Roads have been renovated and pavements decorated with flowers and large posters of India's Prime Minister Narendra Modi, as authorities in New Delhi prepare to welcome world leaders at the G20 Summit this weekend.
The Indian capital is to host the talks, with US President Joe Biden, French President Emmanuel Macron, British Prime Minister Rishi Sunak and Canadian Prime Minister Justin Trudeau among the leaders set to arrive in the city.
The summit, held on September 9 and 10, will take place at Bharat Mandapam – a newly built sprawling international convention and exhibition centre that cost 270 million rupees ($3.2 million) – where visiting dignitaries are expected to discuss economic growth, green development and climate finance.
Mr Modi’s government also wants to use the event to emphasise India’s economic prosperity and present the country as a “Vishwaguru", or world leader. India currently holds the rotating G20 presidency.
Preparations in Delhi
The city, home to 22 million people, has undergone major improvements in preparation for the summit.
Roads have been cleaned, trees and plants manicured, and about 700,000 flower pots placed across the city. Flowers have also been spread across roundabouts, with police standing guard.
Boundary walls and road signs have been freshly repainted, while murals add a splash of colour to metro stations.
Historic monuments including Qutub Minar and the Red Fort have been illuminated, with streets adorned with colourful lights.
An 8.5-metre statue of Nataraja – the cosmic dancer form of Hindu god Shiva – has been installed at the entrance of the G20 summit venue.
Large stone statues of lions have been set up on streets and musical fountains constructed near the banks of the Yamuna River.
Parts of the city will be shut down from September 7 and a public holiday has been announced until September 10.
Government and private offices, education institutions, businesses and markets are to close for security reasons and to ease traffic.
Securing the summit
As many as 130,000 security personnel have been stationed on major roads and streets. Officers armed with sniper rifles have been sent to rooftops, while the authorities will also use anti-drone technology to maintain security.
Counter-terrorism guards, known as Black Cats, will be on standby during the summit. The forces have undergone intensive training in preparation for the event.
About 400 firefighters will also be on call and 20 trained dogs will be at the summit venue, as well as in neighbouring areas of New Delhi.
More than 50 jets will land at Delhi airport for the summit and the government has provided 20 bulletproof limousines to ferry leaders across the city.
Monkeys, Dogs and Dengue
To keep roaming monkeys from attacking visitors in the capital, authorities have put up life-size posters of grey langurs.
Some videos on social media have also shown stray dogs being captured.
An order by municipal authorities to clear Delhi of strays was recalled after criticism from animal rights activists.
Delhi continues to experience dry weather, with no monsoon rains in the city for weeks. The hot and humid weather has led to a sharp increase in cases of dengue fever and malaria.
Authorities have fumigated some neighbourhoods and conducted house inspections to curb the number of mosquitoes responsible for spreading the diseases.
'Hiding poverty'
Authorities have also put up sheets in an effort to obscure the city's most impoverished areas from view. Several areas have been demolished over the past several months.
The government has justified the operations by claiming the structures were illegal.
More than 4,000 homeless people living under bridges and on the side of roads were moved to shelter homes across the city, reports said.
In several areas, roadside stalls and makeshift shops have also been removed.
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
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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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The biog
Prefers vegetables and fish to meat and would choose salad over pizza
Walks daily as part of regular exercise routine
France is her favourite country to visit
Has written books and manuals on women’s education, first aid and health for the family
Family: Husband, three sons and a daughter
Fathiya Nadhari's instructions to her children was to give back to the country
The children worked as young volunteers in social, education and health campaigns
Her motto is to never stop working for the country
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5