When Expo 2020 opens in October, it is going to be a beginning that for many will feel like the end of a long and difficult road. Because of the Covid-19 pandemic, the international gathering is taking place 12 months later than originally scheduled. Inevitably, there will be a widespread feeling of relief that we finally made it.
But soon after that, those of us who are part of the Expo 2020 economy will buckle down and get back to work. It is a welcome opportunity for us in the hospitality industry and elsewhere to bustle with activity again, after the trying times of Covid-19.
The hospitality sector is just one part of the Expo 2020 economy, helping a wide range of workers, from foreign delegates to construction crews, IT specialists to entertainers. But the lift that Expo 2020 is giving us, I believe, is indicative of the event’s wider benefits for the economy of the UAE.
According to the latest forecast from hospitality industry data provider STR, Dubai hotel occupancy is set to rise by an astonishing 77 per cent year-on-year, with revenue per available room rising by an even stronger 86 per cent. These are heartening numbers after so many hard months.
This is not just confined to hotels near the Expo 2020 site. Even those further afield, such as those on Yas Island Abu Dhabi, are expected to do good business.
This new optimism is reflected in a measurement called the Purchasing Managers’ Index (PMI), which surveys executives to see if their businesses are contracting or expanding. A PMI score less than 50 means that the signs indicate an upcoming to contraction, while a score more than 50 means expansion is expected. As early as the first quarter of this year, the average UAE PMI was up 7.5 per cent year-on-year, and was settling comfortably into the expansion zone with a score of more than 50 in March. That surge has sped up as Expo 2020 draws nearer. The score for July was 54, the best since January 2019. The Central Bank of the UAE has cited Expo 2020 as one of the reasons for the rally, and expects the effect to endure into the first quarter of 2022, given the fact that the event will continue until the end of March 2022.
Economic statistics can seem dry, but at the same time they tell us about what is happening in people’s lives as workers. An economy is the sum of many moving parts. But each of those parts, after a hard day’s work, needs a place to rest for the night and muster energy for the day ahead. This is the essence of how hotels serve the economy. If we do our job properly, people feel cared for and refreshed and are better able to keep pushing the economy forward, day after day. We are part of a collective effort to advance the nation.
Hotels are holding “Expo ready” education sessions for their teams. We will have special menus for the event, shuttle buses, Expo 2020 passports for kids and even specialised catering such as kosher food for Israeli tour groups.
As The National observed in an editorial almost exactly a year ago today: “In 2021, the UAE can showcase itself as a bulwark of stability in a fluctuating world, while providing people from all countries safe and secure environs to meet, exchange ideas and strike partnerships with the sole purpose of building a better world.”
The hospitality industry is united in working towards the success of Expo 2020, not only to benefit the nation but to inspire the world. We can show a path forward to better days, much as the Tokyo Olympics did recently. The Games had their difficult moments and there was much trepidation ahead of time, but in the end they brought happiness to people worldwide. As the German Paralympic long jumper Vanessa Low observed: “You can make all these plans and you can have a game plan for the next couple of years, but things change. And sometimes those changes aren't bad. Sometimes those changes are your biggest opportunities.”
Expo 2020 is our opportunity to dazzle the world with amazing moments and inspiring efforts. This is our Olympics.
UAE%20v%20West%20Indies
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Civil%20War
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The biog
Most memorable achievement: Leading my first city-wide charity campaign in Toronto holds a special place in my heart. It was for Amnesty International’s Stop Violence Against Women program and showed me the power of how communities can come together in the smallest ways to have such wide impact.
Favourite film: Childhood favourite would be Disney’s Jungle Book and classic favourite Gone With The Wind.
Favourite book: To Kill A Mockingbird for a timeless story on justice and courage and Harry Potters for my love of all things magical.
Favourite quote: “We make a living by what we get, but we make a life by what we give.” — Winston Churchill
Favourite food: Dim sum
Favourite place to travel to: Anywhere with natural beauty, wildlife and awe-inspiring sunsets.
Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
UAE%20Warriors%2033%20Results
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
The specs: 2018 Range Rover Velar R-Dynamic HSE
Price, base / as tested: Dh263,235 / Dh420,000
Engine: 3.0-litre supercharged V6
Power 375hp @ 6,500rpm
Torque: 450Nm @ 3,500rpm
Transmission: Eight-speed automatic
Fuel consumption, combined: 9.4L / 100kms
Spec%20sheet
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Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
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.”
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.
- Abdullah Ishnaneh, Partner, BSA Law
THE SPECS
Range Rover Sport Autobiography Dynamic
Engine: 5.0-litre supercharged V8
Transmission: six-speed manual
Power: 518bhp
Torque: 625Nm
Speed: 0-100kmh 5.3 seconds
Price: Dh633,435
On sale: now
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
