Doha was the only regional hub to rise up the ranks of most liveable cities. Above, the Qatari capital at night. Fadi Al Assaad / Reuters
Doha was the only regional hub to rise up the ranks of most liveable cities. Above, the Qatari capital at night. Fadi Al Assaad / Reuters

Doha moves up but Abu Dhabi, Dubai and Riyadh all drop places in quality of life survey



The Gulf's leading cities have lost some of their quality of life appeal over the past six months, according to a survey, with Doha emerging as the only regional hub to rise up the ranks.

Abu Dhabi dropped one place to 76th in the Economist Intelligence Unit'sbiannual rankings of the world's best cities in which to live.

Dubai dropped three places to 88th since the previous survey in February. Riyadh fell one place to 109th, and Bahrain and Muscat kept their 80th and 83rd-place rankings.

Doha edged up one notch to 85th in the 140-city list.

The Arab Spring has reduced the liveability of cities hit by revolutions, with the most severe drop seen in war-torn Libya. Tripoli fell 28 places to 135th, Cairo fell four places to 121st and Tunis fell two places to 104th.

The revolutions "prompted a pan-regional fall in liveability for affected states", the research body said.

The report compiles information on infrastructure, culture, education, health care and political stability to pit cities against each other. Multinational companies often use such surveys to calculate additional "hardship" pay for employees working in unstable countries.

Melbourne took the top spot in the most recent survey, knocking off Vancouver after almost a decade of dominance. Vienna came in second.

The worst-ranked was the Zimbabwean capital, Harare, which was also placed worst in February.

Jon Copestake, the survey's editor, said one recent trend was improvement to liveability in Asia.

Tokyo, Hong Kong, Singapore and Seoul all made the top half of the rankings, although other less-developed Asian population centres scored near the bottom, including Karachi and Dhaka.

"Hubs in Asia perform very well because of strong infrastructure, education and stability indicators, although they perform less well on cultural activities," Mr Copestake said. "But Asia is unique in offering some of the world's more liveable locations as well as some at the bottom of the ranking."

Pittsburgh, ranked 29th, was rated the top US city for quality of life.

Q&A with Dash Berlin

Welcome back. What was it like to return to RAK and to play for fans out here again?
It’s an amazing feeling to be back in the passionate UAE again. Seeing the fans having a great time that is what it’s all about.

You're currently touring the globe as part of your Legends of the Feels Tour. How important is it to you to include the Middle East in the schedule?
The tour is doing really well and is extensive and intensive at the same time travelling all over the globe. My Middle Eastern fans are very dear to me, it’s good to be back.

You mix tracks that people know and love, but you also have a visually impressive set too (graphics etc). Is that the secret recipe to Dash Berlin's live gigs?
People enjoying the combination of the music and visuals are the key factor in the success of the Legends Of The Feel tour 2018.

Have you had some time to explore Ras al Khaimah too? If so, what have you been up to?
Coming fresh out of Las Vegas where I continue my 7th annual year DJ residency at Marquee, I decided it was a perfect moment to catch some sun rays and enjoy the warm hospitality of Bab Al Bahr.

 

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia

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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KEY HIGHLIGHTS

Healthcare spending to double to $2.2 trillion rupees

Launched a 641billion-rupee federal health scheme

Allotted 200 billion rupees for the recapitalisation of state-run banks

Around 1.75 trillion rupees allotted for privatisation and stake sales in state-owned assets