Johannesburg is the only major city in the world that is literally built on a gold mine. It was a dusty settlement some 50km from the South African capital of Pretoria when the discovery of rich ore deposits was made in 1886.
Its streets may not be paved with gold, but some of its lustre helps brighten the mood of the inhabitants. With gold prices hitting record highs on a daily basis, you'd think everybody would be happy.
It's true that many encounters with the locals are warm and friendly. I have been travelling to South Africa for more than 20 years. When I first visited in 1988, before the end of apartheid, I saw beaches in Durban with signs that read "Slegs Blanks - Whites Only", and a largely black population that was embittered.
Neighbouring Zimbabwe, in contrast, was buoyant. It had already ended its civil war and gained independence. Twenty years later, and it's the South Africans who are cheerful, while the streets of Jo'burg are full of Zimbabweans trying to clean windscreens at "robots" - the quaint South African term for traffic lights - or simply relying on begging or street crime.
There are huge infrastructure projects under way, for the country is preparing for the football World Cup, due to kick off on July 12 next year.
I was staying in what used to be called Halfway House, a rather gloomy stop-off between Johannesburg and Pretoria that has been renamed Midrand. The reason I was there was to visit the Second Africa Water Week. We had been promised visits by Jacob Zuma, the South African president, and the Prince of Orange.
The Prince of Orange pitched up, but Mr Zuma failed to show. He has lots of problems at the moment. An African traditionalist, he is trying to reconcile all of the different factions in his party, but is only succeeding in alienating them. There is a leadership crisis at Eskom, the country's largest parastatal, which he seems unable to resolve. Meanwhile his protege, Julius Malema, is stepping into the leadership vacuum and overruling the Eskom board.
So it was hardly surprising that Mr Zuma didn't find time to meet a few water ministers and delegates. Most of them were busy planning shopping excursions anyway. Their exit strategy was momentarily halted by the destruction of the Allandale Interchange Bridge, just a few minutes' walk from the conference centre. We walked down to watch its demise. By breakfast it was over.
It was the most exciting event in Midrand for 40 years - since the bridge was built. Its demise was prompted by a desire to widen the N1, the main road from the capital to the golden city, so that the official cavalcades could whisk football players and officials in some style and speed.
But despite infrastructure spending, the economy is hurting. Unemployment is higher than 20 per cent. Manufacturing, mining, car sales and house prices have plummeted. Gold prices may be soaring but share prices of mining companies are languishing, partly because of higher costs but also because of the threat of nationalisation.
Much of the gold being traded, including India's purchase of 200 tonnes of gold for US$6.7 billion (Dh24.6bn) from the IMF, is already in bank vaults, not in the ground.
Meanwhile, the rand has appreciated more than 28 per cent against the dollar this year. This is despite continuing speculation about the future of Trevor Manuel, the former finance minister, who is now the minister of planning. His economic policies are still being pursued, but for how much longer?
Despite the economic woes, South Africa's good mood can be attributed to one man. He lives in the swanky Johannesburg suburb of Houghton, behind large beige walls in a large beige house that you reach by driving down an avenue of Jacaranda trees in bloom.
Now 91 years old, Nelson Mandela is reportedly slow on his feet, his hair is white and his memory is fading. This week the UN announced that his birthday, July 18, will be commemorated every year as Nelson Mandela International Day.
He was responsible for the most thrilling sight I have seen on a rugby pitch. When Mr Mandela put on a Green Springbok shirt and embraced Francois Pienaar at the 1995 Rugby World Cup, Ellis Park Stadium went mad. The crowd, mainly white, started chanting his name.
Rugby was the game of the Afrikaans, Mr Mandela's oppressors, but his genius was to embrace the stage and in the process to inspire a rainbow nation.
"It's the idea of Nelson Mandela that remains the glue that binds South Africa together," Mondli Makhanya, the editor in chief of The Sunday Times, said recently. "The older he grows, the more fragile he becomes, the closer the inevitable becomes. We all fear that moment. There's the love of the man, but there's also the question: who will bind us?"
He emerged from Robben Island prison to single-handedly unite a nation. Hard-bitten hacks that I met in 2000 were in awe of his achievement.
"To come out of jail after 27 years and preach unity and friendship was nothing short of heroic," said one friend of mine, an Afrikaans Johannesburg television reporter. "Anyone else would have said 'let's machete the lot of them', and who could blame them?"
Mr Mandela preached reconciliation, and for the most part it has stuck. Now it is his own health that is failing, although everybody is hoping that he will last until at least next summer.
How good it would be if he were around to kick off at the opening ceremony in a Bafana shirt and cap, and with the words of the official slogan: "Ke Nako, Africa's time has come."
In fact, how good would it be for South Africa if he were around for every summer?
rwright@thenational.ae
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Leaderboard
64 - Gavin Green (MAL), Graeme McDowell (NIR)
65 - Henrik Stenson (SWE), Sebastian Soderberg (SWE), Adri Arnaus (ESP), Victor Perez (FRA), Jhonattan Vegas (VEN)
66 - Phil Mickelson (USA), Tom Lewis (ENG), Andy Sullivan (ENG), Ross Fisher (ENG), Aaron Rai (ENG), Ryan Fox (NZL)
67 - Dustin Johnson (USA), Sebastian Garcia Rodriguez (ESP), Lucas Herbert (AUS), Francesco Laporta (ITA), Joost Luiten (NED), Soren Kjeldsen (DEN), Marcus Kinhult (SWE)
68 - Alexander Bjork (SWE), Matthieu Pavon (FRA), Adrian Meronk (POL), David Howell (ENG), Christiaan Bezuidenhout (RSA), Fabrizio Zanotti (PAR), Sean Crocker (USA), Scott Hend (AUS), Justin Harding (RSA), Jazz Janewattananond (THA), Shubhankar Sharma (IND), Renato Paratore (ITA)
UAE currency: the story behind the money in your pockets
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Killing of Qassem Suleimani
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.”
Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
Sting & Shaggy
44/876
(Interscope)
RESULTS
6.30pm: Maiden Dh 165,000 1,600m
Winner: Superior, Connor Beasley (jockey), Ahmad bin Harmash (trainer)
7.05pm: Handicap Dh 185,000 2,000m
Winner: Tried And True, Pat Dobbs, Doug Watson
7.40pm: Maiden Dh 165,000 1,600m
Winner: Roy Orbison, Fernando Jara, Ali Rashid Al Raihe
8.15pm
Handicap Dh 190,000 1,400m
Winner: Taamol, Dane O’Neill, Ali Rashid Al Raihe
8.50pm
Handicap Dh 175,000 1,600m
Winner: Welford, Richard Mullen, Satish Seemar
9.25pm: Handicap Dh 175,000 1,200m
Winner: Lavaspin, Richard Mullen, Satish Seemar
10pm: Handicap Dh 165,000 1,600m
Winner: Untold Secret, Xavier Ziani, Sandeep Jadhav
RACE CARD
6.30pm Al Maktoum Challenge Round-1 Group 1 (PA) Dh119,373 (Dirt) 1,600m
7.05pm Handicap (TB) Dh102,500 (D) 1,200m
7.40pm Handicap (TB) Dh105,000 (Turf) 1,800m
8.15pm UAE 1000 Guineas Trial (TB) Dh183,650 (D) 1,400m
9.50pm Handicap (TB) Dh105,000 (D) 1,600m
9.25pm Handicap (TB) Dh95,000 (T) 1,000m
if you go
The flights
Emirates fly direct from Dubai to Houston, Texas, where United have direct flights to Managua. Alternatively, from October, Iberia will offer connections from Madrid, which can be reached by both Etihad from Abu Dhabi and Emirates from Dubai.
The trip
Geodyssey’s (Geodyssey.co.uk) 15-night Nicaragua Odyssey visits the colonial cities of Leon and Granada, lively country villages, the lake island of Ometepe and a stunning array of landscapes, with wildlife, history, creative crafts and more. From Dh18,500 per person, based on two sharing, including transfers and tours but excluding international flights. For more information, visit visitnicaragua.us.
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
SPECS
%3Cp%3EEngine%3A%20Supercharged%203.5-litre%20V6%0D%3Cbr%3EPower%3A%20400hp%0D%3Cbr%3ETorque%3A%20430Nm%0D%3Cbr%3EOn%20sale%3A%20Now%0D%3Cbr%3EPrice%3A%20From%20Dh450%2C000%0D%3Cbr%3E%3C%2Fp%3E%0A
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Profile
Company name: Marefa Digital
Based: Dubai Multi Commodities Centre
Number of employees: seven
Sector: e-learning
Funding stage: Pre-seed funding of Dh1.5m in 2017 and an initial seed round of Dh2m in 2019
Investors: Friends and family