ABU DHABI // Clowns and cartoon characters are taking over the emirate's exhibition centre from today.
Adnec usually welcomes conference delegates and businessmen but suits and speeches are making way for fairground rides and fun as part of the biggest SummerFest Abu Dhabi yet.
Beginning today, the event promises 52 days of fun for children and parents. Four halls at Adnec now look like an amusement park, with a roller coaster, assault course and merry-go-round.
The annual extravaganza is organised by the Abu Dhabi Tourism and Culture Authority to boost the capital's appeal during the summer.
Show World, an area set aside for live performances, will feature family friendly stage productions.
The schedule for performances is: Lazy Town (June 27 to July 3), Bananas in Pyjamas (July 4-9), Sesame Street (July 10-13 and July 15-19), Ben 10 (July 20-21 and July 23-27), Freej (July 28-30 and August 1-4), Scooby Doo (August 5-12) and Ben 10 Ultimate Challenge (August 14-17).
Other Abu Dhabi venues are also joining in the fun. The international percussion troupe Stomp will launch SummerFest at Emirates Palace from 7pm tonight, while the United Nations of Comedy, a Qatar-based stand-up outfit, make their UAE debut at du Forum on July 4 and 5.
"We encourage everyone to visit the great show, Stomp, at Emirates Palace," said Sultan Al Muhairi, manager of SummerFest Abu Dhabi. "Also we have du Forum shows the following weekend with the United Nations of Comedy, led by the famous comedian Maz Jobrani. We expect a lot of people to go to that."
The du Forum will then host international sports stars such as British tennis player Tim Henman, former Manchester United and England striker Andrew Cole, who is also a columnist for The National, and seven-time NBA champion Robert 'Big Shot Rob' Horry. They will take part in workshops open to the public.
Meanwhile, Cheeky Little Events will be painting faces and making balloon animals for children.
"For kids it brings excitement and something to do during the summer - it gets their imagination going and lets them do new things," said the company's Sophie Simms.
One Abu Dhabi resident, Ayesha Al Mazrouie, has two children who are excited about the events.
"As a local family we are always waiting to come to SummerFest," she said. "There is not much to do during summer so the children are always waiting. All the kids can have fun, enjoy the rides and the shows. We hope to be here every day for all the shows.
"My daughter thinks this year looks even better than last year.
"My kids are really looking forward to seeing Ben 10."
Humaid Matar Al Dhaheri, chief commercial officer at Adnec, said: "SummerFest Abu Dhabi is one of the emirate's key events during summer months and we anticipate thousands of visitors attending this year's festival and enjoying a delightful calendar of family-focused activities at Adnec."
Doors open at 3pm today and a full event line-up can be found at summerfestabudhabi.ae.
Timings change during Ramadan, when doors open on weeknights at 8.30pm and 7.30pm on weekends following iftar.
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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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Specs
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The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
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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
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