• The newly-built 'Marble Arch Mound' after it was opened to the public next to Marble Arch in London.
    The newly-built 'Marble Arch Mound' after it was opened to the public next to Marble Arch in London.
  • Visitors stand in the viewing area of the Marble Arch Mound.
    Visitors stand in the viewing area of the Marble Arch Mound.
  • Designed by architects MVRDV, the mound has been opened as a visitor attraction to try and entice shoppers back to the adjacent Oxford Street after the coronavirus lockdowns.
    Designed by architects MVRDV, the mound has been opened as a visitor attraction to try and entice shoppers back to the adjacent Oxford Street after the coronavirus lockdowns.
  • The temporary installation was commissioned by Westminster Council.
    The temporary installation was commissioned by Westminster Council.
  • Construction workers finish work on the Marble Arch Mound.
    Construction workers finish work on the Marble Arch Mound.
  • It will include a viewing platform which allows visitors an opportunity to look out over the historic area.
    It will include a viewing platform which allows visitors an opportunity to look out over the historic area.
  • Members of the public walk by as construction workers complete their work.
    Members of the public walk by as construction workers complete their work.

London's Marble Arch Mound set to close this weekend


Neil Murphy
  • English
  • Arabic

The Marble Arch Mound, a temporary attraction in the centre of London which was widely criticised upon its opening last year, is set to close this weekend.

The 25-metre-tall man-made hill, which sits at the corner of Hyde Park and Park Lane, will no longer be open after Sunday.

The attraction was commissioned by Westminster City Council with a budget of £3.3 million but by completion it had cost almost double that at £6m ($8m).

Refunds were offered the day after it opened to the public on July 26 following what the authority called “teething problems”, with visitors complaining it was still a building site.

One branded it “the worst thing I’ve ever done in London” while others made mocking remarks, including comparing it to an abandoned theme park.

Council leader Rachael Robathan announced in August her deputy Melvyn Caplan had resigned with immediate effect after the “totally unacceptable” rise in costs.

The Mound, planned by Dutch architect company MVRDV, was designed to give views of the capital’s Oxford Street, Hyde Park, Mayfair and Marylebone.

It was part of a plan to increase footfall in the shopping district as lockdown restrictions eased.

Tickets first cost up to £8 but entry was made free following the initial negative reaction from tourists.

Despite the poor reception, the hill has had about 250,000 visitors.

An estimated quarter of a million people visited the attraction following its opening. PA.
An estimated quarter of a million people visited the attraction following its opening. PA.

A council representative said: “The Mound has done what it was built to do — drawn crowds and supported the recovery in the West End.

“Central London’s economy has suffered more than any other area during the pandemic. With footfall slashed and near total loss of overseas tourists, many businesses have faced oblivion.

“We’re really pleased that nearly 250,000 visitors have come to Westminster to see The Mound and the terrific light exhibition inside. Those visitors have gone on to spend money in shops, bars and restaurants across the West End — helping local businesses to get back on their feet.”

The Mound, as the name suggests, was covered with grass and young trees after it was erected beside the Marble Arch monument.

Visitors are able to ascend the structure via a path to see what the council described as “views never seen before by the wider public”.

But, following an internal review, the council apologised and said it “must learn the lessons of The Mound project”.

The review concluded a series of errors in judgment, coupled with a “lack of sufficient oversight”, led to the failure.

It also found “robust” processes were “circumvented — driven by the desire to open The Mound as soon as possible” — a failure which the council admitted was “unacceptable".

The Mound is due to be deconstructed, a process which could take up to four months, with the materials — including trees and plants — reused.

GIANT REVIEW

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Director: Athale

Rating: 4/5

Iran's dirty tricks to dodge sanctions

There’s increased scrutiny on the tricks being used to keep commodities flowing to and from blacklisted countries. Here’s a description of how some work.

1 Going Dark

A common method to transport Iranian oil with stealth is to turn off the Automatic Identification System, an electronic device that pinpoints a ship’s location. Known as going dark, a vessel flicks the switch before berthing and typically reappears days later, masking the location of its load or discharge port.

2. Ship-to-Ship Transfers

A first vessel will take its clandestine cargo away from the country in question before transferring it to a waiting ship, all of this happening out of sight. The vessels will then sail in different directions. For about a third of Iranian exports, more than one tanker typically handles a load before it’s delivered to its final destination, analysts say.

3. Fake Destinations

Signaling the wrong destination to load or unload is another technique. Ships that intend to take cargo from Iran may indicate their loading ports in sanction-free places like Iraq. Ships can keep changing their destinations and end up not berthing at any of them.

4. Rebranded Barrels

Iranian barrels can also be rebranded as oil from a nation free from sanctions such as Iraq. The countries share fields along their border and the crude has similar characteristics. Oil from these deposits can be trucked out to another port and documents forged to hide Iran as the origin.

* Bloomberg

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Launched: 2017

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Based: Dubai and Muscat

Sector: Automobile retail

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Part time contracts

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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.”

Updated: January 07, 2022, 9:17 PM