DUBAI // Seven years from now, if the UAE wins its bid to host Expo 2020, 25 million visitors will arrive to find sweeping changes along its coast and motorways.
The future promises spectacular views from the world's highest Ferris wheel, recitals at a modernist opera house and boat rides across a canal that floats above a national motorway.
These and other dramatic structures are set to dominate the 2020 skyline - all backed by strong infrastructure in the form of the planned Etihad Rail network, Al Sufouh Tram and new Dubai Metro links. And that, experts say, is the foundation of a successful Expo 2020 bid.
"Physically, you can already see the movement on projects being regenerated and new ones started," said John Podaras, an independent hospitality consultant.
"Post-2009 we saw a freeze due to economic conditions globally and we're now seeing the resurgence."
Work on one the nation's biggest infrastructure undertakings, the Dh40 billion Etihad Rail project, has already begun and is scheduled for completion two years before Expo 2020.
The 1,200-kilometre rail network will not only link the hamlets, cities and industrial centres of the UAE, but will also form part of a rail corridor connecting Saudi Arabia in the west and Oman in the east with freight, and eventually passenger trains.
By next year, the Dh3.2bn Al Sufouh tram project - a 13-stop route linking to the Metro - is expected to be finished. And the area surrounding the Dubai Creek in Bur Dubai will be opened to foot traffic with a new bridge.
By as early as April, work will begin on the Dh1bn Dubai Eye - a 210-metre high Ferris wheel on an island suburb jutting out of Dubai Marina.
The wheel is the centrepiece of the Dh6bn Bluewaters project and will overlook a promenade with a traditional souq, homes and businesses.
Across the city, the Downtown Area surrounding the Burj Khalifa will be turned into a cultural district with a modern art museum, a contemporary opera house and design studios.
Cultural tourists will also find the completed Guggenheim, Louvre and National museums on Saadiyat Island in Abu Dhabi.
In what might be one of Dubai's most daring projects to date, a 2.8km extension of Business Bay Canal will travel over Sheikh Zayed Road and the Dubai Metro, down into Safa Park, through Jumeirah and out into the Arabian Gulf.
The engineering marvel will make use of a boat elevator, inspired by Scotland's Falkirk Wheel, to safely lift boats on to and down from an elevated waterway. The Dh1.5bn canal project also includes cycling and pedestrian tracks along its banks.
"It's much more about a global and holistic vision than individual developments," Mr Podaras said. "The delivery of more and more entertainment and integrated venues will extend the length of a tourist's stay."
Five theme parks are planned for Jebel Ali, the area closest to the proposed Expo 2020 site.
First on the cards will be a film-based fun park that will open next year, followed by a Bollywood park, a marine world, a fantasy land for children and a night safari park.
Next to Downtown Dubai, Mohammed Bin Rashid City will target the record books with the world's biggest mall, a garden project larger than London's Hyde Park and more than 100 hotels.
"The way things are moving, Dubai will be bigger in size with better facilities," said Dr Abdullah Alshamsi, an Emirati civil engineer and vice chancellor of the British University in Dubai.
"Dubai is a popular international hub and will be doubly so in 20 years' time. It will be a city for everyone because it satisfies everyone's desires.
"In 2020, I hope to see a complete city with cultural projects along side sport and entertainment."
rtalwar@thenational.ae
if you go
The flights
Emirates offer flights to Buenos Aires from Dubai, via Rio De Janeiro from around Dh6,300. emirates.com
Seeing the games
Tangol sell experiences across South America and generally have good access to tickets for most of the big teams in Buenos Aires: Boca Juniors, River Plate, and Independiente. Prices from Dh550 and include pick up and drop off from your hotel in the city. tangol.com
Staying there
Tangol will pick up tourists from any hotel in Buenos Aires, but after the intensity of the game, the Faena makes for tranquil, upmarket accommodation. Doubles from Dh1,110. faena.com
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Bundesliga fixtures
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
The biog
Name: Abeer Al Bah
Born: 1972
Husband: Emirati lawyer Salem Bin Sahoo, since 1992
Children: Soud, born 1993, lawyer; Obaid, born 1994, deceased; four other boys and one girl, three months old
Education: BA in Elementary Education, worked for five years in a Dubai school
The biog
From: Upper Egypt
Age: 78
Family: a daughter in Egypt; a son in Dubai and his wife, Nabila
Favourite Abu Dhabi activity: walking near to Emirates Palace
Favourite building in Abu Dhabi: Emirates Palace
The specs
Engine: 1.5-litre, 4-cylinder turbo
Transmission: CVT
Power: 170bhp
Torque: 220Nm
Price: Dh98,900
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
COMPANY%20PROFILE%20
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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.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
On sale: Now
Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
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.”