When you find yourself standing in Al Wasl Plaza, your first instinct might be to look up at the dome. But make sure you also look down, to the ground, where dozens of bronze medallions, each a metre in diameter, are embedded at the heart of Expo 2020 Dubai.
Each pays homage to an idea, an achievement, a moment in UAE history, depicting the country’s exponential growth.
There are 42 in total, the number of years it took for the UAE to win the Expo bid.
“Those medallions are hidden gems that tell the story of a nation that cherishes its land, that celebrates its heroes, that values art, science, education and pursues a better future by connection and collaboration through mobility, opportunity and sustainability, which are the themes of Expo 2020,” said Essa Alzarooni, Expo's assistant manager of Visitor Experience.
Five international artists – Owen Davey, Nick Hayes, Sarah Maxwell, Rui Ricardo and Siku – from a UK agency called folio designed the beautiful illustrations based on stories chosen by the Expo teams.
Next to each design, there is a short description in Arabic and English, to tell onlookers what it’s all about, and they are grouped by theme.
Here are six that stand out:
Title: Salicornia
Description: “A humble Emirati succulent called salicornia is helping reimagine the future of aviation by offering a green alternative to jet fuel. Grown sustainably through seawater irrigation, the plant yields a potent biofuel. In 2019, the first salicornia-powered aircraft flew from Abu Dhabi to Amsterdam.”
Title: 2013
Description: “On 27 November 2013, the UAE celebrated its victorious bid to host the 2020 World Expo in Dubai. The win, a first for the region, sparked years of innovative development, bringing people from the Middle East, North Africa and South Asia together to create this unforgettable global event.”
Title: Partnerships
Description: “The UAE believes that co-operation is crucial to creating a better world for everyone. From supporting the United Nations’ Sustainable Development Goals to providing humanitarian aid where it is needed most, the UAE utilises international partnerships to promote opportunity and human growth around the globe.”
Title: Education
Description: “To the UAE’s founding fathers, education was vitally important – a lantern to light our way in the dark. Beginning with the establishment of its first government-run primary school in 1959, the UAE has created a world-class network of diverse, multicultural learning institutions instilling students not just with knowledge, but with strong ethical values.”
Title: Space exploration
Description: “The UAE’s space programme launched its first astronaut in 2019, the opening step in an ambitious quest to explore our universe. The nation sent its cutting-edge Hope Probe into orbit around Mars in 2020, while the Mohammed Bin Rashid Space Centre continues to advance interstellar discovery.”
Title: Majlis
Description: “A space of openness and dialogue, the majlis – or ‘sitting place’ – is the vibrant cornerstone of Emirati social life. Characterised by constructive, tolerant conversations, members of the community come together in the majlis to share news, discuss issues and ideas.”
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.”
Test squad: Azhar Ali (captain), Abid Ali, Asad Shafiq, Babar Azam, Haris Sohail, Imam-ul-Haq, Imran Khan, Iftikhar Ahmed, Kashif Bhatti, Mohammad Abbas, Mohammad Rizwan(wicketkeeper), Musa Khan, Naseem Shah, Shaheen Afridi, Shan Masood, Yasir Shah
Twenty20 squad: Babar Azam (captain), Asif Ali, Fakhar Zaman, Haris Sohail, Iftikhar Ahmed, Imad Wasim, Imam-ul-Haq, Khushdil Shah, Mohammad Amir, Mohammad Hasnain, Mohammad Irfan, Mohammad Rizwan (wicketkeeper), Musa Khan, Shadab Khan, Usman Qadir, Wahab Riaz
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
