Spectators hoping to catch a glimpse of Prince William and Kate Middleton camp out along the procession route a day ahead of the Royal Wedding  in London, England.
Spectators hoping to catch a glimpse of Prince William and Kate Middleton camp out along the procession route a day ahead of the Royal Wedding in London, England.

London's streets fill with wedding fans



LONDON // Millions of Britons were last night poised for the biggest party the nation has seen in a generation as the countdown continued to today's marriage of Prince William to Kate Middleton.

As the couple issued a statement saying they had been "incredibly moved" by the public's show of affection towards them, organisers around the country were putting the final touches to almost 6,000 street parties - the most since Queen Elizabeth's silver jubilee in 1977. More than 800 are being held in London alone.

Just as with most weddings, the main concerns centred on the weather after forecasters' suggestions that showers, blustery wind and maybe even thunderstorms could make it day for umbrellas rather than barbecues.

Yet the hundreds of people already camping out along the processional route from Buckingham Palace to Westminster Abbey were not prepared to let a little rain spoil their celebration.

"Even if there was a thunderstorm, it's not going to dampen the spirit," Faith Nicholson, one of those camping out along the Mall, said yesterday. "We're all looking forward to this. Bring it on, I don't care. I'm here and that's all I want."

Dozens of Union Jack flags fluttered around Parliament Square outside the abbey where, hours before, empty flagpoles had stood. In the overcast skies above, news helicopters criss-crossed the overcast skies.

The pavement across from the vast abbey doors, through which the newlyweds will emerge, was filled by the hardy campers who continued to arrive all day.

Twenty-four hours earlier there had been a sparse smattering of tents. By midmorning yesterday, there was a dense tented village bedecked with bunting, balloons and home-made banners wishing the couple luck.

All along Whitehall, Union Jacks hung from lampposts and shop and restaurant awnings. In Trafalgar Square, where several thousand are expected to gather to watch the event on two huge screens, the sculpted lions that guard the four corners of the base of Nelson's Column now do so from a cage of lighting and speaker struts.

Through Admiralty Arch and down onto the Mall, the crowds and the clutter of flags, tents, banners and canvas chairs were more apparent with every step along the processional route to Buckingham Palace.

Friends Renee Gauthier, from Canada's West Coast, Janet Sanburg, from Australia, and Londoner Babs Kell and her daughter Phoebe, were busily setting up a campsite at the top of the Mall.

"It's always been my dream to attend a state occasion," said Ms Sanburg. "I guess it was either going to be a wedding or a funeral. I'm glad it's this."

The campers are expected to be joined by 600,000 other spectators along the route for the wedding, to be attended by 1,900 guests.

Thousands of journalists and camera crews from around the world have also been setting up temporary studios along the route and outside Buckingham Palace, ready to bring minute-by-minute reports and pictures to a television audience that is estimated to be anywhere between one and two billion.

Not everyone was in a festive mood, however. Bahraini pro-democracy campaigners mounted a vigil outside Saudi Arabia's embassy in London to protest the wedding invitation to Prince Mohammed bin Nawaf bin Abdulaziz, following the Saudi military intervention in their country.

As well, the wedding invitation to the Syrian ambassador was withdrawn at the last minute yesterday because of the brutal suppression of anti-government protests in his country and there were rumblings of discontent among Labour Party politicians because ex-premiers Tony Blair and Gordon Brown had been left off the guest list, while the former Conservative prime minister, John Major, had not.

Prince William and his bride-to-be spent yesterday well away from the spotlight that will envelop them today. Prince William was to spend last night with his father, Prince Charles, his stepmother, the Duchess of Cornwall, and his brother, Prince Harry, at Clarence House, the family's official residence.

Miss Middleton and her family gathered for the night at the Goring Hotel in Belgravia, just around the corner from the palace, which had been sealed off by armed police earlier in the day.

The Queen, meanwhile, hosted an event for British and foreign royals, including Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al Nahyan, at the Mandarin Oriental hotel, near Hyde Park, which had also been sealed off.

On Wednesday evening, Prince William and Miss Middleton had taken part in their final wedding rehearsal ahead of their big day, accompanied at the abbey by Prince Harry - the best man - Miss Middleton's parents, and senior clergy.

Yesterday, the official souvenir wedding programme was released, in which the couple wrote: "We are both so delighted that you are able to join us in celebrating what we hope will be one of the happiest days of our lives.

"The affection shown to us by so many people during our engagement has been incredibly moving, and has touched us both deeply. We would like to take this opportunity to thank everyone most sincerely for their kindness."

It was also revealed that Miss Middleton will not promise to "obey" her new husband when they exchange wedding vows. Instead of the traditional vow to "love, honour and obey" her husband, she will promise to "love, comfort, honour and keep" him.

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Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

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.”

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