Why Phnom Penh?
This is a city in transition, where history and modernity have only recently run into each other, striking a temporary equilibrium. Look from the rooftop of one of Phnom Penh's taller buildings and cranes dot the horizon - a sign of the building boom that Cambodia's rulers promote with dubious optimism as a symbol of Asia's newest emerging tiger economy. But cruise the streets in the evening in a tuk-tuk, past Buddhist wats and French colonial-era buildings, a warm breeze caressing your face, and you'll feel its enduring romance.
The fact that Phnom Penh retains so much of its charm is the result, equally of foresight and tragedy. As other regional leaders pursued urban-driven industrialisation during the 1950s and '60s, Cambodia's enigmatic leader, Prince Norodom Sihanouk, discouraged people from leaving the countryside. And he sponsored urban development projects aimed at preserving the capital's traditional aesthetic. Fortunately, he had at his disposal an architect, Vann Molyvann, who brilliantly fused ancient and contemporary design to create some of the city's most distinctive structures. Then came the Khmer Rouge, who emptied the capital of its inhabitants as part of their plan to turn the country back to "year zero". Phnom Penh was paralysed for those years, and development stalled during two decades of civil war that followed the regime's 1979 overthrow. Peace has brought record economic growth, and today Phnom Penh exudes a curiously mellow vibrancy. Some find it hard to see past the dirty streets and crumbling buildings. But scratch the surface of Phnom Penh and you'll find a city on the verge of becoming cosmopolitan, yet one that still breathes history. It's a unique moment in a unique place.
A comfortable bed
For travellers wishing to be ensconced in the city's colonial past, the obvious choice is the five-star Raffles Hotel Le Royal, built in 1923 (www.raffles.com; 00 855 23 98 1888), where rooms start at US$155 (Dh570). There are many boutique hotels, such as the Pavilion (www.thepavilion.asia; 00 855 23 22 2280), a colonial-era villa that once housed Cambodia's queen (rooms start from $40 [Dh147], including breakfast). Another good option is the Blue Lime (www.bluelime.asia; 00 855 23 22 2260), which is tucked into a side street conveniently located behind the Royal Palace (rooms from $40 including breakfast and taxes).
Find your feet
Stroll along the quay, with its jumble of storefronts and restaurants across from the recently that lines the riverbank. Continue on to the walled Royal Palace complex. Set in immaculately manicured gardens, the yellow and white buildings are adorned with Khmer flourishes, such as spires twisting off the peaks of tiled rooftops. An architectural anachronism is the Napoleon III Pavilion. Built of iron, it was shipped in pieces and assembled as a gift from the French ruler to King Norodom.
To explore the city's development since independence, sign up for one of the Khmer Architecture Tours (www.ka-tours.org). Finish your day on the water, watching the sun slip below the cityscape. You can find boats for hire along the promenade and take a slow cruise down the Tonle Sap to where it joins the Mekong.
Meet the locals
Take in the friendly but raucous atmosphere of a Khmer kickboxing match, held most weekends at varying locations (any tuk-tuk driver should know where). Those more inclined towards inner and outer peace can join Buddhist monks in meditation at Wat Lanka every Saturday and Monday at 6pm. In the evenings, many Khmer families flock to open-air barbecue restaurants such as Sovanna (Street 21, just off Sihanouk Boulevard).
Book a table
Phnom Penh has an affordable and diverse menu, from the unexpected - Mexican, Russian, Lebanese - to less surprising Asian fare. Some favourites are: Romdeng (74, Street 174) for delicious Khmer cooking served in a wonderfully restored mansion. You can warm your heart as well as your belly for less than $12 (Dh44) knowing that the restaurant provides jobs and training to former street youth. Atmosphere (141, Norodom Blvd) serves quality French cuisine in an art deco setting, with main courses from $5 to $12 (Dh18-Dh44).
For an out-of-the-ordinary dining experience, try Pyong Yang (400 Monivong Blvd). Owned by the North Korean government, the staff also hails from the Hermit Kingdom. In between dishing out Korean cuisine, priced between $5 and $20 (Dh18-Dh73), waitresses serve up music and dance performances.
Shopper's paradise
Many opt for a visit to Russian Market, the sweltering, crowded complex of stalls selling everything from Levi's knockoffs to silk scarves and traditional instruments. For a more relaxed shopping experience, wander down Street 240 and pop into a few of the boutiques. The Chocolate Shop produces its delectable treats, including chocolate encrusted with Kampot pepper, once considered by French chefs to be the finest in the world. Wanderlust, owned by former New York City fashionista Elizabeth Kiester, sells clothes that combine traditional Khmer designs with western chic, made by talented local seamstresses.
What to avoid
Boeung Kak Lake. Until recently the backpacker haven of Phnom Penh, the government has been forcibly evicting entire neighbourhoods along the lakeside, and a shadowy private company is filling the lake with sand to turn this once placid tourist attraction into valuable real estate.
Don't miss
The Tuol Sleng museum. More than any other relic of the Khmer Rouge period, it captures the horrors perpetrated by the regime. At this former high school-turned-prison, about 15,000 people were tortured before being executed. Instruments of torture are on display, as are hundreds of haunting black-and-white photos of prisoners. It is a sobering and disturbing experience, but no visit to Phnom Penh is complete without a tour of Tuol Sleng. At the very least, it will underscore the spirit of a people who were able to emerge from one of the worst atrocities of the 20th century and rebuild their lives with such openness and grace.
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CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
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What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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.”