A tropical storm is forecast to hit Tokyo on the last day of the Olympic Games, organisers said on Friday, but did not announce any changes in the schedule.
Japan's weather agency predicted strong winds, high waves and the risk of landslides and floods along the eastern coast from Saturday afternoon to Sunday, when Tropical Storm Mirinae is expected to pass over the capital.
The Olympics' closing ceremony is on Sunday evening, with medal events including water polo and rhythmic gymnastics taking place at indoor venues in the city during the day.
Cycling track races are also scheduled in Shizuoka, south-west of Tokyo, while the men's marathon will kick off early on Sunday in the far northern city of Sapporo.
"We are firmly and calmly paying attention" to the path of the storm, Tokyo 2020 organising committee spokesman Masa Takaya said.
"It is necessary to inform you objectively, so that we can avoid excessive overreaction," he said.
A storm hit Japan last week, forcing Games organisers to reschedule some rowing and archery events, although they brought forward the surfing finals to take advantage of powerful waves.
On Friday, Mirinae was about 100 kilometres north of Minamidaito island, near the southern archipelago of Okinawa.
It was moving east, with gusts of up to 108 kilometres per hour.
Another tropical storm is hovering in the Taiwan Strait, moving towards Japan.
Japan's typhoon season runs from about May to October, peaking in August and September.
In 2019, Typhoon Hagibis smashed into Japan as it hosted the Rugby World Cup, killing more than 100 people.
Meanwhile, Covid-19 case numbers continue to rise in Japan, with the country deciding this week to expand Covid-19 curbs to more than 70 per cent of its population. In contrast to the stringent lockdowns in some countries, authorities are relying mainly on requests for self-restraint and peer pressure.
With nationwide new cases topping 15,000 a day for the first time this week, expectations are that Prime Minister Yoshihide Suga may declare a nationwide state of emergency, although he said on Thursday he was not considering this now.
Some ruling legislators suggested legal changes to allow stricter enforcement of curbs, but any move to a western-style lockdown would be controversial and take time.
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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 stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
ESSENTIALS
The flights
Etihad (etihad.com) flies from Abu Dhabi to Mykonos, with a flight change to its partner airline Olympic Air in Athens. Return flights cost from Dh4,105 per person, including taxes.
Where to stay
The modern-art-filled Ambassador hotel (myconianambassador.gr) is 15 minutes outside Mykonos Town on a hillside 500 metres from the Platis Gialos Beach, with a bus into town every 30 minutes (a taxi costs €15 [Dh66]). The Nammos and Scorpios beach clubs are a 10- to 20-minute walk (or water-taxi ride) away. All 70 rooms have a large balcony, many with a Jacuzzi, and of the 15 suites, five have a plunge pool. There’s also a private eight-bedroom villa. Double rooms cost from €240 (Dh1,063) including breakfast, out of season, and from €595 (Dh2,636) in July/August.
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
