For a time in the late 20th century, lifeless streets, random shootings and boarded-up shopfronts were a hallmark of life in Dayton, Ohio.
In the early 1900s, it was a thriving innovation centre. But like many other Rust Belt towns, Dayton later had its city centre decimated when people moved to the suburbs and traditional heavy industry fell into decline.
As recently as 2018, the city of 140,000 people received the kind of national attention no one wishes for, when it became the subject of a PBS Frontline documentary called Left Behind America.
But today, meaningful change is unfolding in the heart of the city.
With a growing demand for space and rising living costs in major coastal US cities, more and more Americans are considering former Rust Belt cities as places to live.
And, in many cases, the energy and activity of those cities’ cores are playing an important role in underlining that revival.
At 45,000 square metres, the 119-year-old Dayton Arcade had been left to waste for more than three decades. If cash-strapped city authorities had the money, it would have been torn down years ago, reports show.
But in August, after a $90 million investment, the Renaissance-style building opened to the public, with an entrepreneur centre, bistro, offices and co-working spaces, and dozens of apartments surrounding the complex's stunning rotunda.
Celebrated urban planners labelled the redevelopment the “most transformative project in America”.
Its revival has attracted a local university, which has more than 350 students, as well as a wide assortment of businesses, back to the area.
“We’re not just trying to support a community initiative to repurpose the space,” says Vincent Lewis, who leads the University of Dayton’s LW Crotty Centre for Entrepreneurial Leadership, “but also to generate opportunities for our students to plug into the entrepreneurial ecosystem”.
Dayton’s city centre has also embraced other significant changes. Partly because of pandemic-related social distancing restrictions, city streets shut at the weekend to accommodate outdoor dining, creating a vibe reminiscent of southern Europe rather than the Rust Belt.
A summertime, open-air concert series draws hundreds of people, while a surfing school has popped up on a nearby river.
“I live four blocks from here and when I go for a run in the morning, you see people out walking their dogs, going for a run,” Mr Lewis says. “It’s a much different environment today than it was 15 or 20 years ago.”
Dayton isn’t alone. Many other small Midwestern cities are investing millions in their urban environments.
In Fort Wayne, Indiana, a city of about 265,000 people, more than $1 billion has been invested over the past decade to revive a once-neglected city centre. Farther north in Michigan, the city of Grand Rapids is spending hundreds of millions in reimagining its waterfront space by adding recreation and living facilities.
These efforts, combined with changing lifestyle choices brought about by the pandemic, are drawing people to formerly stagnant cities.
Dayton native Danny Tuss returned to Ohio with his wife and son during the pandemic after more than 15 years spent living in New York City, where he worked at the Brooklyn Museum.
“We got sick in that first wave in March [2020] and spent seven months in our one-bedroom apartment with our one-and-a-half-year-old, working,” he says. “That was not fun.”
Since moving to Dayton in 2020 to be closer to Mr Tuss's ill mother, the family has bought a large, single-family home on a sprawling lot.
“We have a garden, which is a huge deal for us,” he says. For him, it’s the access to green space, among other things, that prompted him to move back to the Midwest.
“Having lived in other places and travelled, I certainly grew to appreciate all the things Dayton has to offer,” he says. Since moving back, he’s on a mission to recruit friends in New York to move out to Ohio.
Mr Tuss isn't alone: since the start of the pandemic, nearly half the US population has moved or considered moving home, MarketWatch reported. Enabled by the increase in remote work, families are leaving large cities for cheaper properties in the US heartland in droves.
But not everyone is being helped by the resurgence. Residents in several black-majority areas, the poorest and most segregated parts of west Dayton, continue to struggle with depressed economic opportunities and crime.
For Jake Wells, who runs JW’s Wine Cellar in the predominantly black district of Trotwood, 12 kilometres north-west of the city centre, business has, for the most part, been good.
But Mr Wells says decades of neglect have left a mark that is difficult to erase.
“We just lost a grocery store across the road. We have no restaurants around here. If you want to go out to eat, you have to go to the next town over,” he says.
When a motorway on the opposite side of Dayton opened 30 years ago and fuelled the building of new malls and outlet stores, businesses — and customers — were drawn away from Trotwood. In recent years, child poverty rates in the district have risen to among the highest in Ohio at more than 50 per cent.
“We’re black; we’re not getting the attention that we should. That’s just the bottom line,” Mr Wells says.
And while the Midwestern revival is lauded by many, smaller Midwestern cities — Dayton included — have been growing and adding jobs at far slower rates than bigger neighbours such as Columbus and Pittsburgh.
Still, the sense of change and possibility is alive and well. In December, it was announced that the wider development of the Dayton Arcade would receive a further $124m investment.
Mr Lewis, who as a child decades ago used to run around the Arcade space, says bringing students to the area, where they can interact with people from all walks of life, is essential in building a new social fabric for the city.
“And what we’re hearing now,” he says, “is that our students are wanting to stay in Dayton.”
With decades of decline in the rear-view mirror, that young blood is poised to shape the city’s future.
JOKE'S%20ON%20YOU
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Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EDirect%20Debit%20System%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20Sept%202017%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20with%20a%20subsidiary%20in%20the%20UK%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20Undisclosed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Elaine%20Jones%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%208%3Cbr%3E%3C%2Fp%3E%0A
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
ESSENTIALS
The flights
Emirates flies direct from Dubai to Rio de Janeiro from Dh7,000 return including taxes. Avianca fliles from Rio to Cusco via Lima from $399 (Dhxx) return including taxes.
The trip
From US$1,830 per deluxe cabin, twin share, for the one-night Spirit of the Water itinerary and US$4,630 per deluxe cabin for the Peruvian Highlands itinerary, inclusive of meals, and beverages. Surcharges apply for some excursions.
The%20specs
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Spare
Profile
Company name: Spare
Started: March 2018
Co-founders: Dalal Alrayes and Saurabh Shah
Based: UAE
Sector: FinTech
Investment: Own savings. Going for first round of fund-raising in March 2019
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
57%20Seconds
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Top%2010%20most%20competitive%20economies
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BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
UAE rugby in numbers
5 - Year sponsorship deal between Hesco and Jebel Ali Dragons
700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams
Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams
Dh1.8m - Dubai Hurricanes' overall budget for next season
Dh2.8m - Dubai Exiles’ overall budget for next season
Heavily-sugared soft drinks slip through the tax net
Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.
Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.
A 680ml can of Arizona Iced Tea costs just Dh6.
Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.
Mohammed bin Zayed Majlis
Green ambitions
- Trees: 1,500 to be planted, replacing 300 felled ones, with veteran oaks protected
- Lake: Brown's centrepiece to be cleaned of silt that makes it as shallow as 2.5cm
- Biodiversity: Bat cave to be added and habitats designed for kingfishers and little grebes
- Flood risk: Longer grass, deeper lake, restored ponds and absorbent paths all meant to siphon off water
Killing of Qassem Suleimani
Arctic Monkeys
Tranquillity Base Hotel Casino (Domino)
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.”
'Will%20of%20the%20People'
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