George Michael thrills the crowd at Zayed Sports City.
George Michael thrills the crowd at Zayed Sports City.

Michael says farewell in style



The two-time Grammy Award winning star George Michael entertained thousands of fans at the biggest concert the country has ever seen. Last night's show marked the singer's swansong, with an estimated 30,000 fans in attendance at Zayed Sports City's football stadium. Earlier, the hit singer Alicia Keys took to the stage to open the show. Five screens projected video of the 45-year-old Michael performing hits from a 25-year career that has seen him sell more than 100 million records.

Sarah Harman paid £600 (Dh3,300) to fly from London to see her idol George Michael perform his final concert. The trip was "worth every penny", she said. "I've loved him for as long as I can remember, ever since he was in Wham!. This concert is something I'll remember forever and is something I just couldn't miss." Fans even came from as far away as Canada to see the landmark event, though most, like Jane Board, did not have far to travel.

Originally from Wales, she has lived in the capital for almost two years. "This is so exciting for those of us who live in Abu Dhabi," said Ms Board. "It's great that we don't have to go to Dubai for these kind of events and it really means that people will start talking about Abu Dhabi and not just Dubai." Four thousand audience members attended the concert for free after Aldar, the housing developer, gave away tickets at Zayed Sports City yesterday afternoon. "I'm very happy with these free tickets - I love Alicia Keys's voice," said Said Ahmed, a 20-year-old Emirati.

Keys, a Grammy Award-winner and hit maker in her own right, has sold more than 30 million records and sings on the theme tune to the latest James Bond movie, Quantum of Solace. She was visiting the UAE for the second time after performing in Dubai in 2004. Before going on stage, she said fans who were at that show would see a big difference in her performance. "That was three or four years ago and I'm a different person now," she said. "I'm more of a woman as opposed to a girl. I'm way more in control of my life and myself.

"Musically, there are a variety of different styles I am performing here. I won't just be sat behind a piano. It'll feel totally different." Keys, 27, spoke of her excitement about playing alongside someone she has loved for years. "I have listened to George since I was a child," she said. "I wouldn't say that he has inspired my music but I'm a big fan. I love his hits like Freedom and Faith." Keys, who has spent time in Egypt, was also happy to be back in the region. "I'm very inspired by the music here," she said. "I love the traditional sound and the singing." On her first visit to Abu Dhabi, Keys was also excited about exploring today and visiting with some friends who also happened to be in the capital. "Abu Dhabi's an up and coming city so it makes performing here really exciting," she said. "Things are totally outrageous, huge and beautiful. "When I told people I was coming to Abu Dhabi, I had some silly reactions. One person even told me 'don't drink the water' but in general, everyone I know has heard of it and many of my friends do business here or in Dubai." mswan@thenational.ae

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The specs

Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)

Seemar’s top six for the Dubai World Cup Carnival:

1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition

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.”

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

SPECS

Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Australia squads

ODI: Tim Paine (capt), Aaron Finch (vice-capt), Ashton Agar, Alex Carey, Josh Hazlewood, Travis Head, Nathan Lyon, Glenn Maxwell, Shaun Marsh, Jhye Richardson, Kane Richardson, D’Arcy Short, Billy Stanlake, Marcus Stoinis, Andrew Tye.

T20: Aaron Finch (capt), Alex Carey (vice-capt), Ashton Agar, Travis Head, Nic Maddinson, Glenn Maxwell, Jhye Richardson, Kane Richardson, D’Arcy Short, Billy Stanlake, Marcus Stoinis, Mitchell Swepson, Andrew Tye, Jack Wildermuth.

Points tally

1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3

Expo details

Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia

The world fair will run for six months from October 20, 2020 to April 10, 2021.

It is expected to attract 25 million visits

Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.

More than 30,000 volunteers are required for Expo 2020

The site covers a total of 4.38 sqkm, including a 2 sqkm gated area

It is located adjacent to Al Maktoum International Airport in Dubai South

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The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now