A team of international scientists will perform surveys of sperm whales and marine wildlife off the coast of Fujairah. Getty Images
A team of international scientists will perform surveys of sperm whales and marine wildlife off the coast of Fujairah. Getty Images

Major research project aims to unravel the mystery of the deep-sea whales off Fujairah’s coast



FUJAIRAH // The shallow waters off the coast of Fujairah slope seawards for several kilometres before the seabed drops off into the abyss.

At this point, deep sea cliffs and vast canyons plunge to more than 2,000 metres, forming a cold and dark unexplored world.

It is here that is believed to be the deep-sea habitat of one of the largest and most formidable predators on the planet – the sperm whale.

This is the theory behind a newly launched scientific research project with the support of Sheikh Mohammed bin Hamad Al Sharqi, Fujairah’s Crown Prince.

Led by a team of international scientists from Five Oceans Environmental Services, the project will involve scientific surveys of sperm whales and other whales and dolphins off the emirate’s coast.

The research will be based on visual transects from vessels and acoustic surveys that use hydrophones (underwater microphones) to pick up the clicks and calls that sperm whales use to navigate, find prey and communicate with other members of their pod. More than two decades ago, live sperm whales were documented when solitary males and pods of females were sighted east of Fujairah Port.

Since then, at least two dead sperm whales have washed up on the shore, suggesting their continued presence in the area.

The study’s first objective is to find out if whales still live in the area.

If, as suspected, they do, researchers will then embark on an in-depth study to understand their behaviour, ecology, seasonality and ultimately their population status, structure and origins.

The latter will involve genetic study of tissue sample collection using biopsy techniques.

Other kinds of whales and dolphins are also expected to be encountered during the surveys, as well as other marine wildlife.

Studying the large marine mammals that inhabit the waters off Fujairah’s coast is important to protecting them from threats posed by human activities such as shipping and fishing.

The second part of the research will be planned based on the results of the first phase and will encourage the participation of Emirati university students. It will seek the support of fishermen and Fujairah Port.

The public will be able to follow the progress of the study on a dedicated website, Facebook, Instagram and Twitter accounts, although they have yet to be announced.

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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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