MILAN // Emirati volunteers lined the entrance to the UAE pavilion on Friday as Milan Expo 2015 opened, welcoming visitors with a stunning audiovisual perspective on a young country’s history.
The pavilion, shaped like shimmering sand dunes surrounded by native plants, quickly attracted the attention of camera-wielding tourists.
Staff members arrived as early as 2am to put the finishing touches to the pavilion in anticipation of the thousands who turned out for the opening day of the six-month-long event, which is expected to attract 20 million visitors.
Lessons learnt in Milan will be put to good use when Dubai hosts its expo in 2020.
Sheikh Ahmed bin Saeed, the chairman of Emirates Airline, was the guest of honour at the pavilion, where a VIP lounge staffed by Emirates employees is one of many the highlights.
Dr Peter Vine, pavilion project director, said: “We wanted to break the mould of previous expos. What we want is for the visitors to say ‘we didn’t realise the UAE was like that’.”
Dr Vine is a veteran of UAE pavilions at expos in Yeosu, South Korea, Shanghai, China, and Zaragoza, in Spain.
The pavilion provided visitors, he said, with “revelation” and tied in with the expo’s slogan of Feeding the Planet, Energy for Life, it aimed to “give a very strong message that individuals can make a difference”.
Volunteers explained the challenges the UAE faces and told guests the Emirates receive about 100 millimetres of rain a year compared to 944mm for Milan.
The pavilion also shows how the UAE benefits from its desert climate, with the Future Business UAE section featuring a model of Mohammed bin Rashid Al Maktoum Solar Park, which is based in Seih Al Dahal, Dubai.
Dr Vine highlighted the audiovisual technology at the pavilion, which includes a short film, A Family Tree, about the life of a palm tree and how it ties in with a family’s history and the UAE’s development, as well as a virtual presentation – and a rap-style song – by an Emirati girl.
“The technologies we’re using weren’t available in 2010,” said Dr Vine, drawing comparison with the UAE’s prize-winning pavilion at Shanghai that year.
“In terms of the shows, it’s really cutting edge … we’re very pleased with the result.”
The UAE’s traditions are illustrated by The Secret Life of Date Palms, a presentation that details 7,000 years of cultivation.
Sam Barclay from Case Design, which curated the exhibit along with Dubai-based Cultural Engineering, said: “From me, coming from outside the region, what I thought was important was that if people recognise the value of this species, it can be comparable to places where they come from – native Americans with bison, Japan with whaling – and [help them] understand and recognise these resources are a valuable thing that transcends any one culture,” he said.
About 100 people, including students, helped to produce the date palm exhibit, which featured succulent dates for visitors to enjoy.
The pavilion is also catering to the taste buds of visitors with a team of chefs from the UAE.
“We show them the natural foods, how they’re producing them in their homes,” said a member of the culinary team.
Among the appetising sweets the chefs made on Friday were balls of batter fried in oil, known as luqaimat, and the breakfast favourite khabees, produced from flour and oil.
A key feature of the pavilion is the team of young Emirati volunteers from the organisation Takatof, who are helping to greet visitors. There were 10 on-hand as the pavilion opened, with a further 20 expected last night.
Once the expo in Milan is over, the UAE pavilion will be dismantled and rebuilt in Masdar City, on the outskirts of Abu Dhabi.
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On Women's Day
Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?
Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality
Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'
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 specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Formula Middle East Calendar (Formula Regional and Formula 4)
Without Remorse
Directed by: Stefano Sollima
Starring: Michael B Jordan
4/5
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
if you go
The flights
Direct flights from the UAE to the Nepalese capital, Kathmandu, are available with Air Arabia, (www.airarabia.com) Fly Dubai (www.flydubai.com) or Etihad (www.etihad.com) from Dh1,200 return including taxes. The trek described here started from Jomson, but there are many other start and end point variations depending on how you tailor your trek. To get to Jomson from Kathmandu you must first fly to the lake-side resort town of Pokhara with either Buddha Air (www.buddhaair.com) or Yeti Airlines (www.yetiairlines.com). Both charge around US$240 (Dh880) return. From Pokhara there are early morning flights to Jomson with Yeti Airlines or Simrik Airlines (www.simrikairlines.com) for around US$220 (Dh800) return.
The trek
Restricted area permits (US$500 per person) are required for trekking in the Upper Mustang area. The challenging Meso Kanto pass between Tilcho Lake and Jomson should not be attempted by those without a lot of mountain experience and a good support team. An excellent trekking company with good knowledge of Upper Mustang, the Annaurpuna Circuit and Tilcho Lake area and who can help organise a version of the trek described here is the Nepal-UK run Snow Cat Travel (www.snowcattravel.com). Prices vary widely depending on accommodation types and the level of assistance required.
Company%20Profile
Stamp duty timeline
December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%
April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.
July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.
March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.
April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.
Saudi National Day
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
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BABYLON
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The biog
Age: 59
From: Giza Governorate, Egypt
Family: A daughter, two sons and wife
Favourite tree: Ghaf
Runner up favourite tree: Frankincense
Favourite place on Sir Bani Yas Island: “I love all of Sir Bani Yas. Every spot of Sir Bani Yas, I love it.”
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
TRAINING FOR TOKYO
A typical week's training for Sebastian, who is competing at the ITU Abu Dhabi World Triathlon on March 8-9:
- Four swim sessions (14km)
- Three bike sessions (200km)
- Four run sessions (45km)
- Two strength and conditioning session (two hours)
- One session therapy session at DISC Dubai
- Two-three hours of stretching and self-maintenance of the body
ITU Abu Dhabi World Triathlon
For more information go to www.abudhabi.triathlon.org.
Specs
On Women's Day
Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
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The National Editorial: Is there much to celebrate on International Women's Day 2021?
Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'
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Hussein Ibish: Could it be game over for Donald Trump?
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The biog
Date of birth: 27 May, 1995
Place of birth: Dubai, UAE
Status: Single
School: Al Ittihad private school in Al Mamzar
University: University of Sharjah
Degree: Renewable and Sustainable Energy
Hobby: I enjoy travelling a lot, not just for fun, but I like to cross things off my bucket list and the map and do something there like a 'green project'.
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Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
On Women's Day
Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?
Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality
The National Editorial: Is there much to celebrate on International Women's Day 2021?
Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
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COMPANY PROFILE
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match info
Union Berlin 0
Bayern Munich 1 (Lewandowski 40' pen, Pavard 80')
Man of the Match: Benjamin Pavard (Bayern Munich)
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Specs
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THE APPRENTICE
Director: Ali Abbasi
Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong
Rating: 3/5
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GRAN%20TURISMO
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The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now