Training local people as rangers, researching rare species and dealing with litter and discarded pets are all issues in need of attention if Fujairah's Wadi Wurayah is to be kept pristine for future generations, say conservationists.
These objectives are among those listed as priorities in a management plan developed for the Fujairah Government by Emirates Wildlife Society - World Wide Fund for Nature (EWS-WWF).
The wadi is famous as the last refuge of rare animals such as the Arabian tahr, Caracal lynx and possibly even the Arabian leopard, and is also home to around 300 plant species, including the UAE's only native orchid, Epipactis veratrifolia.
In total, it is home to more than 500 species of animals and plants and the authorities are keen to implement the best conservation standards possible - hence the management plan.
"We are committed to establishing a sustainable protected area, integrating local tradition and lifestyle with the conservation of inimitable biodiversity and habitat," said Mohammed Al Afkham, managing director of Fujairah Municipality.
With the help of HSBC bank and other sponsors, EWS-WWF has been working in the wadi since 2006 and its biodiversity research has highlighted the need to protect it.
In March 2009, Wadi Wurayah was declared a Mountain Protected Area by Sheikh Hamad bin Mohammed Al Sharqi, Member of the Supreme Council and Ruler of Fujairah. In October 2010, Wadi Wurayah officially joined a list of 1,932 important global wetlands under the Ramsar Convention.
As well as discovering new species, the years of research will also be key in dividing the protected area into different zones - such as distinguishing which areas are able to cope with human visitors, and which should be out of bounds.
For the 129-square-kilometre protected area, of particular importance are the nearby freshwater springs, said Ida Tillisch, acting director general of EWS-WWF.
"This is one of the rare places in the UAE where you have fresh water all year round," said Mrs Tillisch. The fresh water, she said, "is the source of everything there".
Also important is the need to train local people as rangers. Rangers, said Mrs Tillisch, will have to be aware of the wadi's unique biodiversity as well as the laws in place to protect it.
"We are hoping for the local community to be very much involved and employed in Wadi Wurayah," she said.
Research must also take a front seat. Since September 2011, 56 new species have been discovered in the area, including 26 that are new to science. The organisation is carrying out a study of the vegetation in the area and estimating the effect of grazing animals on the rare plants. Results are due this summer. Researchers are also hoping to gain a glimpse of the Arabian leopard through a network of camera traps.
The management plan seeks to deal with threats to the future of the wadi. Those, said Mrs Tillisch, were chiefly man-made - poaching of rare animals, littering, chopping down the bushes and trees in the area and painting graffiti on the rocks surrounding the fresh water springs.
Another problem is posed by people releasing alien species such as decorative fish and turtles in the fresh water springs. She said people often do so thinking they are giving their unwanted pets a new lease on life, but that the practice can wreak havoc on the delicate eco system.
"This is really creating a huge problem to the wildlife," said Mrs Tillisch.
"Wadi Wurayah is a unique place for the UAE. The nature is there, we just need to make sure the degradation stops," she said.
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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.”
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