A jet skier jumps through the waves along the Corniche in Abu Dhabi.
A jet skier jumps through the waves along the Corniche in Abu Dhabi.

New curbs to fight jet-ski danger



ABU DHABI // Jet skis will be regulated by the coastguard within a month, officials said yesterday. The announcement came as Sheikh Hamdan bin Mubarak, the minister of Public Works and chairman of the National Transport Authority, opened the new Unified Marine Registration Centre at Mina Port. The centre will immediately handle all registration of boats - a process that falls between the Critical National Infrastructure Authority, the Ministry of Environment and Water, the National Transport Authority and the Department of Transport - with jet skis to follow.

During the past two years a spate of jet ski accidents in Abu Dhabi has prompted officials to regulate the sport. Marine police were called to 54 jet ski-related incidents between June 2007 and 2008. Although most were for minor problems such as jet skiers running out of fuel and collisions not involving injuries, there were four serious accidents. In June 2008 a jet skier's throat was slashed by a rope attached to a tow boat that snapped and hit his neck.

Marine police said at the time that they would fine anybody on a jet ski who went too near a beach or a boat. Those entering restricted areas such as private islands or beaches or driving recklessly would also be fined. Jet ski rental companies welcomed the impending regulations, saying they already applied age restrictions and limits on where customers could operate the machines. Mohamed Zukria Waaheed, who runs Penguin Marine Jet Ski Rental, said: "The regulations will be good. It will make it safer for us and for those renting them."

Jet ski-only zones are also planned. Radi Salem, of Titanic Rental, said jet ski zones would benefit his company. "It would help customers locate us easily and we would be able to set up a one-stop shop at the beach with a garage, a showroom and our offices." He said they already give customers safety instructions and supply them with life jackets. eharnan@thenational.ae

Election pledges on migration

CDU: "Now is the time to control the German borders and enforce strict border rejections" 

SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom" 

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

The%20specs
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What are the GCSE grade equivalents?
 
  • Grade 9 = above an A*
  • Grade 8 = between grades A* and A
  • Grade 7 = grade A
  • Grade 6 = just above a grade B
  • Grade 5 = between grades B and C
  • Grade 4 = grade C
  • Grade 3 = between grades D and E
  • Grade 2 = between grades E and F
  • Grade 1 = between grades F and G

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 Bio

Name: Lynn Davison

Profession: History teacher at Al Yasmina Academy, Abu Dhabi

Children: She has one son, Casey, 28

Hometown: Pontefract, West Yorkshire in the UK

Favourite book: The Alchemist by Paulo Coelho

Favourite Author: CJ Sansom

Favourite holiday destination: Bali

Favourite food: A Sunday roast

Seemar’s top six for the Dubai World Cup Carnival:

1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition

The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800
Company%C2%A0profile
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The Intruder

Director: Deon Taylor

Starring: Dennis Quaid, Michael Ealy, Meagan Good

One star

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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

pakistan Test squad

Azhar Ali (capt), Shan Masood, Abid Ali, Imam-ul-Haq, Asad Shafiq, Babar Azam, Fawad Alam, Haris Sohail, Imran Khan, Kashif Bhatti, Mohammad Rizwan (wk), Naseem Shah, Shaheen Shah Afridi, Mohammad Abbas, Yasir Shah, Usman Shinwari

Results:

5pm: Baynunah Conditions (UAE bred) Dh80,000 1,400m.

Winner: Al Tiryaq, Dane O’Neill (jockey), Abdullah Al Hammadi (trainer).

5.30pm: Al Zahra Handicap (rated 0-45) Dh 80,000 1,400m:

Winner: Fahadd, Richard Mullen, Ahmed Al Mehairbi.

6pm: Al Ras Al Akhdar Maiden Dh80,000 1,600m.

Winner: Jaahiz, Jesus Rosales, Eric Lemartinel.

6.30pm: Al Reem Island Handicap Dh90,000 1,600m.

Winner: AF Al Jahed, Antonio Fresu, Ernst Oertel.

7pm: Al Khubairah Handicap (TB) 100,000 2,200m.

Winner: Empoli, Pat Dobbs, Doug Watson.

7.30pm: Wathba Stallions Cup Handicap Dh80,000 2,200m.

Winner: Shivan OA, Patrick Cosgrave, Helal Al Alawi.

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5