Critics are calling it the bargain basement games but the opening of the Commonwealth Games on Thursday brings one of the globe's biggest athletics gatherings after the Olympics and World Championships.
More than 5,000 athletes from 72 countries and territories are competing over 11 days in 19 sports and 280 medal events. Organisers have spent just $1 billion on the event that more than a billion people are expected to tune into for the opening ceremony in the English second city. By way of contrast Russia is believed to have spent more than $50 billion staging the Sochi Olympics.
Where are the Commonwealth Games being held?
The Commonwealth Games are being staged in Birmingham in central England, the UK’s second-biggest city which is about 200km north-west of London.
Birmingham was picked after the original host city, Durban in South Africa, pulled out citing financial problems and a failure to deliver on promises made in its organising bid.
The English city was able to step in as a replacement, partly because it was already planning to bid for a future games, and a string of road and infrastructure improvements have been made since the event was moved to Birmingham.
The main venue is Alexander Stadium, for decades the city’s main athletics home in Perry Barr. Other events are being held at Edgbaston cricket ground and University of Birmingham facilities. In a much watched move. primarily because rivals Pakistan and India are in the same group, women's cricket T20 format will be part of the main competition for the first time.
Birmingham is the fifth UK city to stage a Games after London in 1934, Edinburgh in 1970 and 1986, Manchester in 2002 and Glasgow in 2014.
When do the Games start?
Alexander Stadium will host the opening ceremony on Thursday at 8pm and a royally big fanfare can be expected by the viewing audience.
Steven Knight, the brains behind small screen hit show Peaky Blinders, has created the opening ceremony that will be watched by about 30,000 inside the stadium and millions on TV.
Birmingham-born pop giants Duran Duran will headline the opening ceremony.
UB40, another Birmingham-born band, who first found fame in the 1980s, and local rappers Gilly G and Dapz On The Map have recorded Champion, the games’ theme song.
What is on offer for fans and visitors?
For people who can’t make it to see the events live, a festival zone has been set up in Victoria Square — a pedestrianised area of the city centre.
The site will have live music and volunteers helping fans enjoy the games.
The finishing line for the marathon is also at Victoria Square.
Away from the sports, Peaky Blinders was set in Birmingham, Cadbury’s chocolate factory offers tours, while the Black Country Living Museum and the Jaguar Experience, where tours of the car factory take place, are also major attractions in the area.
What are the Commonwealth Games?
The Commonwealth Games features athletes from 72 nations and territories.
It evolved from the pre-Second World War British Empire Games.
Commonwealth states were originally mostly former British Empire colonies but today that condition is not needed for new members.
The first games were held in 1930 as the British Empire Games, featuring 11 countries and 400 athletes.
It has been staged every four years except in 1942 and 1946 because of the war.
Organisers like to call the event the Friendly Games.
What is the Commonwealth?
The Commonwealth is a voluntary association of independent countries and territories, home to 2.5 billion people.
The organisation’s roots were linked to the British Empire but now any country can become a member.
Gabon and Togo, both this year, were the last nations to join.
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.”
Test squad: Azhar Ali (captain), Abid Ali, Asad Shafiq, Babar Azam, Haris Sohail, Imam-ul-Haq, Imran Khan, Iftikhar Ahmed, Kashif Bhatti, Mohammad Abbas, Mohammad Rizwan(wicketkeeper), Musa Khan, Naseem Shah, Shaheen Afridi, Shan Masood, Yasir Shah
Twenty20 squad: Babar Azam (captain), Asif Ali, Fakhar Zaman, Haris Sohail, Iftikhar Ahmed, Imad Wasim, Imam-ul-Haq, Khushdil Shah, Mohammad Amir, Mohammad Hasnain, Mohammad Irfan, Mohammad Rizwan (wicketkeeper), Musa Khan, Shadab Khan, Usman Qadir, Wahab Riaz
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5