Wadi Al Bih in Ras Al Khaimah presented scientists studying the Earth with a window into the past. Pawan Singh / The National
Wadi Al Bih in Ras Al Khaimah presented scientists studying the Earth with a window into the past. Pawan Singh / The National

Mass extinction researcher hoping for return to UAE



LONDON // The researcher who led a groundbreaking study that used rocks from the UAE to discover that volcanic activity caused a mass extinction a quarter of a billion years ago hopes to return to the Emirates for a follow-up project.

Dr Matthew Clarkson is looking to uncover more about the Earth's past after his research on rocks from Wadi Bih, in Ras Al Khaimah, formed the basis of a scientific paper published in the journal Science.

The research used changes in the chemical composition of rocks to show that ocean acidification was a key factor behind an event 252 million years ago that wiped out more than 90 per cent of marine species and more than two-thirds of land animal species.

Taking place at the border of the Permian and Triassic geological periods, it was the largest mass extinction of all time.

Dr Clarkson and his fellow researchers have further work from the rocks to be published, and he plans to return for more fieldwork if funding is available.

“It would be great to visit the sections again. It is like returning to an old friend, catching up and learning the secrets of the past,” he said.

Alterations in the element boron in the rocks, which were laid down when the area was covered by the Tethys Sea between the two “supercontinents” of Gondwana and Laurasia, showed the oceans had become more acidic.

Laurasia today is, roughly speaking, North America and Eurasia, except India. Gondwana became South America, Africa, the Arabian peninsula, India, Australia and Antarctica.

Acidity was caused by a spike in atmospheric carbon dioxide. That was triggered by the release of vast quantities of lava that heated sedimentary rocks in what is now Siberia.

The area containing the rocks had a high sedimentation rate, giving “excellent resolution of the time period” and the rocks also recorded conditions at various water depths, Dr Clarkson said.

“The rocks are wonderfully exposed due to the desert conditions. Accessibility (to the site) was easy enough, with the only real threat from animals being the odd goat trying to eat our field note books,” he added.

Wadi Bih is at the mountain range near Musandam peninsula and is in an area used by researchers studying the boundary of Permian and Triassic eras.

The visits for the study took place in November 2011 and January 2012, when Dr Clarkson began his PhD at the University of Edinburgh. He is now a postdoctoral fellow at the University of Otago, in New Zealand.

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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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The Pope's itinerary

Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport


Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial


Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
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