key part of the strategy, which involved advertising, a newsletter and an initiative encouraging the people of the UAE to “Be Part Of It”.

An ability to demonstrate widespread backing from the public, institutions and Government was a key factor considered by the BIE when assessing the bids.

A significant step forward on this front came when some of the country’s largest businesses pledged their support. Premier partners were named as DP World, Dubai Airports, Etisalat, Emirates NBD, Jumeirah Hotel Group and Emirates airline.

Mohammed Sharaf, chief executive of DP World, said: “Dubai Expo 2020 would be an opportunity for young minds to be more open and come up with fresh ideas, to think outside of the box and blaze their own path.”

Saleh Al Abdooli, Etisalat’s chief executive, praised the theme: “We believe in the ability of the World Expo to gather minds to address the major global challenges we face today, and those we will face tomorrow.”

In October last year, Microsoft founder Bill Gates announced he was backing Dubai’s bid, and over the coming months other big-name supporters and well-wishers emerged.

They included former a former US president, Bill Clinton; the British prime minister, David Cameron; Britain’s Prince Harry and, perhaps more surprisingly, Hollywood actresses Lindsay Lohan and Pamela Anderson.

Lohan tweeted: “Help support Dubai to win the World Expo in 2020 & support @HHShkMohd’s vision @DubaiExpo2020. I do :-).”

The masterplan for the development of the proposed Expo site at Jebel Ali was unveiled in November last year.

The following month, the 623-page bid dossier – which covered everything from the budget to the theme, transport plans, entertainment and visitor numbers – was submitted to the BIE.

Inspectors from the organisation visited each candidate country to evaluate their Expo plans and assess levels of support. Dubai’s turn came in February this year.

The delegates met Sheikh Mohammed and other leaders, visited Zayed University in Abu Dhabi and flew over the Expo site by helicopter.

Steen Christensen, chairman of the mission, said at the end of the trip: “We have had a wonderful visit with well-organised meetings and serious reports and therefore our impression is good.”

It later emerged that the inspectors had been impressed by the theme, the degree of support from the public and the financing plans.

Their findings were presented to delegates from all the BIE member countries who gathered in Paris in June for the organisation’s general assembly. The teams from the five candidate countries knew that any bids that failed to meet the BIE’s criteria would be kicked out of the race.

On the first day of the assembly, word began to leak out from the closed session that Dubai’s plans had been approved along with those of Yekaterinburg, Sao Paulo and Izmir, but Ayutthaya’s had not. This was confirmed by the BIE the following day.

The four surviving teams made presentations designed to win over the assembled delegates.

Dubai provided a show-stopping surprise when Princess Haya bint Al Hussein, wife of Sheikh Mohammed, took to the stage and charmed delegates as she set out the merits of Dubai’s plans.

Meanwhile, Sheikh Abdullah bin Zayed, the Minister of Foreign Affairs, was spearheading a worldwide diplomatic charm offensive designed to gather support for the UAE.

Britain was the first country to commit publicly to backing Dubai, followed by others including Canada, Italy and Libya.

Last month, BIE delegates visited the UAE to find out more about the bid theme.

As this week’s vote neared, Expo mania gripped Dubai. The distinctive blue logo could be seen everywhere, and more than 99.41 per cent of Emiratis and 98.67 per cent of residents who took part in a Dubai Statistics Centre survey backed the bid.

Then came Wednesday’s dramatic events in Paris, with Dubai beating Yekaterinburg by 116 votes to 47 in the final round. Celebrations swept through the emirate and fireworks erupted from the Burj Khalifa.

The mood was summed up by Sheikh Mohammed when he tweeted: “To all people in the UAE: your support and enthusiasm fuelled our victory at Dubai #Expo2020. Today, you are all champions.”

newsdesk@thenational.ae

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

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Liverpool (0) v Atletico Madrid (1)
Venue: Anfield
Kick-off: Thursday, March 12, midnight
Live: On beIN Sports HD

Results:

5pm: Conditions (PA) Dh80,000 1,400m | Winner: AF Tahoonah, Richard Mullen (jockey), Ernst Oertel (trainer)

5.30pm: Handicap (TB) Dh90,000 1,400m | Winner: Ajwad, Gerald Avranche, Rashed Bouresly

6pm: Maiden (PA) Dh80,000 1,600m | Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinel

6.30pm: Handicap (PA) Dh80,000 1,600m | Winner: Duc De Faust, Szczepan Mazur, Younis Al Kalbani

7pm: Wathba Stallions Cup (PA) Dh70,000 2,200m | Winner: Shareef KB, Fabrice Veron, Ernst Oertel

7.30pm: Handicap (PA) Dh90,000 1,500m | Winner: Bainoona, Pat Cosgrave, Eric Lemartinel

While you're here
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Jemma Eley – goal attack / wing attack (Dubai College)

Alana Farrell-Morton – centre / wing / defence / wing attack (Nord Anglia International School)

Molly Fuller – goal attack / wing attack (Dubai College)

Caitlin Gowdy – goal defence / wing defence (Dubai English Speaking College)

Noorulain Hussain – goal defence / wing defence (Dubai College)

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The bio

Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.

Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.

Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.

Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.

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Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails

Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies

Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments

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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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