to keep within budget
Spiralling costs a major risk for Paris Olympics
Spiralling costs a major risk for Paris Olympics
Paris - Arab Today
Now that the way is clear for Paris to host the 2024 Olympics, one of the organisers' biggest challenges will be to keep within budget -- a task that has defeated many of its predecessors.
The French capital has set a relatively modest budget of 6.6 billion euros (US$7.9 billion), but London in 2012, Athens in 2004 and Sydney in 2000 all saw their budgets for hosting the Summer Olympics at least double from the time of their bids to the final bill.
The budget-busting reached its peak with the 2008 Beijing Games for which costs ballooned to a vertiginous 32 billion euros, more than ten times the original budget.
Vladimir Andreff, a sports economist at Paris' Sorbonne University, described Olympic budget inflation as "the curse of winning an auction".
"In theory, the winner of an auction is the most optimistic participant and the one prepared to outbid everyone else," said Andreff, one of three experts who contributed to a financial impact study commissioned by the Paris bid team.
"And when there are a lot of competing cities, the winner is trapped."
Source: AFP
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Dubai - Arab Today
Dubai-based label ASMARAÏA just launched its pre-fall 2019 collection — and it’s all about cruelty-free, sustainable fashion with a festive edge. Checkmate The 15-piece collection features this checkered skirt-and-jacket ensemble that is giving us major “Clueless” vibes. Gold Rush ‘Tis the season to sparkle and this dazzling, floor-length gold skirt will do the trick. Take note of the chic black bow detail at the waist — it’s the ultimate party look. Feathered fashion The brand works with environmentally-friendly materials such as organic cotton, recycled polyester and faux fur, so you can be sure this feathered look doesn’t come at the cost of an animal’s life. Jewel Tones If you want to glisten like a polished jewel at your next festive function, this emerald-colored skirt is the perfect choice with its sequin details and shimmery overlay. Golden Girl Leopard print
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