There is much about Astana that is recognisable, even familiar. But then something reminds you that you are in the heart of Turkic Asia, in a part of the world that has been the setting for momentous events for millennia.
Most residents of Dubai would feel at home in the Kazakh capital, with its mix of hyperbolic architecture grafted over an older but still very much modern-era substructure.
Glass and steel monumentalism nestles, not always congruously, beside run-down bungalows complete with allotment gardens.
Soviet communalism from the 1950s and 1960s is evident in square four-storey housing blocks that have not weathered very well, especially in comparison with the towers that have appeared since the city was made the capital in 1997.
The communist heritage is everywhere including, bizarrely, in the window of the smart Honda SUV that picked me up from the airport.
In full display there was the old red flag of the Soviet era, with the letters "CCCP" in Russian Cyrillic - the acronym for the Union of Soviet Socialist Republics - slapping you in the face.
This was entirely unexpected in a country that won independence from the Soviets in 1991 and which has tried hard to go its own way ever since, bearing in mind the proximity of its closest geographical and ethnic neighbour, Russia.
I asked the driver, a man in his mid-30s in the obligatory "Moscow Mafia" black leather jacket, if the flag meant he was a communist.
"No," came back the reply via my guide and interpreter. "He just means he was born a Soviet and is still proud of it."
---
The big question for the press corps, at least among the English-speaking element here for the Astana Economic Forum, was this: would Tony Blair, the former British prime minister and occasional adviser to the Kazakh president,Nursultan Nazarbayev, turn up in person for the proceedings?
The list of participants contained some world leaders, a sprinkling of Nobel laureates, a host of economic and political experts from Central Asia and Eastern Europe, as well as a star turn from the US economist Nouriel Roubini, due to talk about the prospects for the global economy.
But at least until yesterday, Mr Blair's name was not there.
However, I can reveal, via an updated list circulating in Astana, that he will be at the forum, speaking in a "dialogue of leaders" about new financial and economic policy, tomorrow evening, 6pm local time, at the Palace of Independence Congress Hall.
Russian journalists were unimpressed at my discovery.
"Who's he now? He's history. If Putin was here, now that would be important," was the judgement of one.
---
Kazakhstan is a cosmopolitan country, the officials who guided me through the capital were keen to point out, reeling off an impressive list of nationalities whose forefathers came to the country over the years: Kazakhs (of course) but also Russians, Uzbecks, Tajiks, Germans, Japanese…
But hold on, I thought, those last two didn't exactly yearn for Kazakhstan as their spiritual home, did they?
There is a significant German and Japanese presence in the country, mainly because they were sent to the farthest-flung reaches of the Soviet Union as prisoners of war in 1945.
I suppose it's a testimony to the country that at least some of them decided to stay.
Even so, for a cosmopolitan country, a black face is, apparently, rare. One of the editorial party at the forum is a South African from Johannesburg who was surprised, amused and (I think) finally annoyed at the attention he got in one of the big malls.
Families gathered around him to have their photographs taken, one after the other, with small children perched smiling on his knee.
"They think a black man brings good luck," explained one of the minders.
Even so, it was a little embarrassing.
fkane@thenational.ae
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Company%20profile
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Dubai World Cup factbox
Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)
Most wins by a jockey: Jerry Bailey(4)
Most wins by an owner: Godolphin(9)
Most wins by a horse: Godolphin’s Thunder Snow(2)
The%20specs
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
21 Lessons for the 21st Century
Yuval Noah Harari, Jonathan Cape
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
UAE currency: the story behind the money in your pockets
The specs: 2019 BMW X4
Price, base / as tested: Dh276,675 / Dh346,800
Engine: 3.0-litre turbocharged in-line six-cylinder
Transmission: Eight-speed automatic
Power: 354hp @ 5,500rpm
Torque: 500Nm @ 1,550rpm
Fuel economy, combined: 9.0L / 100km
At Everton Appearances: 77; Goals: 17
At Manchester United Appearances: 559; Goals: 253
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.”
FIGHT CARD
Sara El Bakkali v Anisha Kadka (Lightweight, female)
Mohammed Adil Al Debi v Moaz Abdelgawad (Bantamweight)
Amir Boureslan v Mahmoud Zanouny (Welterweight)
Abrorbek Madaminbekov v Mohammed Al Katheeri (Featherweight)
Ibrahem Bilal v Emad Arafa (Super featherweight)
Ahmed Abdolaziz v Imad Essassi (Middleweight)
Milena Martinou v Ilham Bourakkadi (Bantamweight, female)
Noureddine El Agouti v Mohamed Mardi (Welterweight)
Nabil Ouach v Ymad Atrous (Middleweight)
Nouredin Samir v Zainalabid Dadachev (Lightweight)
Marlon Ribeiro v Mehdi Oubahammou (Welterweight)
Brad Stanton v Mohamed El Boukhari (Super welterweight
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The years Ramadan fell in May
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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)
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
