As the big clean-up begins after the spectacular opening of Meydan Racecourse, plans are already under way for next year.
As the big clean-up begins after the spectacular opening of Meydan Racecourse, plans are already under way for next year.

Meydan, the clean winner -



Dubai // What took months to organise, set up and rehearse took just hours to dismantle, as the lights fell and music faded. The day after the memorable launch of the Meydan Racecourse, the creative team behind the light, music and fireworks extravaganzas that had 63,000 people on their feet in applause, sat deflated and sleep-deprived in the Meydan Hotel.

"I have post-event blues," said Jim Curley, managing director of the event company M. "All of the frames for the projector screens are down already. It's quite sad, really." A team had worked from the event's close at 2am until 5.30am, he said, to begin dismantling the technical equipment. Another team took over and was finished by 8am. "What takes you several months to prepare will be all out of here by next week," he said. "I am going on holiday next week but half of the team have already left and the other half are meeting to celebrate and then they are also off on holiday."

Mr Curley and his colleague, the creative director John Young, were responsible for a series of productions that took place before, during and after the horses raced in the 2010 Dubai World Cup. Among the most popular was the telling of the Emirati story in what was called the Meydan Spectacular. The attention and imagination of the crowd was captured by dramatic music; the recitation of a poem written by Sheikh Mohammed bin Rashid, the Vice President of the UAE and Ruler of Dubai; video footage on 15 screens measuring 15 by 25 metres; and a performance artist in white robes suspended from a giant pearl.

But just 12 hours later, as a team of men in blue hard hats and grey T-shirts worked through the midafternoon heat to clear the rubbish from the stands, the site was calm and quiet again. In the distance, men could be seen tending to the lawns as vans collected what remained of the technical equipment in the centre of the course. For Malih al Basti, a Meydan board member, Saturday evening was an emotional culmination to the labour of three years.

"I was very proud to see my boss walking around, seeing him smile," he said. "Sheikh Mohammed deserves the success of last night. We appreciate the trust he put in us to develop this project. It was amazing. It brings tears to my eyes." Mr al Basti said early comments have been overwhelmingly positive, but he is aware problems always remain to be addressed when organising such large events. The board is awaiting feedback from each of the departments involved in Saturday's event, and then will begin making adjustments for the 2011 Dubai World Cup.

"We will meet together next week to review the whole thing," he said. "We need to receive feedback from the hospitality section, from the hotel car parks, the gates. "I am sure there were some mess-ups, but we will listen and make adjustments." @Email:loatway@thenational.ae

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

UAE currency: the story behind the money in your pockets
The Penguin

Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz

Creator: Lauren LeFranc

Rating: 4/5

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

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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NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

Results

Stage 7:

1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29

2. Sam Bennett (IRL) Deceuninck-QuickStep - same time

3. Phil Bauhaus (GER) Bahrain Victorious

4. Michael Morkov (DEN) Deceuninck-QuickStep

5. Cees Bol (NED) Team DSM

General Classification:

1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28

2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35

3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02

4. Chris Harper (AUS) Jumbo-Visma - 0:01:42

5. Neilson Powless (USA) EF Education-Nippo - 0:01:45

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.”

The%20specs
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COMPANY%20PROFILE
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The specs

Engine: 2.0-litre 4-cylturbo

Transmission: seven-speed DSG automatic

Power: 242bhp

Torque: 370Nm

Price: Dh136,814

Vidaamuyarchi

Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5

 

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Scores

Oman 109-3 in 18.4 overs (Aqib Ilyas 45 not out, Aamir Kaleem 27) beat UAE 108-9 in 20 overs (Usman 27, Mustafa 24, Fayyaz 3-16, Bilal 3-23)

Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5