Germany's Oktoberfest will once again take place in Munich in 2022 after being cancelled for two years running owing to the coronavirus pandemic, the city's mayor, Dieter Reiter, said on Friday.
Oktoberfest will be held "without conditions or restrictions", he said.
The world-renowned festival drew about six million visitors annually before the pandemic. It was cancelled in 2020 for the first time since the Second World War after the outbreak of coronavirus.
The event, usually held between September and October, was cancelled again in 2021 as Germany battled consecutive deadly waves of Covid-19.
Annually, the lively two-week-long festivities are held in packed tents with long wooden tables and oompah bands. Traditionally Bavarians don lederhosen and dirndls for the event.
Prior to the Covid-19 outbreak, more than two million international visitors had been expected to travel to Munich for Oktoberfest. It makes more than $1 billion for the city each year.
Pandemic "conditions have changed", Reiter said, noting that the healthcare system was no longer under significant stress from the coronavirus. There, however, remains a possibility that Oktoberfest could be cancelled if government officials reinstate pandemic measures.
"I hope that the situation will not come to a head in the autumn," Reiter said. "I hope the situation does not get worse in the autumn and that the festival will not have to be called off at the last minute."
Most Covid-19 curbs have been lifted in Germany, including the requirement to wear masks in shops and schools, and plans to introduce a vaccine mandate have been dropped.
History of Oktoberfest
In the modern day, festivities are replicated in bars and gardens around the world, but Oktoberfest has very regional beginnings.
The tradition dates back to 1810, when the event were held to celebrate the October 12 marriage of Bavarian Crown Prince Ludwig to the Saxon-Hildburghausen Princess Therese.
Munich's citizens were invited to join the celebrations, which were held for five days in the fields outside of the city gates.
In 2019, the event attracted a total of 6.3 million people across more than two weeks, with the crowds gathering in its 14 large and 21 small tents.
— Additional reporting from AP and AFP
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.”
The%20specs
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KEY%20DATES%20IN%20AMAZON'S%20HISTORY
%3Cp%3E%3Cstrong%3EJuly%205%2C%201994%3A%3C%2Fstrong%3E%20Jeff%20Bezos%20founds%20Cadabra%20Inc%2C%20which%20would%20later%20be%20renamed%20to%20Amazon.com%2C%20because%20his%20lawyer%20misheard%20the%20name%20as%20'cadaver'.%20In%20its%20earliest%20days%2C%20the%20bookstore%20operated%20out%20of%20a%20rented%20garage%20in%20Bellevue%2C%20Washington%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EJuly%2016%2C%201995%3A%3C%2Fstrong%3E%20Amazon%20formally%20opens%20as%20an%20online%20bookseller.%20%3Cem%3EFluid%20Concepts%20and%20Creative%20Analogies%3A%20Computer%20Models%20of%20the%20Fundamental%20Mechanisms%20of%20Thought%3C%2Fem%3E%20becomes%20the%20first%20item%20sold%20on%20Amazon%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E1997%3A%3C%2Fstrong%3E%20Amazon%20goes%20public%20at%20%2418%20a%20share%2C%20which%20has%20grown%20about%201%2C000%20per%20cent%20at%20present.%20Its%20highest%20closing%20price%20was%20%24197.85%20on%20June%2027%2C%202024%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E1998%3A%3C%2Fstrong%3E%20Amazon%20acquires%20IMDb%2C%20its%20first%20major%20acquisition.%20It%20also%20starts%20selling%20CDs%20and%20DVDs%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2000%3A%3C%2Fstrong%3E%20Amazon%20Marketplace%20opens%2C%20allowing%20people%20to%20sell%20items%20on%20the%20website%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2002%3A%3C%2Fstrong%3E%20Amazon%20forms%20what%20would%20become%20Amazon%20Web%20Services%2C%20opening%20the%20Amazon.com%20platform%20to%20all%20developers.%20The%20cloud%20unit%20would%20follow%20in%202006%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2003%3A%3C%2Fstrong%3E%20Amazon%20turns%20in%20an%20annual%20profit%20of%20%2475%20million%2C%20the%20first%20time%20it%20ended%20a%20year%20in%20the%20black%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2005%3A%3C%2Fstrong%3E%20Amazon%20Prime%20is%20introduced%2C%20its%20first-ever%20subscription%20service%20that%20offered%20US%20customers%20free%20two-day%20shipping%20for%20%2479%20a%20year%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2006%3A%3C%2Fstrong%3E%20Amazon%20Unbox%20is%20unveiled%2C%20the%20company's%20video%20service%20that%20would%20later%20morph%20into%20Amazon%20Instant%20Video%20and%2C%20ultimately%2C%20Amazon%20Video%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2007%3A%3C%2Fstrong%3E%20Amazon's%20first%20hardware%20product%2C%20the%20Kindle%20e-reader%2C%20is%20introduced%3B%20the%20Fire%20TV%20and%20Fire%20Phone%20would%20come%20in%202014.%20Grocery%20service%20Amazon%20Fresh%20is%20also%20started%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2009%3A%3C%2Fstrong%3E%20Amazon%20introduces%20Amazon%20Basics%2C%20its%20in-house%20label%20for%20a%20variety%20of%20products%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2010%3A%3C%2Fstrong%3E%20The%20foundations%20for%20Amazon%20Studios%20were%20laid.%20Its%20first%20original%20streaming%20content%20debuted%20in%202013%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2011%3A%3C%2Fstrong%3E%20The%20Amazon%20Appstore%20for%20Google's%20Android%20is%20launched.%20It%20is%20still%20unavailable%20on%20Apple's%20iOS%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2014%3A%3C%2Fstrong%3E%20The%20Amazon%20Echo%20is%20launched%2C%20a%20speaker%20that%20acts%20as%20a%20personal%20digital%20assistant%20powered%20by%20Alexa%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2017%3A%3C%2Fstrong%3E%20Amazon%20acquires%20Whole%20Foods%20for%20%2413.7%20billion%2C%20its%20biggest%20acquisition%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2018%3A%3C%2Fstrong%3E%20Amazon's%20market%20cap%20briefly%20crosses%20the%20%241%20trillion%20mark%2C%20making%20it%2C%20at%20the%20time%2C%20only%20the%20third%20company%20to%20achieve%20that%20milestone%3C%2Fp%3E%0A
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
ZAYED SUSTAINABILITY PRIZE
Destroyer
Director: Karyn Kusama
Cast: Nicole Kidman, Toby Kebbell, Sebastian Stan
Rating: 3/5
UAE release: January 31
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ETwig%20Solutions%20(with%20trade%20name%20Twig)%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2021%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EChafic%20Idriss%2C%20Karam%20El%20Dik%20and%20Rayan%20Antonios%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EUAE%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3Ebootstrapped%20(undisclosed)%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E13%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Epre-seed%20%E2%80%94%20closing%20the%20round%20as%20we%20speak%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20senior%20executives%20from%20the%20GCC%20financial%20services%20industry%20and%20global%20family%20offices%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
AWARDS
%3Cp%3E%3Cstrong%3EBest%20Male%20black%20belt%3A%20%3C%2Fstrong%3ELucas%20Protasio%20(BRA)%3Cbr%3E%3Cstrong%3EBest%20female%20black%20belt%3A%20%3C%2Fstrong%3EJulia%20Alves%20(BRA)%3Cbr%3E%3Cstrong%3EBest%20Masters%20black%20belt%3A%3C%2Fstrong%3E%20Igor%20Silva%20(BRA)%3Cbr%3E%3Cstrong%3EBest%20Asian%20Jiu-Jitsu%20Federation%3A%3C%2Fstrong%3E%20Kazakhstan%3Cbr%3E%3Cstrong%3EBest%20Academy%20in%20UAE%3A%20%3C%2Fstrong%3ECommando%20Group%2C%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3EBest%20International%20Academy%3A%3C%2Fstrong%3E%20Commando%20Group%2C%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3EAfrican%20Player%20of%20the%20Year%3A%20%3C%2Fstrong%3EKatiuscia%20Yasmira%20Dias%20(GNB)%3Cbr%3E%3Cstrong%3EOceanian%20Player%20of%20the%20Year%3A%20%3C%2Fstrong%3EAnton%20Minenko%20(AUS)%3Cbr%3E%3Cstrong%3EEuropean%20Player%20of%20the%20Year%3A%3C%2Fstrong%3E%20Rose%20El%20Sharouni%20(NED)%3Cbr%3E%3Cstrong%3ENorth%20and%20Central%20American%20Player%20of%20the%20Year%3A%20%3C%2Fstrong%3EAlexa%20Yanes%20(USA)%3Cbr%3E%3Cstrong%3EAsian%20Player%20of%20the%20Year%3A%20%3C%2Fstrong%3EZayed%20Al%20Katheeri%20(UAE)%3Cbr%3E%3Cstrong%3ERookie%20of%20the%20Year%3A%3C%2Fstrong%3E%20Rui%20Neto%20(BRA)Rui%20Neto%20(BRA)%3C%2Fp%3E%0A
Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
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
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
