A few days separate us from Expo 2020. Eight years after winning the bid to host the global fair, and almost two years since the onset of the Covid-19 pandemic, the world will gather in Dubai to celebrate innovation across art, business, science and more.
The world’s largest fair has long been the focal point for introducing innovative ideas to the public. It was during Expo 1876, held in Philadelphia in the US, that the telephone was unveiled to the world, and it was at the 1901 fair, in Buffalo, New York, that the X-ray machine was introduced. The ice cream cone made its debut in 1904 at St Louis, Missouri.
Expo 2020 is the first time that the event has been held in the Arab world. It will introduce us to the latest technologies that could revolutionise our lives, as previous creations have, and inspire future generations.
But more than that, Expo 2020 reminds us why it is essential to celebrate innovation. Because it is when we celebrate innovation and creativity that positive changes take place and humanity rises together.
Expo 2020 is a reminder of how cross-cultural dialogues inspire us to think beyond our horizons and invite us to challenge our perspectives.
The fair encourages us to celebrate innovation in our daily business and personal lives.
It is thinking outside the box and imagining a new way of doing things that gave birth to the development of revolutionary brands such as Apple. Expo 2020 invites us to incorporate imagination into our daily routine.
Let us take a moment to reflect on the last time we had dedicated business meetings that focused solely on imagining new possibilities beyond our protocols and procedures. When was the last time we thought about approaching solutions differently?
Expo 2020 encourages us to explore, widening our imagination, looking beyond our immediate geographies, meeting new people and planning to do something different every day.
Expo 2020 reminds us that innovation should be celebrated because it is essential to human prosperity.
We can start incorporating innovation in our work and celebrating it by applying simple steps today.
Make it routine to host brainstorming sessions outside of the confinement of your office walls. A simple change of scenery can encourage the flow of inspiration.
Celebrate employees who revolutionise processes or services.
Create your own version of Expo, where your team members imagine and present new possibilities across your work and the industry.
Allow room for experimentation to test new products and solutions.
Involve the public, or your customers, in your brainstorming sessions.
Do not limit seeking inspiration to your geography. Explore and look for ideas in new destinations.
Above all, Expo demonstrates what happens when businesses and creative people collaborate.
Earlier this year, Dubai launched The Dubai Creative Economy Strategy that aims to double the creative industries’ contribution to Dubai’s economy to 5 per cent by 2025, above the 3 per cent the global industry contributes to the world economy, according to the UN.
It is imperative that more businesses partner with the growing creative industry, collaborate with creative entrepreneurs and support the sector.
Everything great that surrounds us today was just an idea once. As we celebrate the opening of Expo 2020, we are reminded to step outside our comfort zone, to aim bigger and dare to dream.
Who knows … our next idea may positively impact the lives of everyone on this planet.
Manar Al Hinai is an award-winning Emirati journalist and entrepreneur who manages her marketing and communications company in Abu Dhabi.
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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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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