Rupert Murdoch, the media tycoon, is coming to town. Tony Blair, the former British prime minister, has already been here. These two high-profile men have become part of the conference and exhibition scene in the UAE capital, along with thousands of other delegates representing industries from fashion to high finance.
That would have been unlikely just a few years ago. Abu Dhabi would not have been the choice for large-scale organisers looking for a city to host their events. But now, thanks to the investment of a few billion dirhams, it is a major player in a global industry worth US$56 billion (Dh205.66bn) a year.
"In the newer fast-growth and emerging economies the conventions market is increasingly seen as a critical tool in attracting business tourism and facilitating domestic growth," says Rohit Talwar, the chief executive of the consultancy Fast Future, which is conducting research into the future of convention centres.
The capital has rapidly developed its convention industry, with its marquee investment being the Abu Dhabi National Exhibition Centre (ADNEC), which recently launched the UAE's largest indoor auditorium with a capacity for 5,700 people.
"High-quality design and facilities of convention centres and meeting venues are at the heart of this growth opportunity, and the ADNEC Group are now seen as global leaders in the industry," Mr Talwar says.
But hotels such as Emirates Palace have also invested in the development of their conference facilities to play an important role in the industry.
The ultra-luxury hotel on the far end of the Corniche has an auditorium and ballroom that can hold 1,100 and 2,400 guests respectively, and also has more than 40 meeting rooms.
The newly opened futuristic Yas Hotel, which overlooks the Yas Marina Circuit that was the scene of this year's inaugural Abu Dhabi Grand Prix, has already attracted attention from conference organisers.
Abu Dhabi is in the right location to attract delegates from Europe and Asia, Mr Talwar says. "Hence, Abu Dhabi's convention centre, expanding airline route network and hotel facilities are seen as important factors in attracting these prized global conventions and trade shows."
Business tourism accounts for about 80 per cent of tourism to Abu Dhabi. Just 10 per cent of these visitors come for meetings, conferences and exhibitions. Tourism officials plan to increase this portion of high-spending visitors, who are also the lifeblood for hotels and airlines.
"The global conventions market is entering a fascinating phase in its development," Mr Talwar says. "Despite all the advances being made in virtual meetings and the use of social media, there is a recognition that it is in face-to-face meetings where the deepest connections are made and trust is established."
Abu Dhabi is already pulling in major events such as Cityscape and Gastech, and it plans to expand the sector even further for a steady stream of high-spending visitors.
ADNEC opened in 2007, with IDEX, one of the world's largest defence exhibitions, as its inaugural event. Last year, the centre staged 73 events and this year it expects to hold more than 100.
"To put this into perspective, Abu Dhabi staged 14 major events at the old exhibition facilities in 2006," says Simon Horgan, the chief executive of the ADNEC Group.
Despite the economic downturn and slowdown in global travel, ADNEC expects to attract 1.8 million visitors by the end of this year, compared with 1.5 million last year.
"Successful exhibition and convention centres are economic engines for the host city, supporting thousands of jobs, stimulating commerce and driving up peripheral property values," Mr Horgan says. "The Government of Abu Dhabi understands this, which is why it has placed so much emphasis on the creation of a major exhibition and conference industry."
Having recognised the potential for the sector, the Abu Dhabi Tourism Authority (ADTA) is actively trying to make the capital a destination more appealing to event organisers.
This year it launched its Advantage Abu Dhabi initiative, which offers organisers grants, cost rebates and non-financial government support, such as help with marketing, to bring their events to the capital.
The ADTA this month announced that the newly created World Green Tourism Congress is the first event to take advantage of the new scheme. It will be held in the capital next year.
"Abu Dhabi's leadership is taking a more innovative approach," Mr Horgan says, adding that most governments do little to support the sector beyond developing infrastructure.
"In addition to developing some of the world's leading facilities, the Abu Dhabi Government is committed to the long-term success of the exhibition industry and offers much support to international event organisers."
But despite its initiatives, Abu Dhabi will have to compete with more established convention destinations, as close as Dubai and as far away as London.
Other emerging destinations such as Doha and Bahrain are also pouring money into the sector in direct competition with Abu Dhabi for a share of the convention market.
"There is strong growth in the hosting of major global conventions in destinations such as Cape Town, Beijing, Shanghai, Taipei and Seoul," Mr Talwar says.
ADNEC is the largest centre of its kind in the Gulf, and part of a broader Dh8bn "micro-city" development called Capital Centre. The development includes residential and commercial aspects including 23 hotels, a 2.4km marina and a 160-metre tower known as Capital Gate, which will lean 18 degrees westward - 14 degrees more than the Tower of Pisa in Italy.
Capital Centre is expected to be finished in stages over the next three years, ADNEC says.
Those expensive investments are likely to pay off, as organisers say they favour the more modern centres.
But Abu Dhabi still has some challenges to expanding its convention centre business, the main one being some of the most expensive hotel rates in the world. Hotels in Abu Dhabi are close to overtaking those in Moscow as the most expensive for business travellers, says the corporate travel consultancy Hogg Robinson Group.
Akram Sabri, the general manager of Sky Conferences and Exhibitions - which organises events such as the Bonjour La France European Exhibition held in Abu Dhabi last month - says the emirate does need a wider price range in its hotels.
Much of the recent hotel development in Abu Dhabi has been skewed towards the five-star market, but Mr Sabri points to recent openings of more mid-scale hotels in the capital, such as the Aloft hotel at ADNEC and Holiday Inn, as well as three and four-star hotels on Yas Island, which will offer more attractive rates.
"Most of our clients are demanding a wider range of accommodation options, from affordable and convenient to extremely luxurious," he says.
Despite the soaring hotel rates, Abu Dhabi seems to have grown in popularity as a conference destination. A Reed Travel Exhibitions survey undertaken in January and February this year found that Abu Dhabi was the second most popular choice in the Middle East to hold events over the next year, as awareness of the capital's infrastructure grows. Dubai took the top spot.
There has been a surge in the events sector in the region. The research showed that 81 per cent of buyers who responded to the survey had held events in the Middle East over the past 12 months, compared with 46 per cent in the previous year.
In any case, Abu Dhabi need only look 100km up the road for an example of how lucrative this market can be.
"It's a source of revenue that is becoming more and more important, and we can say that Dubai so far was very successful in attracting the MICE [meetings, incentives, conferences and exhibitions] market through the organisation of major events in the city," says Amine Hamdani, the vice president at CB Richard Ellis Hotels Middle East. "In any mature hospitality market, the MICE market is very important."
@Email:rbundhun@thenational.ae
The permutations for UAE going to the 2018 World Cup finals
To qualify automatically
UAE must beat Iraq.
Australia must lose in Japan and at home to Thailand, with their losing margins and the UAE's winning margin over Iraq being enough to overturn a goal difference gap of eight.
Saudi Arabia must lose to Japan, with their losing margin and the UAE's winning margin over Iraq being enough to overturn a goal difference gap of eight.
To finish third and go into a play-off with the other third-placed AFC side for a chance to reach the inter-confederation play-off match
UAE must beat Iraq.
Saudi Arabia must lose to Japan, with their losing margin and the UAE's winning margin over Iraq being enough to overturn a goal difference gap of eight.
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.”
Super Rugby play-offs
Quarter-finals
- Hurricanes 35, ACT 16
- Crusaders 17, Highlanders 0
- Lions 23, Sharks 21
- Chiefs 17, Stormers 11
Semi-finals
Saturday, July 29
- Crusaders v Chiefs, 12.35pm (UAE)
- Lions v Hurricanes, 4.30pm
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
RESULT
Wolves 1 (Traore 67')
Tottenham 2 (Moura 8', Vertonghen 90 1')
Man of the Match: Adama Traore (Wolves)
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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
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
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
Opening Premier League fixtures, August 14
- Brentford v Arsenal
- Burnley v Brighton
- Chelsea v Crystal Palace
- Everton v Southampton
- Leicester City v Wolves
- Manchester United v Leeds United
- Newcastle United v West Ham United
- Norwich City v Liverpool
- Tottenham v Manchester City
- Watford v Aston Villa
SANCTIONED
- Kirill Shamalov, Russia's youngest billionaire and previously married to Putin's daughter Katarina
- Petr Fradkov, head of recently sanctioned Promsvyazbank and son of former head of Russian Foreign Intelligence, the FSB.
- Denis Bortnikov, Deputy President of Russia's largest bank VTB. He is the son of Alexander Bortnikov, head of the FSB which was responsible for the poisoning of political activist Alexey Navalny in August 2020 with banned chemical agent novichok.
- Yury Slyusar, director of United Aircraft Corporation, a major aircraft manufacturer for the Russian military.
- Elena Aleksandrovna Georgieva, chair of the board of Novikombank, a state-owned defence conglomerate.
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Anna and the Apocalypse
Director: John McPhail
Starring: Ella Hunt, Malcolm Cumming, Mark Benton
Three stars
'Doctor Strange in the Multiverse Of Madness'
Director: Sam Raimi
Cast: Benedict Cumberbatch, Elizabeth Olsen, Chiwetel Ejiofor, Benedict Wong, Xochitl Gomez, Michael Stuhlbarg and Rachel McAdams
Rating: 3/5
RESULTS
Mumbai Indians 181-4 (20 ovs)
Kolkata Knight Riders 168-6 (20ovs)
Mumbai won by 13 runs
Rajasthan Royals 152-9 (20 ovs)
Kings XI Punjab 155-4 (18.4 ovs)
Kings XI Punjab won by 6 wickets
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Women’s T20 World Cup Asia Qualifier
ICC Academy, November 22-28
UAE fixtures
Nov 22, v Malaysia
Nov 23, v Hong Kong
Nov 25, v Bhutan
Nov 26, v Kuwait
Nov 28, v Nepal
ICC T20I rankings
14. Nepal
17. UAE
25. Hong Kong
34. Kuwait
35. Malaysia
44. Bhutan
UAE squad
Chaya Mughal (captain), Natasha Cherriath, Samaira Dharnidharka, Kavisha Egodage, Mahika Gaur, Priyanjali Jain, Suraksha Kotte, Vaishnave Mahesh, Judit Peter, Esha Rohit, Theertha Satish, Chamani Seneviratne, Khushi Sharma, Subha Venkataraman
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
Dubai World Cup prize money
Group 1 (Purebred Arabian) 2000m Dubai Kahayla Classic - $750,000
Group 2 1,600m(Dirt) Godolphin Mile - $750,000
Group 2 3,200m (Turf) Dubai Gold Cup – $750,000
Group 1 1,200m (Turf) Al Quoz Sprint – $1,000,000
Group 2 1,900m(Dirt) UAE Derby – $750,000
Group 1 1,200m (Dirt) Dubai Golden Shaheen – $1,500,000
Group 1 1,800m (Turf) Dubai Turf – $4,000,000
Group 1 2,410m (Turf) Dubai Sheema Classic – $5,000,000
Group 1 2,000m (Dirt) Dubai World Cup– $12,000,000
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