Sheikh Mohammed calls for youth to be at heart of Expo 2020 during site visit

Sheikh Mohammed bin Rashid has called on the UAE's next generation to use Expo 2020 Dubai as a launchpad to help shape the future after paying a royal visit to the rapidly-developing site of the global fair.

The Vice President and Ruler of Dubai called on young people to be at the heart of the landmark event, which will be hosted in the Middle East for the first time when it takes over the emirate in less than two years time.

Sheikh Mohammed observed the speedy progress being made on the construction of the massive Expo 2020 site during a tour alongside Sheikh Ahmed bin Saeed, chairman of the Expo 2020 Higher Committee, president of the Department of Civil Aviation and chairman and chief executive of Emirates Airline.

It was the latest in a series of visits made to the site of the bold project, spread over more than four sq km, close to Al Maktoum International Airport in Dubai South, since the UAE won staging rights in 2013.

Sheikh Mohammed was briefed on the progress of the event - which will feature 190 countries and is expected to attract more than 25 million visitors during its six-month run - by Reem Al Hashimy, Minister of State for International Co-operation.

Sheikh Mohammed was told about the rich array of initiatives being held as part of the global gathering, such as the Expo School Programme, launched in 2016 to allow school pupils to play an integral part in Expo2020 and engage with the event.

"The event is one of the largest global gatherings that bring together the world’s greatest minds to discuss how we can shape the future,' said Sheikh Mohammed.

"The youth should play a key part in this mega event and get opportunities to observe, learn and contribute creative ideas so that they can develop innovative solutions for creating a better future for our region and the world.

"Sheikh Zayed directed us that youth should be supported and motivated to participate in the process of nation building. Today, the youth represent a top priority for the UAE.

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"This approach has enabled us to achieve a leading status among the developed nations of the world and made us a frontrunner in shaping the future.”

In October, the Expo School Programme launched the Expo 2020 Dubai Visitor Center as part of its outreach programme, attracting students from both government and private schools across the UAE. The Center provides an insight into the Expo and offers exciting workshops for students on the Expo themes.

Sheikh Mohammed’s visit took place in one of the anchor buildings on the site overlooking the Al Wasl Plaza.

Sheikh Mohammed was given updates on the significant progress made by the Expo 2020 real estate and development team. Construction is set to be completed well in event’s opening in.

Eighty percent of the Expo-built structures on site will be retained as part of District 2020, an integrated community that will be a new destination in Dubai.

The new development is set to open in late 2021.

District 2020 is part of the wider national development of Dubai South and will be linked by the Metro extension and connected by four major UAE highways.

It will also play host to an important new national business facility, the Dubai Exhibition Centre.

"The Expo will be a destination for all nations to share their collective visions of the future, specifically for the UAE," said Sheikh Ahmed bin Saeed.

"It will be happening on the eve of the nation’s 50th Jubilee Anniversary when we will share with the world our vision for the future, our culture and the values we stand for as a nation. Led by our youth, we will celebrate with the world our progress.”

Through its theme 'Connecting Minds, Creating the Future', the event aims to encourage creativity, innovation and collaboration.

Expo 2020 Dubai will open on 20 October, 2020 and close six months later, on 10 April, 2021.

Company%20Profile

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Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

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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.”