I'm watching baby elephants splashing and learning to use their trunks to slurp from the Ewaso-Nyiro River, one of the few reliable sources of water on Kenya's increasingly drought-riven central plateau. Sitting next to me in the 4x4 is Iain Douglas-Hamilton, a grey-haired British biologist who directs my attention to Yeager, a lone bull elephant named after the pioneering American test pilot Chuck Yeager because of his tendency to wander long distances. Yaeger is sniffing the air in search of a female in oestrus and is soon trailing Martha, the matriarch of an elephant family researchers call the "First Ladies".
Counting Martha's group, which Douglas-Hamilton has studied for years from his research camp here in the Samburu National Reserve, he realises that two members are missing. Poaching, once again on the rise in the region, is suspected.
If a matriarch like Martha should be killed, he says, it will be a disaster, not just for her milk-dependent offspring but for the entire migrating herd because they rely on her knowledge of where to find seasonal water and food. As we discuss the impact of the latest drought to devastate East Africa and of the history of hunting this intelligent, long-lived species, an amorous Yeager walks right past our 4x4 and emits the elephant version of "Hey, how ya doin'?" - a low, vibrating rumble.
I'm staying at Elephant Watch Camp, set up by Douglas-Hamilton's Kenyan-born wife Oria in 2001, and which has evolved into one of Africa's most intriguing photo-safari operations. Apart from six canvas tents and the decorative Kenyan and Somali textiles, which Oria installed with a bohemian's eye, everything has been made from locally gathered material. That includes beds, chairs and settees constructed from the sculptural branches of Kigelia trees that have been felled by the local elephants while being used as a scratching post.
The Douglas-Hamiltons have lived in the wild with their research subjects for much of their marriage and Oria has become an expert at getting by with limited resources, as well as appreciating the difference between a formulaic holiday and a meaningful bush experience for clients. To avoid traffic from the big Samburu safari lodges, she takes clients for long walks along the river in the early morning and late afternoon. The rest of the day is spent tracking elephants, especially in January when families migrate back into the park, and during the May-June breeding season.
Camp meals are healthy, with an emphasis on salads such an avocado nicoise with tuna, capers, courgette and organic greens.
Now 69, Iain Douglas-Hamilton is also the director of the conservation group Save the Elephant. His research station is sited just downriver from Elephant Watch Camp and he often meets with guests when he is in residence. Since 1998, the Save the Elephant team has fitted wild elephants with GPS transmitters and amassed more than two million data points. These are mainly from Kenyan herds but also includes some Central African forest elephants, a sub species, and rare desert elephants in Mali. Relayed to Save the Elephant's computers, the data reveals not just the elephants' migrations but also provides insights into elephant emotions. Grief is shown by the amount of time elephants spend near the bodies and bones of their blood relatives while wariness of human interaction is demonstrated by the way migrating elephants rush through areas where farmers have previously shot crop raiders. Raiding elephants, by comparison, have learnt to be stealthy and nocturnal.
On the first day of my visit, Douglas-Hamilton receives an automated text message on his cell phone indicating that one of his collared subjects, Mountain Bull, is on the slopes of Mount Kenya, the distant snow-covered peak I can see from our game drive, but dangerously close to the Borana tribe's wheat crops.
"I'm happy to see he's still moving because the last time we spotted him, the old boy was dripping pus from the four bullet wounds in his hind legs," Douglas-Hamilton tells me. "He's a tame park animal, used to seeing people. But when an elephant leaves a park, it's in trouble."
For much of the 1970s and '80s, the Douglas-Hamiltons flew small planes across the continent, conducting aerial elephant censuses and documenting thousands of bullet-ridden, tuskless carcasses that indicated where poachers with automatic weapons had been at work. The continent's elephant population crashed from an estimated 1.3 million in 1979 to fewer than 600,000 by 1989.
Disturbingly, they say, poaching is once again on the rise because of a range of new factors. Inside the Samburu reserve, poaching has reached a 10-year high. More than 900 elephants reside permanently in the reserve, alongside other game including big cats, Grevy's Zebra and reticulated giraffe, but poaching has skewed the pachyderm population. Only 14 per cent of the herds are led by a matriarch more than 25 years old, while 70 per cent of the animals are female, reflecting the disappearance of the males that carry bigger tusks. As we meet at sundown by the river, Douglas-Hamilton tells me how male elephant tusks are lighter and smaller than those collected by the ivory hunters of the 19th century, probably because the gene pool has been affected by the elimination of the largest-tusked animals.
Ironically, demand for illegal ivory may have been fuelled by recent conservation efforts. In 2008, the Convention on International Trade in Endangered Species (CITES) sanctioned a series of auctions by South Africa, Zimbabwe, Botswana and Namibia of 102 tonnes of stockpiled ivory.
Recognising that African countries have different ecological and historical circumstances, CITES allowed these southern African nations to alter the status of their elephant populations from critically endangered status to the less-proscriptive threatened status. The change means regulated trade is permitted, which opened the way for the sale of ivory harvested from natural elephant deaths in game parks. Most of the stock was bought by Japan, where consumers prefer carved-ivory personal "Hanko" signature seals, and by China, where the 7,000 year old craft of ivory carving is being revived by a newly affluent population hungry for prestige items ranging from small ivory Buddhas and chopsticks to elaborate sculptures made from multiple tusks, often depicting mythical scenes and costing millions of dollars.
CITES justified the auctions, which earned US$15 million (Dh55m), as a way for individual African countries to inject money back into conservation while satisfying world ivory demand with a controlled supply. However, many scientists and wildlife monitoring organisations believe the auctions created an opportunity for criminal syndicates to sell poached ivory by claiming it was a CITES-sanctioned product. Chopped into pieces and shipped as unaccompanied baggage, hidden in shipping containers labelled as mobile phone parts and polished wood, poached ivory is shipped through multiple African countries towards Thailand, Vietnam, Laos and the Philippines.
Kenya bans hunting and all trade in wildlife products, and the country has been lobbying CITES to ban auctions and impose a 20-year moratorium on all ivory trade. (To make the point, the government burnt five tonnes of confiscated ivory in Tsavo National Park last July.) Kenya has an estimated 35,000 elephants but poaching has quadrupled since 2007, with 216 elephants killed last year. At Nairobi's Jomo Kenyatta International Airport, specially trained sniffer dogs have been discovering illegal ivory in personal and unaccompanied luggage. Ninety per cent of the seizures were made from citizens of China, which is building five major highways in Kenya, and whose resident population in Africa has risen from 70,000 to more than one million in the last decade.
Some 7,500 of those elephants range across northern Kenya, and the 10,360-hectare Samburu National Reserve is a major crossroads within this migratory territory. During the dry season, from January to March, and again from June to mid-October, elephants mass in the park to take advantage of permanent water in the river. The herds' matriarchs instil knowledge of the migration routes in their offspring and for the rest of the year, elephants wander among community conservation areas, tribal group ranches, public grazing land, wheat growing villages and the forested slopes of Mount Kenya.
To teach pastoral communities on the park boundary about the economic benefits of elephant conservation, the Douglas-Hamiltons recruit cattle and goat herders from the Samburu tribe as researchers, safari wguides and camp staff. Clad in the Samburu warrior garb of kikoi skirts and elaborate beaded headdresses and jewellery, the guides provide guests like me with insights not just into ecosystems but also the Samburu culture and its relation to nature.
In addition to general game viewing - one day we track a pack of rare wild dogs on foot through a dry river bed - the Elephant Watch Camp guides take me to visit Samburu settlements. Head guide Bernard Lesirin drives us through the park, which is lush after the December rains and full of dog-sized dik-dik antelopes, browsing giraffe and elephant families returning to the river. As soon as we leave the park boundary, though, the land turns dry, spiky and thorny - all symptoms of overgrazing by cattle. A small trading town is growing just outside the reserve's west gate, but the manyattas - collections of wattle and thatched round houses within a collective thorn fence - lack electricity and schools and most modern amenities.
Samburu lore holds that elephants are the spiritual relatives of humans, due to their longevity and intelligence, but the cultural taboo against killing elephants is eroding. The temptation to poach increased in the aftermath of Kenya's 2009 drought, which killed 90 per cent of local people's livestock, including cattle, goats and the donkeys used to transport goods to and from distant weekly markets. Then, after a freak flash flood last year closed several safari camps, rains ultimately failed this spring, leading to the worst drought in half a century. Meanwhile, cell phone networks have spread into previously isolated rural communities, providing an unforeseen boon for organised poaching.
"A cellphone will connect the buyer to the middleman to the local person that shoots the animal," sighs Daniel Letoiye, a project manager with the Westgate Community Conservancy, which is owned by the Ngutuk-Ongiron Group Ranch, a Samburu community on the reserve's western border. "Now we have struggling communities, and Chinese road building crews, and international mafias. It's becoming the perfect scenario for poaching with connectivity and ease of transportation."
For such massive animals, elephants are surprisingly vulnerable creatures, Letoiye says. Adults fall off cliffs, get stuck between trees, or are crushed by the very trees they try to knock over. Young elephants die from snake bites, lion attacks, thirst and starvation during droughts, and they also fall into and drown in man-made wells. The serendipitous circle of life and death - wildebeest births, lions kills, battles between scavengers - are part of a game watching safari's allure. As we get back in the car for the drive back to camp, we are all too aware that elephants face an increasingly international, complex and dispiriting predation cycle.
If you go
The flight: Etihad Airways (www.etihadairways.com) will launch an Abu Dhabi to Nairobi route in April 2012. Return flights cost from Dh1,940, including taxes.
The stay: A safari at Elephant Watch Camp (www.elephantwatchsafaris.com; 00 254 20 804 8602) costs from about US$650 (Dh2,390) per person, per day, including activities and meals. Transport by charter aircraft can be arranged from Nairobi.
How to vote
Canadians living in the UAE can register to vote online and be added to the International Register of Electors.
They'll then be sent a special ballot voting kit by mail either to their address, the Consulate General of Canada to the UAE in Dubai or The Embassy of Canada in Abu Dhabi
Registered voters mark the ballot with their choice and must send it back by 6pm Eastern time on October 21 (2am next Friday)
The specs: 2018 Jaguar F-Type Convertible
Price, base / as tested: Dh283,080 / Dh318,465
Engine: 2.0-litre inline four-cylinder
Transmission: Eight-speed automatic
Power: 295hp @ 5,500rpm
Torque: 400Nm @ 1,500rpm
Fuel economy, combined: 7.2L / 100km
Results:
5pm: Abu Dhabi Fillies Classic (PA) Prestige Dh 110,000 1.400m | Winner: AF Mouthirah, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Abu Dhabi Colts Classic (PA) Prestige Dh 110,000 1,400m | Winner: AF Saab, Antonio Fresu, Ernst Oertel
6pm: Maiden (PA) Dh 80,000 1,600m | Winner: Majd Al Gharbia, Saif Al Balushi, Ridha ben Attia
6.30pm: Abu Dhabi Championship (PA) Listed Dh 180,000 1,600m | Winner: RB Money To Burn, Pat Cosgrave, Eric Lemartinel
7pm: Wathba Stallions Cup (PA) Handicap Dh 70,000 2,200m | Winner: AF Kafu, Tadhg O’Shea, Ernst Oertel
7.30pm: Handicap (PA) Dh 100,000 2,400m | Winner: Brass Ring, Fabrice Veron, Ismail Mohammed
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
Honeymoonish
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How to come clean about financial infidelity
- Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
- Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
- Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
- Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
- Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported.
Carol Glynn, founder of Conscious Finance Coaching
COMPANY%20PROFILE
%3Cp%3EFounder%3A%20Hani%20Abu%20Ghazaleh%3Cbr%3EBased%3A%20Abu%20Dhabi%2C%20with%20an%20office%20in%20Montreal%3Cbr%3EFounded%3A%202018%3Cbr%3ESector%3A%20Virtual%20Reality%3Cbr%3EInvestment%20raised%3A%20%241.2%20million%2C%20and%20nearing%20close%20of%20%245%20million%20new%20funding%20round%3Cbr%3ENumber%20of%20employees%3A%2012%3C%2Fp%3E%0A
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
RESULTS
Manchester United 2
Anthony Martial 30'
Scott McTominay 90 6'
Manchester City 0
Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EHayvn%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EChristopher%20Flinos%2C%20Ahmed%20Ismail%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EAbu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3Efinancial%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3Eundisclosed%3Cbr%3E%3Cstrong%3ESize%3A%3C%2Fstrong%3E%2044%20employees%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Eseries%20B%20in%20the%20second%20half%20of%202023%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EHilbert%20Capital%2C%20Red%20Acre%20Ventures%3C%2Fp%3E%0A
The flights: South African Airways flies from Dubai International Airport with a stop in Johannesburg, with prices starting from around Dh4,000 return. Emirates can get you there with a stop in Lusaka from around Dh4,600 return.
The details: Visas are available for 247 Zambian kwacha or US$20 (Dh73) per person on arrival at Livingstone Airport. Single entry into Victoria Falls for international visitors costs 371 kwacha or $30 (Dh110). Microlight flights are available through Batoka Sky, with 15-minute flights costing 2,265 kwacha (Dh680).
Accommodation: The Royal Livingstone Victoria Falls Hotel by Anantara is an ideal place to stay, within walking distance of the falls and right on the Zambezi River. Rooms here start from 6,635 kwacha (Dh2,398) per night, including breakfast, taxes and Wi-Fi. Water arrivals cost from 587 kwacha (Dh212) per person.
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
THE%20STRANGERS'%20CASE
%3Cp%3E%3Cstrong%3EDirector%3C%2Fstrong%3E%3A%20Brandt%20Andersen%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EOmar%20Sy%2C%20Jason%20Beghe%2C%20Angeliki%20Papoulia%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
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
more from Janine di Giovanni
The%20specs
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if you go
The flights
The closest international airport to the TMB trail is Geneva (just over an hour’s drive from the French ski town of Chamonix where most people start and end the walk). Direct flights from the UAE to Geneva are available with Etihad and Emirates from about Dh2,790 including taxes.
The trek
The Tour du Mont Blanc takes about 10 to 14 days to complete if walked in its entirety, but by using the services of a tour operator such as Raw Travel, a shorter “highlights” version allows you to complete the best of the route in a week, from Dh6,750 per person. The trails are blocked by snow from about late October to early May. Most people walk in July and August, but be warned that trails are often uncomfortably busy at this time and it can be very hot. The prime months are June and September.
The%20Emperor%20and%20the%20Elephant
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Dubai World Cup Carnival card:
6.30pm: Handicap (Turf) | US$175,000 | 2,410 metres
7.05pm: UAE 1000 Guineas Trial Conditions (Dirt) | $100,000 | 1,400m
7.40pm: Handicap (T) | $145,000 | 1,000m
8.15pm: Dubawi Stakes Group 3 (D) | $200,000 | 1,200m
8.50pm: Singspiel Stakes Group 3 (T) | $200,000 | 1,800m
9.25pm: Handicap (T) | $175,000 | 1,400m
Turning%20waste%20into%20fuel
%3Cp%3EAverage%20amount%20of%20biofuel%20produced%20at%20DIC%20factory%20every%20month%3A%20%3Cstrong%3EApproximately%20106%2C000%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EAmount%20of%20biofuel%20produced%20from%201%20litre%20of%20used%20cooking%20oil%3A%20%3Cstrong%3E920ml%20(92%25)%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ETime%20required%20for%20one%20full%20cycle%20of%20production%20from%20used%20cooking%20oil%20to%20biofuel%3A%20%3Cstrong%3EOne%20day%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EEnergy%20requirements%20for%20one%20cycle%20of%20production%20from%201%2C000%20litres%20of%20used%20cooking%20oil%3A%3Cbr%3E%3Cstrong%3E%E2%96%AA%20Electricity%20-%201.1904%20units%3Cbr%3E%E2%96%AA%20Water-%2031%20litres%3Cbr%3E%E2%96%AA%20Diesel%20%E2%80%93%2026.275%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A
Killing of Qassem Suleimani
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
KILLING OF QASSEM SULEIMANI
Allardyce's management career
Clubs (10) - Limerick (1991-1992), Perston North End (1992), Blackpool (1994-1996), Notts County (1997-1999), Bolton Wanderers (1999-2007), Newcastle United (2007-2008), Blackburn Rovers (2008-2010), West Ham United (2011-2015), Sunderland (2016), Crystal Palace (2016-2017)
Countries (1) - England (2016)
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Company%20Profile
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A Long Way Home by Peter Carey
Faber & Faber
Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
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
Specs – Taycan 4S
Engine: Electric
Transmission: 2-speed auto
Power: 571bhp
Torque: 650Nm
Price: Dh431,800
Specs – Panamera
Engine: 3-litre V6 with 100kW electric motor
Transmission: 2-speed auto
Power: 455bhp
Torque: 700Nm
Price: from Dh431,800
US Industrial Market figures, Q1 2017
Vacancy Rate 5.4%
Markets With Positive Absorption 85.7 per cent
New Supply 55 million sq ft
New Supply to Inventory 0.4 per cent
Under Construction 198.2 million sq ft
(Source: Colliers)
Our Time Has Come
Alyssa Ayres, Oxford University Press
RACECARD
6pm Emaar Dubai Sprint – Conditions (TB) $60,000 (Turf) 1,200m
6.35pm Graduate Stakes – Conditions (TB) $100,000 (Dirt) 1,600m
7.10pm Al Khail Trophy – Listed (TB) $100,000 (T) 2,810m
7.45pm UAE 1000 Guineas – Listed (TB) $150,000 (D) 1,600m
8.20pm Zabeel Turf – Listed (TB) $100,000 (T) 2,000m
8.55pm Downtown Dubai Cup – Rated Conditions (TB) $80,000 (D) 1,400m
9.30pm Zabeel Mile – Group 2 (TB) $180,000 (T) 1,600m
10.05pm Dubai Sprint – Listed (TB) $100,000 (T) 1,200m
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.”
