He may never set foot in New Clark City, but taxi driver Edgard Labitag hopes the Philippines' first green, disaster-resilient, high-tech metropolis will ease the pressure on Manila - meaning fewer hours stuck in traffic and more time with his children.
On a sweltering Sunday afternoon, the 42-year-old at the wheel bemoaned another shift spent inching along the infamously congested streets of the capital city of 13 million people.
"Crowding, pollution and traffic - this is what people say about Manila," he said, gesturing at the gridlock.
"But luckily the government has a plan ... and [President Rodrigo] Duterte is the right man to see it through."
That plan is New Clark, a 23,350-acre city that government officials say will be bigger than New York's Manhattan by the time it is completed in 25 to 30 years - with an expected population of more than 1.2 million.
The aim is to build a city equipped to deal with climate shocks in one of the world's most cyclone-affected regions, and to promote healthy, eco-friendly and sustainable living by putting nature at the heart of development, urban experts say.
Reflecting a rising trend from Japan and India to the United States, New Clark seeks to challenge conventional urban planning by uniting government, developers, business and the public - and proving that green and resilient cities can be cost-effective.
"The objective is not simply to build a disaster-resilient city, but rather a successful, innovative and economically competitive city that is also disaster-resilient," said Benjamin Preston, a researcher at Rand Corporation, a global think tank.
New Clark is still in its infancy, but officials say Mr Duterte is fast-tracking the project as the Philippines, one of Asia's fastest-growing economies in 2017, seeks to boost spending on infrastructure to create jobs and attract more foreign firms.
Yet even as the government races to build New Clark and tackle Manila's booming population, density and congestion, it must plan the new city with care and avoid past mistakes, says the state-run Bases Conversion and Development Authority (BCDA).
"We need to strike a balance between fast-paced development that maximises value for the private sector, and protecting open spaces and making the city walkable, green and resilient," said Vince Dizon, president of the BCDA, which oversees the project.
"Traditional development cannot overwhelm or overpower the area," he said. "For New Clark City, here lies the challenge."
Situated about 100km north of Manila in Tarlac province near Clark International Airport, one of the country's busiest hubs, New Clark will be home to several government departments, an agro-industrial park and a huge sports complex.
Yet despite the range of planned infrastructure, only a third of the $14 billion city's land will be developed, with two-thirds reserved for green spaces and agriculture, the government said.
Houston in Texas and nearby Singapore have provided inspiration on how to plan the city in an integrated manner where water management and green spaces are linked closely to all urban systems, according to Dutch architect Matthijs Bouw.
By focusing on nature and allowing plenty of open space along rivers, for example, New Clark can benefit beyond protecting itself from floods, said Mr Bouw, who has worked on the master plan for the city with the government.
"Putting green areas on the agenda not only helps with water storage and drainage, but creates community spaces and guides street design in a way that benefits pedestrians and bikes ... so social resilience also gets strengthened," Mr Bouw said.
Yet the rapid pace of development and large number of players working on different structures and systems means some aspects could "fall through the cracks resilience-wise", he warned.
Another challenge in designing and developing such a city is changing the mindsets of officials used to traditional planning approaches, who may be wary of going green, urban experts say.
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"How do you do this in a regional context in Asia where there is massive and widespread corruption, and where elected representatives change in the short term?" asked Harini Nagendra, an author and academic based in southern India.
The answer: convince politicians, econmomists and bureaucrats that making a city stronger and safer against modern-day threats will not slow down development, and will save their governments money in the long run, said Oesha Thakoerdin of the Asian Development Bank (ADB), which is backing the New Clark project.
Economists at Rand are seeking to demonstrate the social, environmental and economic gains from building resilience and are developing a business case to prove that green urban planning is not only an option for wealthy economies.
"Increasingly we are seeing middle-income countries realise that planning and investing in green areas in cities is critical for their development - and cost-competitive," Mr Thakoerdin said.
Urban experts say New Clark City could not only set a shining example for South East Asia in terms of balancing rapid economic development with social and environmental policies, but may also mark a turning point closer to home.
"[It] has the potential to take pressure off Manila so that Manila can also invest in building a more resilient future," said Lauren Sorkin, director for Asia-Pacific with 100 Resilient Cities (100RC), a network backed by The Rockefeller Foundation.
Manila is one of the world's densest cities, with 14,500 people per square kilometre, almost triple London's level, UN data shows. Congestion could cost the capital $155 million a day in lost productivity by 2030, a Japanese government study found.
Cities across the Philippines generate more than 70 per cent of gross domestic product (GDP), while the percentage of urban dwellers is set to rise by 2050 to 65 per cent - representing 102 million people - up from 45 per cent today, the World Bank says.
While New Clark has been hailed for its vision, experts warn the push for resilience in Asia may be sacrificed in the rush to invest the $1.7 trillion per year through 2030 the ADB estimates is required to keep up with the region's infrastructure demand.
"We're facing a huge infrastructure gap ... and a rapidly growing urban population," Ms Sorkin said.
"It's going to be enormously difficult to make up deficits, and plan for and meet emerging needs at the same time."
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
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
Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
Quick%20facts
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
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
F1 drivers' standings
1. Lewis Hamilton, Mercedes 281
2. Sebastian Vettel, Ferrari 247
3. Valtteri Bottas, Mercedes 222
4. Daniel Ricciardo, Red Bull 177
5. Kimi Raikkonen, Ferrari 138
6. Max Verstappen, Red Bull 93
7. Sergio Perez, Force India 86
8. Esteban Ocon, Force India 56
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
COMPANY%20PROFILE%20
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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
Where to Find Me by Alba Arikha
Alma Books
Ticket prices
General admission Dh295 (under-three free)
Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free
Buy tickets at: wbworldabudhabi.com/en/tickets
SPECS
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