Jungles, tribal dancers, trapeze artists and neon puppets take centre stage as the Summer in Abu Dhabi festival opens today.
The events, which officials expect to draw about 150,000 visitors, offer air-conditioned entertainment during the sweltering summer.
Faisal al Sheikh, the head of events management at the Abu Dhabi Tourism Authority, said: "ADTA's vision is to bring the city alive in all seasons and in summer we focus on domestic tourism and families.
"The programme is meant to enliven the summers in Abu Dhabi. We want to create events for Abu Dhabi visitors. With the programme, there is going to be 45 days of excitement. It is also meant to increase the use of rooms in hotels."
Now in its second year, the festival in the Abu Dhabi National Exhibition Centre (Adnec) is bigger than last year's - which ran for four weeks - and showcases large-scale attractions, including a circus and a magic show on ice.
People typically leave the capital during the summer, but Mr al Sheikh said the festival would tempt GCC residents to visit Abu Dhabi.
"We just came back from a roadshow in GCC countries," said Dayne Lim Kok Chun, the director of product development with the ADTA.
"We are working with 15 tourism companies and stakeholders in six cities in Saudi Arabia, Qatar, Bahrain, Kuwait and other places."
The festival has increased in size since last year. Mr al Sheikh said the improvements and expansion were based on feedback from people attending previous festivals.
This year, for instance, the sports section has been expanded and more cultural performances have been included.
More than 200 performers from 12 countries will present shows ranging from rock music highlighted by Tesla coils erupting with raw electricity, to dance performances by native tribes.
Adnec has devoted seven halls to the festival, one section of which will showcase Emirati crafts and culture. The halls are divided into five "islands": science and technology, sport, adventure, heritage and culture, and entertainment.
Mr al Sheikh said South African Zulus, Native Americans and indigenous Australians would perform native songs and dances in the heritage and culture section.
The festival's main events include the Freij Circus, to be held in an air-conditioned big top.
The show, which will run from Sunday to August 15 twice per night, will feature clowns, Brazilian dance spectaculars, Colombian trapeze champions and tiger, elephant and dog shows.
Magic on Ice, another marquee event, will run from August 1 to 15, except August 9.
Summer in Abu Dhabi will be open every weekday from 2pm to 10pm. On weekdays, it will open until midnight.
Tickets are available at the door and cost Dh40 (US$11) for adults and Dh30 for children younger than 12 years old.
For Magic on Ice, held at the Zayed Sports Complex ice rink, adult entry costs an additional Dh200. Children under 12 can get in for Dh75.
The circus, which will seat 1,200 people per show, costs Dh125 for front row, Dh100 for adults and Dh50 for children.
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Results:
5pm: Baynunah Conditions (UAE bred) Dh80,000 1,400m.
Winner: Al Tiryaq, Dane O’Neill (jockey), Abdullah Al Hammadi (trainer).
5.30pm: Al Zahra Handicap (rated 0-45) Dh 80,000 1,400m:
Winner: Fahadd, Richard Mullen, Ahmed Al Mehairbi.
6pm: Al Ras Al Akhdar Maiden Dh80,000 1,600m.
Winner: Jaahiz, Jesus Rosales, Eric Lemartinel.
6.30pm: Al Reem Island Handicap Dh90,000 1,600m.
Winner: AF Al Jahed, Antonio Fresu, Ernst Oertel.
7pm: Al Khubairah Handicap (TB) 100,000 2,200m.
Winner: Empoli, Pat Dobbs, Doug Watson.
7.30pm: Wathba Stallions Cup Handicap Dh80,000 2,200m.
Winner: Shivan OA, Patrick Cosgrave, Helal Al Alawi.
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.”
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