Two of the teams made a spectacular flyover past the Sheikh Zayed Mosque in Abu Dhabi.
Two of the teams made a spectacular flyover past the Sheikh Zayed Mosque in Abu Dhabi.

Dream comes true for ill children at air show



AL AIN // For six children with life-threatening illnesses, a visit to the Al Ain air show yesterday was a dream come true. Meeting the wheelchair-bound pilots of the We Fly aerobatic team was a bonus. For the children, five Emiratis and one Nigerian, aged four to 14, the day was a welcome respite from Tawam Hospital, where they are being treated for leukaemia and thalassaemia, among other ailments.

The Make-A-Wish Foundation gave the children the opportunity to visit the air show, and as a special treat, they were allowed to enter the restricted area where they met the disabled pilots of the Italian aerobatic team. Alessandro Paleri, 37, Marco Cherubini, 36, and Erich Kustatscher, 60, fly modified Texan planes propeller-driven aircraft. They formed at the request of the Italian Federation of Disabled Pilots in 2005.

The children, who arrived in the early afternoon to watch the aerobatic displays, were full of questions for the pilots, and were able to get some answers via a translator. "How do you get into the airplane?" asked Hamed al Maamari, aged 10. Mr Paleri told him: "With our arms we pull ourselves up on to the wing, then pull ourselves up into the cockpit." Ali Lal Mohammed, 14, asked Mr Cherubini why he decided to be a pilot.

"You don't choose the sky," he said. "The sky chooses you. I wanted to fly because I think the sky is beautiful and from up there you can see everything." The children were given We Fly stickers and lapel pins, and the pilots signed autographs. When the pilots tried to take the children on to the tarmac for photos with the aeroplanes, security bristled. Undeterred, team assistants pushed the aircraft to the children, instead.

"Each year we try to do something special for the community," said Fasahat Beg, 52, the general manager of Al Ain Mineral Water. "We were pleased to invite these young boys and girls and are proud to be a part of making children's dreams come true." The goal of Make-A-Wish UAE is to brighten the lives of all children with life-threatening illnesses, said Rita Baines, who is on the board of directors.

"Make-A-Wish aims to provide joy and fulfil dreams to those who may not witness tomorrow," Ms Baines said. "We believe that by doing so, we are enriching the lives of children. It was the wish of the children who came today to see the air show and meet the pilots and we were happy to have seen them do that." The aerobatic show ends tomorrow. ealghalib@thenational.ae

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Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

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Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

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Seb Eubank (GBR) v Mohamed El Mokadem (EGY)

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Mohammad Yahya (UAE) v Ramadan Noaman (EGY)

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UAE currency: the story behind the money in your pockets
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Married Malala

Malala Yousafzai is enjoying married life, her father said.

The 24-year-old married Pakistan cricket executive Asser Malik last year in a small ceremony in the UK.

Ziauddin Yousafzai told The National his daughter was ‘very happy’ with her husband.

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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 
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Director: Hwang Dong-hyuk 

Stars:  Lee Jung-jae, Wi Ha-joon and Lee Byung-hun

Rating: 4.5/5

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.”

Cryopreservation: A timeline
  1. Keyhole surgery under general anaesthetic
  2. Ovarian tissue surgically removed
  3. Tissue processed in a high-tech facility
  4. Tissue re-implanted at a time of the patient’s choosing
  5. Full hormone production regained within 4-6 months