Expos are like cities in miniature. They offer employment, education, culture, food, entertainment, and shopping.
They also have a thriving black market.
In the case of the latter, it is badges, the bitcoin of the exposition world. Everyone makes them and everyone wants them, but the price is market driven.
A typical exchange goes like this. “Hello. how are you?” Handshake and brief silence. “You have badge?”
One of the most coveted badges is the gold falcon worn on the tarboosh of Emirati volunteers at Expo 2017. Unfortunately it is part of the official uniform and not for exchange. In the world of Expo badge collectors, it rivals the British Guiana One Cent Magenta stamp.
Expo 2017, which winds up this week in Astana, the capital of Kazakhstan, is the last stop before Dubai Expo 2020.
The theme of Expo 2017 was future energy. It was a message open to liberal interpretation by some of the 122 countries taking part. For those in the Africa pavilion it was largely an opportunity to sell carved elephants, ebony tribal masks, leather purses and turquoise earrings.
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Crowds gather for a display of Emirati culture at Expo 2017 Astana
UAE pavilion at Expo 2017 Astana opens to public
The eyes of the world are on us
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One of the few countries to follow the brief was South Africa, which offered information about its energy policies, plus a framed photograph of Nelson Mandela. “We're not allowed to sell stuff,” explained a member of the South African delegation. “Maybe on the last day we will be open to offers.”
An essential component of all Expos is folklorique, generally expressed through crafts and traditional music and dancing. The UAE, for example, has the National Band of Folklore Arts, who performed at the country's National Day celebrations on Wednesday. Belarus offers windmills woven from straw, on sale this week at 30 per cent off.
Others strayed from tradition at their peril. The Brazilians offered a high energy display of Samba rhythms that brought an emphatic Sim! from the crowds. On the other hand, the verdict on a Polish rapper was a decided Nie from the audience of four.
Pakistan's pavilion was a clever attempt to combine energy policies, drummers and jugglers, and a range of competitively priced hand-painted glassware.
India adopted a similar approach, with a notably persistent group of stall holders pushing deep discounts on its range of crafts and bags of chai. An off the cuff conversation with the man in charge revealed why.
“I have been doing expos since 1992, but this is the first time I have lost money. Maybe 150,000 US dollars.” The thought of Dubai Expo 2020 seemed to lighten his mood; also the prospect of one last sale. “Are you sure you don’t want to buy some tea?”
Astana visitor numbers can probably be explained by the city’s relative remoteness, deep in the heart of Central Asia and where winter roars in from the Steppes with temperatures that can plunge to minus 40c. In the last few days of the Expo, the mercury dropped from 35c to the low teens in the space of 24 hours.
Once part of the Soviet Union, Kazakhstan has prospered from its rich natural resources. Astana has grown from a population of around 60,000 to nearly a million in 20 years. With its spectacular architecture, it often invites comparison with Dubai.
Like Dubai 2020, Expo 2017 is a chance to demonstrate soft power and attract an international audience. To host the exposition, President Nursultan Nazarbayev constructed a vast horseshoe of steel and glass on the outskirts of the city to house the national pavilions.
At its centre is the world’s largest spherical building that some have compared to the Death Star, and others to a giant marble; the home of the Khazakhstan pavilion, a high tech display that daringly eschews folk dancing for robots and includes the confusingly sounding “Museum of Future Energy.”
A visit to the Expo also offers an alternative perspective on geopolitical power, meaning that some countries take it more seriously than others. The United States is forbidden by law from using government funds for its pavilion and resorted to luring in the punters with a medley of classic soul hits.
Russia decided to run with the theme of future energy by demonstrating how it will able able to exploit the natural resources of its northern lands thanks to global warning. The pavilion featured a fleet of model remote controlled floating tankers steering though a replica of the melting ice pack of the North West passage.
One of the most lavish was Turkmenstan’s pavilion in cream and gold, and with working models of the oil and gas-rich nation’s various energy projects as well as rugs from the national museum.
They reflected, according to the display, an: “Era of Might and Happiness under the leadership of the Esteemed President of Turkmenistan Gurbanguly Berdimuhamedow.”
Jordan, short on natural resources but long on culture, constructed a detailed polystyrene replica of The Treasury at Petra for its entrance.
The United Kingdom lured visitors with a darkened womb of a pavilion whose centrepiece was a large perspex yurt-like structure, with touch sensitive struts that each played a single note when touched.
Also, unusually for the British, they had turned on the central heating, making it a cosy refuge from the chill winds outside.
Japan had fully embraced the concept of kawaii (cute) with the style of its videos, but also with its female presenters in jaunty kepi-style caps.
They narrowly lost out for the most charming and hospitable title of Expo 2017, though, thanks to the young volunteers from Takatof at the UAE pavilion, one of the go-to destinations on the visitor list.
So there it is. To ensure a successful Expo, the advice is to include folk dancing, interactive displays, a souvenir stall and badges. Lots of badges. No need to say thanks, Dubai Expo 2020.
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
MATCH INFO
Barcelona 4 (Messi 23' pen, 45 1', 48', Busquets 85')
Celta Vigo 1 (Olaza 42')
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.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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UAE currency: the story behind the money in your pockets
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The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
The drill
Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.
Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”
Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”
Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.”
UJDA CHAMAN
Produced: Panorama Studios International
Directed: Abhishek Pathak
Cast: Sunny Singh, Maanvi Gagroo, Grusha Kapoor, Saurabh Shukla
Rating: 3.5 /5 stars
More from Neighbourhood Watch:
UAE currency: the story behind the money in your pockets
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New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
Kathryn Hawkes of House of Hawkes on being a good guest (because we’ve all had bad ones)
- Arrive with a thank you gift, or make sure you have one for your host by the time you leave.
- Offer to buy groceries, cook them a meal or take your hosts out for dinner.
- Help out around the house.
- Entertain yourself so that your hosts don’t feel that they constantly need to.
- Leave no trace of your stay – if you’ve borrowed a book, return it to where you found it.
- Offer to strip the bed before you go.
ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
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Tailors and retailers miss out on back-to-school rush
Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”
A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.
“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”
TOURNAMENT INFO
2018 ICC World Twenty20 Asian Western Regional Qualifier
The top three teams progress to the Asia Qualifier
Thursday results
UAE beat Kuwait by 86 runs
Qatar beat Bahrain by five wickets
Saudi Arabia beat Maldives by 35 runs
Friday fixtures
10am, third-place playoff – Saudi Arabia v Kuwait
3pm, final – UAE v Qatar
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Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.