Dubai is ready to host the World Government Summit as Expo 2020 enters its last few days, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said on Monday.
Sheikh Mohammed said the summit provides a platform to discuss new ideas and insights that can shape a better future for the world.
The two-day summit, being staged at Expo 2020 Dubai from Tuesday, is set to feature 4,000 participants and 30 international organisations from 190 countries.
The hopes of billions of people depend on the strategies, initiatives and proactive solutions provided by governments to face current and future challenges
Sheikh Mohammed bin Rashid,
Vice President and Ruler of Dubai
"The UAE is keen to share its development experience with other countries, as part of its constant endeavour to support initiatives aimed at advancing human prosperity," said Sheikh Mohammed.
"Our country will continue to support all forward-looking initiatives that aim to create a brighter future for our planet.”
This year the summit brings thought leaders, global experts and decision makers from around the globe to debate how the next generation of governments can harness innovation and technology to solve the challenges facing humanity today and in the future.
“The hopes of billions of people depend on the strategies, initiatives and proactive solutions provided by governments to face current and future challenges,” said Sheikh Mohammed.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, also on Monday attended several government sessions where he was briefed on preparations for the major event.
“Governments today need to innovate and enhance their systems to keep pace with global changes," said Sheikh Hamdan.
“The summit reflects Sheikh Mohammed’s vision to foster the development of an innovation-driven government that is ready to embrace the future.”
The key meeting will take place as the world’s fair draws to a close after six months.
Expo's closing ceremony on Thursday will run throughout the night and will feature fireworks and pop concerts that organisers believe will attract the event's biggest crowds yet.
Behind the Scenes of Al Wasl Plaza — in pictures
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More from Neighbourhood Watch:
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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Biography
Favourite drink: Must have karak chai and Chinese tea every day
Favourite non-Chinese food: Arabic sweets and Indian puri, small round bread of wheat flour
Favourite Chinese dish: Spicy boiled fish or anything cooked by her mother because of its flavour
Best vacation: Returning home to China
Music interests: Enjoys playing the zheng, a string musical instrument
Enjoys reading: Chinese novels, romantic comedies, reading up on business trends, government policy changes
Favourite book: Chairman Mao Zedong’s poems
UAE%20v%20West%20Indies
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
