Monaco, the tiny principality surrounded on three sides by France and bearing a name synonymous with glamour and wealth, has growth on its mind.
Long accustomed to punching above its weight, the city-state is planning to become bigger in the best way it can: out to sea.
The government of Prince Albert II, the reigning monarch and head of state, is inviting bids for a new district of luxury apartment blocks, shops and offices to occupy a six-hectare site that currently belongs to the Mediterranean.
With 36,000 inhabitants squeezed onto a land mass just two kilometres square, Monaco is listed on the basis of census and other official statistics as the world's most densely populated country. Lying 13km from Nice and, from its centre, 16km from the Italian border, it is also the smallest, in land size, with the exception of Vatican City.
The compact, layered nature of the existing urban development of Monte Carlo, the main residential, business and resort area, offers little remaining space for new construction. For a new building to rise, an old one generally has to be demolished. Otherwise, government officials say, building higher is not possible and would, in any case, be aesthetically unwelcome.
Monaco is not alone around the world in looking to oceans, lakes and riverbeds as potential new surfaces for building land. From the Abu Dhabi Corniche and Dubai's World islands project to large sections of Rio de Janeiro and Hong Kong, developments already provide - or will in the future - much-needed space for construction.
The cost of Monaco's new reclamation project is estimated at €1 billion (Dh4.76bn) but since this takes no account of superstructure including buildings, roads and service, the final figure is likely to be several times higher.
The winning candidate will assume responsibility for the financing, design and implementation of the development.
Competing bids must be submitted by July 23 and meet environmentally friendly criteria. The government has set a target of 2024 for work to be complete.
The newly reclaimed land will replace what is now an offshore area close to the Grimaldi Forum, a concert hall and conference centre named after the Genoese dynasty that has ruled Monaco, with brief interruptions, since the end of the 13th century.
Monaco's government says it will insist on the most rigorous environmental standards with "sustainable urban design" its guiding principle.
For example, vehicles will have access but arrangements for pedestrians and cyclists will be given priority over those for motorised transport.
The blocks of apartments will be restricted to six to 10 storeys with private gardens and public open spaces.
Monaco envisaged an even bigger reclamation project in 2008 but plans were shelved because of the worldwide financial crisis and, it is believed, doubts over whether they fully met "green" concerns. The total cost of the aborted plan, which would have provided residential accommodation for 3,000 people, was put at €11bn, although it would have covered an area twice as large as in the current proposals.
A detailed environmental impact assessment will be carried out as part of preparations for the new project, with the aim of avoiding damage to adjoining marine conservation areas.
An eight-page document published by the state of Monaco describes a "comprehensive urban plan" to extend national territory to the right of an area known as the Anse du Portier.
It says the principality is fully committed to "strong sustainable development and environmental protection".
The government promises "strong constraints" to ensure respect for the marine reserves as well as sustainable energy management and waste disposal.
Prince Albert says he decided on the location and scope of the land extension after studying various proposals since 2008. The chosen scheme will increase Monaco territory by 3 per cent.
"I will pay particular attention to ensure the project respects the strict environmental rules that I will impose, during the construction as well as during the use of the new surfaces created," the ruler told the daily newspaper Monaco-Matin.
In addition to the environmental impact assessment, there will be obligation on the successful bidder to conduct an "eco-district, eco-designed" and governed by a rigorous environmental management system for all buildings and public spaces.
The government says the aim is for the coastline to retain a "qualitative and contemporary image in accordance with the state's landscape and urban identity".
Even before the abandoned plan of 2008, Monaco was familiar with the process of reclamation. Prince Albert's father, Rainier III, the husband of Princess Grace, was nicknamed the "builder prince" after he resorted to such methods, encouraging huge schemes to overcome the principality's inability to extend into France.
The first major project was the Larvotto beach district in a popular residential and tourist area of Monte Carlo in the 1960s.
In the following decade, reclamation led to the creation of the entire Fontvielle area increasing the country's land surface by a fifth.
Visitors to Monaco are also familiar with the expansion of the renowned Port Hercules, a setting for the 1995 James Bond film GoldenEye, to enable it to accommodate giant cruise ships and new premises for the Monaco Yacht Club, designed by the British architect Lord Norman Foster and officially due to open next year.
The government has insisted the further extension should end 400 metres from the coastline. It has stipulated low heights for the buildings in the interests of style but also to preserve the sea views from properties on the Avenue Princesse-Grace.
Under the previous plan for reclamation, Fontveille would have grown still larger.
The project as now presented by the government opts instead for further expansion at Larvotto, which offers the advantages of a flatter, shallower seabed.
The Relevance Web Marketing agency, which includes the French Riviera among its bases, says the development will "breathe fresh life into the beach district", presenting opportunities to Monaco property companies and creating jobs in development, construction and leisure.
The agency also describes the plans as a "welcome boon for inhabitants in the micro-state", with limited building capacity meaning some 350,000 square metres of land needs to be found per decade to meet the needs of a growing population.
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Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
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Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
$1,000 award for 1,000 days on madrasa portal
Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.
School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.
“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.
“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”
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 White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
CONFIRMED%20LINE-UP
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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
Company%20Profile
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NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
KILLING OF QASSEM SULEIMANI
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