Sheikh Zayed Festival is an event like no other in the UAE.
Spread over four and a half months, one of the UAE’s largest cultural festivals is expected to attract more than two million visitors between now and March 18, when it closes.
Named in honour of UAE Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, the festival celebrates the country’s history and cultural heritage, showcases the rich diversity of its traditions and educates visitors about the legacy of the nation’s founder and the UAE’s arts, crafts, customs and food.
Al Wathba, a 50-minute drive from the Corniche in Abu Dhabi, is normally a tranquil area but is transformed for a few months every year to host the annual cultural jamboree and celebrate the UAE's achievements and highlight its diverse community.
The current edition of the festival will be full of surprises and new activities
Abdullah Al Muhairi,
Sheikh Zayed Festival committee
The festival takes place in a venue that resembles a fort and the family-friendly programme features international cultural pavilions and eclectic music performances.
Organisers said this year's event ― held under the theme Hayakum, which means welcome ― is bigger than anything staged here before, with new and different features for visitors to enjoy.
It captures what the Zayed festival is about ― welcoming visitors from all around the world and offering them a memorable experience.
“The current edition of the festival will be full of surprises and new activities, featuring thousands of cultural and recreational shows suitable for the whole family, ranging from the Union Parade, National Day celebrations, New Year celebration, Global Civilisation Parade, Al Wathba Custom Show and more," said Abdullah Al Muhairi, a member of the Sheikh Zayed Festival organising committee.
The Emirates Civilisation Pavilions will give visitors a glimpse of the customs and traditions of the people of the UAE and the inspirational role Sheikh Zayed in building and establishing a nation.
There are more than 25 country pavilions, among them Iran, India, Turkey, Uzbekistan and Oman, as well as some African nations.
Organisers said they encouraged the pavilions to bring their top-selling products and what most families who travel to their countries take back home with them ― soap, nuts, sweets or fabrics ― and to sell them at a lower-than-market price.
"Visitors to the festival will be able to walk through various pavilions and explore different cultures and folklores through dance and music that will be showcased in festival theatres," Mr Al Muhairi said.
"At the forefront of these performances are the Emirati traditional dances such as Al Yola and Al Razfa, which will provide an unforgettable experience for all visitors.”
Spread over 130,000 square metres, this year's event includes a haunted mansion, a flower glow garden with more than 400,000 flowers imported from Holland, a selfie street that hopes to break the Guinness World record for the number of pictures taken, a dessert museum, a childrens' amusement section with a 50-metre high Ferris wheel, go-karting, a crazy car district and a heritage village.
The event also features equestrian and camel riding activities and shows at 15 theatres.
The Emirates Fountain light waterfall show, which features water spurting from about 600 nozzles, is sure to be popular with visitors.
The festival will give visitors opportunities to win valuable prizes through the many heritage competitions, which include the Sheikh Zayed Falconry competition, the Dhow Sailing Race, the Zayed Grand Prize Camel Race, the Traditional Cooking Competition and the Sheikh Mansour bin Zayed Al Nahyan Racing Festival.
Variety of food outlets
There are more than 60 food outlets at the festival.
The busy food-truck area serves everything from traditional Emirati food to tea and coffee and has signs displaying the word iIgrab, which translates to come closer ― a sign of the UAE's hospitality.
The festival coincides with the Fifa World Cup in Qatar and football fans can watch the matches on large LED screens.
It opened on Friday with drone shows and fireworks displays to mark the opening night.
Similar celebrations will take place to celebrate National Day. The renowned drone show this year will tell the story of the event and highlight its various activities in a spectacular aerial show.
The weekly fireworks are every Saturday at 10pm. The festival runs every day from 4pm until 12am, including weekends. Entry tickets are Dh5.
RESULTS
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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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Also on December 7 to 9, the third edition of the Gulf Car Festival (www.gulfcarfestival.com) will take over Dubai Festival City Mall, a new venue for the event. Last year's festival brought together about 900 cars worth more than Dh300 million from across the Emirates and wider Gulf region – and that first figure is set to swell by several hundred this time around, with between 1,000 and 1,200 cars expected. The first day is themed around American muscle; the second centres on supercars, exotics, European cars and classics; and the final day will major in JDM (Japanese domestic market) cars, tuned vehicles and trucks. Individuals and car clubs can register their vehicles, although the festival isn’t all static displays, with stunt drifting, a rev battle, car pulls and a burnout competition.
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