Why Vancouver?
Three words: forests, mountains, ocean. But only if you can get past the next three words: rain, rain and rain. Canada's most beautiful and relaxed city, located on the west coast, is still basking in a rosy glow after hosting the 2010 Winter Olympics, which gave it a new momentum despite the global downturn. New hotels and public artworks abound, and an expanded rapid transit link to the smartly designed Vancouver International Airport has made the trip into the city that much easier. You can't really say you've been to Canada unless you've been to Vancouver. There's just no other city like it. But I'm a little biased: it's my hometown.
A comfortable bed
The Fairmont chain has Vancouver covered, with four hotels, including the landmark Hotel Vancouver on West Georgia Street and the newer waterfront Pacific Rim hotel in Canada Place (www.fairmont.com; 001 506 863 6310; double rooms cost from around C$279 [Dh1,000] a night).
For something that is less expensive yet still stylish and centrally located, try the well-reviewed Loden boutique hotel in Coal Harbour (www.theloden.com; 001 604 669 5060; double rooms cost from C$199 [Dh736] a night).
Find your feet
Vancouver is a city of neighbourhoods, separated by various waterways and, in many cases, one-way streets, which makes getting around a bit of a challenge. If you're a power-walker, you can get around downtown by foot in a day, taking in the Olympic cauldron in Coal Harbour, the beachside English Bay, the Robson Street shopping strip (also home to the Vancouver Art Gallery), the trendy Yaletown, the historical Gastown and Canada's largest Chinatown.
Public transport between these areas is fairly easy to sort out, but less so for some over-the-bridge neighbourhoods that warrant a visit, if you have time, for their mix of restaurants and boutiques: the urban hippie Kitsilano, the market of Granville Island, the posh upper Granville Street and the artsy Main Street.
Meet the locals
If not in a yoga studio or one of the city's many Starbucks, Vancouverites' favoured hangout is the great outdoors, whether they're rollerblading or jogging on the Stanley Park seawall or mountain biking, hiking or skiing on the nearby mountains. (You'll see why their uniform of choice is Gore-Tex, fleece and Lululemon yoga gear.) For a cheap, 15-minute trip across the water between downtown and North Vancouver, join commuters on the SeaBus, part of the public transport system.
Book a table
The funniest tourist question is "do you know of a good sushi restaurant?" There are sushi restaurants everywhere, sometimes several of them in one block, where the standard for California rolls is real fresh crab. If you must have the best, the name you'll hear the most is Tojo's (1133 West Broadway, 001 604 872 8050). Izakaya, Japanese tapas, is also popular, and the local leader for that is Guu (several locations; www.guu-izakaya.com). Another local institution is Vij's (1480 West 11th Avenue; 001 604 736 6664), which doesn't take reservations but serves new Indian cuisine that's worth the line-up.
For everyday dining, the Cactus Club Cafe, headed up by celebrity chef Rob Feenie, has several locations, but the new one on English Bay has a magnificent water view.
For cheap eats, you've got to try a pizza slice at the Flying Wedge or a Legendary Burger at the White Spot. Both are favourites with several locations, but also have branches at the airport. Also, Tacofino has earned raves for its Mexican, including its Baja fish tacos (and I'm not just saying this because my cousin's behind it; go to tacofino.com for taco truck locations or visit their new hipster digs at 2327 East Hastings Street; 001 604 253 TACO).
Shopper's paradise
Robson Street is your best bet for big-name stores, including the Vancouver-founded chains Lululemon (for yoga gear) and Artizia (for clothing), but for local designers' boutiques and bistros, head to Gastown or Main Street. My personal fashion favourites are Mandula in Gastown (206 Carrall Street) for deconstructed clothes designed by local designer Hajnalka Mandula, and gravitypope at 2205 West Fourth Avenue, for a wide range of shoes.
What to avoid
If you want to make a trip to the mountains, it's hard to avoid the Lions Gate Bridge that runs through the heart of Stanley Park, but be warned: not a day goes by where someone doesn't blame their tardiness on an accident or traffic jam on the three-lane bridge.
Don't miss
English Bay has always been one of my favourite spots for its sweeping view of the North Shore, but the new "A-mazing Laughter" statues by Chinese artist Yue Minjun, at the corner of Davie and Denman streets, have made it even more of a destination. The infectious broad smiles of the 12 giant, bronze men won over so many photo-snapping fans when they were on loan during the Olympics that the artist decided they should stay, with the help of a C$1.5 million donation by Lululemon's owner Chip Wilson.
Another local personality, the author Douglas Coupland, is behind another new set of bronze statues in front of BC Place stadium that are worth a look: he designed them to memorialise Terry Fox, the local boy-turned-Canadian hero who set out to run across Canada with an artificial leg and raised millions for cancer research before his death cut his journey short.
Go there
A return flight on Emirates (www.emirates.com) to Seattle, with a connection to Vancouver, takes about 15 hours and costs from Dh7,910 including taxes.
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.
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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
The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
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.”
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
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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
Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
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