SHANGHAI // Expo 2010 has a profile in China almost as big as the bill the event has run up. The six-month exposition on either side of the Huangpu River that runs through China's business capital has attracted daily coverage in the government-controlled newspapers and television stations.
This is perhaps no surprise given the money the authorities have invested in the project. Local estimates put the cost of developing the expo site and upgrading Shanghai's infrastructure at as much as US$58 billion (Dh213bn). But, for all the billions spent on it, so far at least the event is not on track to achieve the 70 million visitor total predicted before it began on May 1. As of yesterday afternoon, a total of 10,496,400 people had gone through the gates. If repeated for the remainder of the event, this would give a total attendance of slightly above 50 million, echoing the 2008 Olympics, which although generally hailed as a success, were also remembered for empty seats in the stadiums.
The expo, which has the theme of sustainable urban living, features pavilions from most countries in the world, along with displays from China's various provinces and international organisations. There are also specialist pavilions about urban living across the world and industries, including oil. Among the Gulf countries to have pavilions are the UAE, Qatar, Oman and Saudi Arabia, which is one of China's most important oil suppliers and has built a vast Imax cinema onsite.
One problem highlighted in the early stages, even on the first day when attendance was about 200,000 - about half the average number of daily visitors needed to reach the 70 million target - has been long queues at the pavilions. Bala Ramasamy, a professor of economics at the China Europe International Business School in Shanghai, said this may have discouraged visitors early on. In a country where fewer than five per cent of people travelled overseas last year, he said he thought that the idea of showing off foreign countries in an expo had not lost its basic appeal, however.
"Possibly the news about long queues [has put people off] and I am sure it's been circulated on the internet, and the target market are those that would be the internet savvy ones," he said. "I am sure there's a lot of [internet] chat saying there are queues." Those visiting this month admitted that queuing to enter the most popular pavilions had been a downside. "It's very good, but it's involved waiting a long time," said Wang Wei, 50, a businessman from Beijing, who had been unable to enter the US, Japanese and Chinese pavilions because of the crowds.
Qi Jian, 21, a student in Shanghai, said in three days of visiting the expo, he failed to visit the Japanese, German and British pavilions because of long queues. Despite this, he expected visitor numbers to grow. "I think really the expo is popular," he said. "Almost all the people like to attend. I think most people think the first weeks are not a good time to attend because they think too many people will go through."
Similarly, Zhang Kun, 19, a student from Henan province, said people had been put off early on because they thought the event would be crowded. Now that the event has been running for several weeks, he said, people were more likely to visit. To reduce overcrowding, the authorities have tried to spread visitor numbers across the day by offering separate evening tickets, and Mr Zhang was planning to buy one of these.
Suggesting they believed visitor numbers were likely to increase as the event went on, organisers simply said in an e-mailed response to questions that the event still had several months to go. Indeed their hopes that attendances will increase may be realised. While daily visitor numbers averaged less than 200,000 for the first two weeks, they have since picked up significantly. On May 29, a record for the expo was set, with 503,600 going through the gates. The all-time one-day attendance record was set at Expo 67 in Montreal - 569,000.
The importance of the expo, however, is not whether it reaches 70 million visitors, according to Mr Ramasamy. While the Olympics may not have been a sell-out, it did engender a large amount of "patriotic spirit". Likewise, seeing their country has staged an event on the scale of the expo, he said, gave Chinese people "a great degree of hope as to what China can become in the future". This optimism, he said, was likely to encourage greater spending by residents, a key aim in the government's drive to move the economy from one that relies on exports to one fuelled by domestic consumption. "These events to create an influence in terms of raising the local consumption within China.
"An important factor is this idea of consumer confidence. These major events are telecast on television and it does build confidence among the local Chinese." @Email:dbardsley@thenational.ae
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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 12 BREAKAWAY CLUBS
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
Best piece of advice to someone looking for a career at Google?
If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
if you go
The specs
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