To fill stadiums at the Commonwealth Games, the Organising Committee gave away huge numbers of free tickets. But many stadiums were empty during the first week because the freebies were distributed so late that most people could not use them, an official knowledgeable about ticketing said.
Complaints have been pouring in from across the city that tickets are unavailable at box offices and on the Games website, even though the stands end up practically empty when many events begin. The Organising Committee fired the head of ticketing on Saturday. An insider from the Indian Railway and Ticketing Corp, which is in charge of ticketing for the Games, said in an interview that the problem began when the Organising Committee reserved between 30 per cent and 40 per cent of tickets to give away free of charge.
"The OC figured this is not a sporting nation and there won't be much traction for most events," the source said on condition of anonymity. "So they printed bulk tickets to give to schools and sports federations and corporates in the weeks before the event. "But the biggest setback was that they left very little time to distribute the tickets they had already printed out. Most of the tickets ended up lying in cupboards in our office."
Many recipients got their tickets at the last minute. For sessions that began at 9am, the tickets would be received only at 11 the night before. "In quite a few cases, the events had already started when the tickets arrived," the source added. The Organising Committee said that only 10 per cent of tickets were being distributed as complimentary passes. The committee's secretary general, Lalit Bhanot, told reporters at the weekend: "Every day, the order for tickets to be printed for the next day are based on the number of tickets unsold the day before. In the beginning, since tickets were not selling, we distributed some regular tickets as complimentary passes."
The source within the ticket agency disputed that, saying at least three times that number had already been allocated for complimentary passes long before the Games started. He said the key problem was the surge in demand after the opening ceremony on October 3, which was seen as a resounding success and was viewed by an estimated 130 million people across the country. "No one ever thought the opening ceremony would end up being such a spectacular success," he said. "Suddenly everybody wanted a piece of the action."
As sport fans flocked to stadiums to purchase tickets, they often found no more were available, even though venues remained half-empty. Indian media have reported stacks of complimentary tickets found dumped in waste bins outside stadiums. Even headline events, such as the 100 metres track final on Thursday night, took place before a sea of empty seats. Only about 20 per cent were occupied. After sacking the top ticketing official, the Organising Committee tried to shift the blame to corporate clients failing to make use of their freebies.
The new head of ticketing, Monica Jolly, told reporters yesterday: "We have done a lot of bulk orders for corporates. They are big bulk orders. People sometimes don't turn up if they get tickets through promotions." Mr Bhanot said that only around one million tickets have been sold out of a total of 1.7 million, but failed to explain why so few of the remainder are available to the public. A report in the Times of India yesterday appeared to confirm that the problem lay in distribution. It stated that for the boxing match featuring Indian Olympic medallist Vijender Singh, "baskets of complimentary passes were delivered to the venue for distribution more than halfway through the bout".
It quoted an official as saying: "The passes are of no use when they reach the venue at that time." Mike Fennell, president of the Commonwealth Games Federation, has announced that an investigation would be launched to determine what went wrong with the ticketing. "We get a lot of complaints about people being unable to buy tickets," Mr Fennell told reporters yesterday. "If people go to the ticketing counters and they don't get tickets, there is a problem."
Another concern has been the disastrous state of its media information service, a severe embarrassment for a country renowned for its IT prowess. There have been frequent problems receiving basic information such as results, schedules, statistics and biographies through the official website, and a new one had to be created on Saturday to try to make amends. "It has not been good on the information system. We continue to work and see how we can correct the glitches," Mr Fennell said.
foreign.desk@thenational.ae
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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How it works
A $10 hand-powered LED light and battery bank
Device is operated by hand cranking it at any time during the day or night
The charge is stored inside a battery
The ratio is that for every minute you crank, it provides 10 minutes light on the brightest mode
A full hand wound charge is of 16.5minutes
This gives 1.1 hours of light on high mode or 2.5 hours of light on low mode
When more light is needed, it can be recharged by winding again
The larger version costs between $18-20 and generates more than 15 hours of light with a 45-minute charge
No limit on how many times you can charge
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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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Killing of Qassem Suleimani