Officially, there are 35 sports in the modern summer Olympics but, as every city that has ever had the misfortune to stage the Games knows, there are in fact 36.
The ancient media sport of baiting the Olympic host begins the moment a successful bid is announced. It is a marathon, not a sprint, and continues until the torch-bearer enters the stadium to kindle the Olympic flame (and in some cases it doesn't stop even then; at Seoul in 1988 the world watched aghast as the doves of peace jumped their cue, settled on the impressive gas-fired cauldron and were promptly incinerated when it was ignited).
London, which last week celebrated having just one year to go to the start of its Games, has endured its share of bashing, at home and abroad. It has ranged from the traditional speculation that none of the venues would be ready on time to the ridicule heaped upon its admittedly lame logo and frankly weird mascots, Wenlock and Mandeville.
Dubai's decision this week not to enter the running for the 2020 Olympics - taken following a two-year feasibility study that concluded that, although as much as 70 per cent of the necessary infrastructure was in place or planned, much more needed to be done - is doubtless a wise one.
True, to be the first city in the Middle East to host the Olympic Games is a tantalising "first" for Dubai, which it now hopes to achieve in 2024, and would indeed be "a dream come true for the entire region", as Sheikh Hamdan bin Mohammed, the Crown Prince, said.
Yet it might also prove something of a nightmare.
A city for which the Olympic motto "Faster, higher, stronger" might have been coined, Dubai would doubtless take the Olympics in its stride. After all, big things get done there, and in record time; it is home to 500 skyscrapers, including the world's tallest, the vast majority of which have shot up in the past 10 years. Olympic village? Stadium? Velodrome? Bring it on.
But does it really need the hassle?
For one thing, there's the prospect of having every journalist in the world in town for years to come, poking around under every rock. Look at Qatar, which may have won the right to host the 2022 World Cup but, more than a decade before the first ball will be kicked, has already endured an international kicking over a host of issues, including the prospect of having to air-condition an entire tournament and feverish speculation that it "bought" the tournament from Fifa.
Security would also be a major headache and a significant cost. In Athens, which in 2004 hosted the first Games after the September 11 attacks, the bill was $1.8 billion (Dh6.6bn), while at £1.5bn (Dh9bn) London has set a new Olympic security record.
And that, of course, is a fraction of the overall cost, which for next year's Games currently stands at £9.35bn (Dh56.25bn). Worth it? Probably not, according to an economic study last month that predicted a total boost to the UK economy of little more than £5bn (Dh30bn), while there is even evidence that hosting the Olympics not only drives away the locals but also suppresses tourism.
As for employment, while the creation of thousands of service and construction jobs might benefit the UK economy, in Dubai, which relies on imported labour, it would represent only a cost.
In short, before it throws its hat in the Olympic rings for 2024, Dubai should consider carefully the words of James Cracknell, a former British rowing Olympian.
"The brutal process of simply qualifying," he wrote last month, "should never be underestimated. The pressure is unrelenting, the schedule exhausting, and the margin for error non-existent."
Apparently it can be quite tough on the athletes, too.
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
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
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.”
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
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Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
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.”
Company%20profile
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