An astrolabe hangs on a wall as decoration during a VIP preview session at the official launch of AstroLabs Dubai (Sarah Dea / The National)
An astrolabe hangs on a wall as decoration during a VIP preview session at the official launch of AstroLabs Dubai (Sarah Dea / The National)

World's oldest astrolabe found, says shipwreck hunter



A British-based shipwreck hunter said Tuesday a navigation tool he found that guided Portuguese explorers on a perilous voyage to India in the 16th century has been confirmed as the world's oldest astrolabe.

David Mearns found the bronze disc during a dive on a shipwreck off the coast of Oman in 2014 but said Warwick University had only recently confirmed what it was after laser scans revealed etches on it.

"I knew immediately when I saw it that this was a very, very important object. I could see the royal coat of arms on it," Mearns told AFP.

"This is the oldest maritime astrolabe," he said, dating it to between 1496 and 1500 -- around 30 years earlier than the previous oldest known astrolabe.

Astrolabes have been in use since ancient times and the mariners' version was developed by Portuguese explorers using the altitudes of the sun or stars to determine the latitude of a ship at sea.

Warwick University professor Mark Williams carried out the scans of the 17.5-centimetre wide artefact, finding etches separated by five degrees intervals to calculate the height of the sun.

"It was fantastic to apply our 3D scanning technology to such an exciting project and help with the identification of such a rare and fascinating item," Williams said in a statement.

Mearns's company Blue Water Recoveries found the shipwreck in 1998 after researching it but excavations on the site did not begin until 2013 in collaboration with Oman's culture ministry.

Mearns said he believes the shipwreck is of a ship called the Esmeralda, which was part of Vasco da Gama's second expedition to India of 1502-1503 and was captained by the explorer's uncle.

Da Gama was the first European to reach India by sea in 1498, a discovery that opened the way for an age of colonialism and trade between Europe and Asia.

US-born Mearns, who has worked on shipwrecks around the world, said the astrolabe carried the personal emblem of King Manuel I of Portugal, who came to the throne in October 1495.

"The Portuguese were at the forefront of developing astrolabes at sea. The oldest reference of them using them at sea is about 1480. The previous oldest was on a ship from 1533," Mearns said.

The astrolabe is with Oman's National Museum.

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Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

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Rating: 3/5

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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. 

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Send “thenational” to the following numbers or call the hotline on: 0502955999
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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.

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“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.”

THE SPECS

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Power: 420kW

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Transmission: 8-speed automatic

Price: From Dh1,350,000

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The specs: 2018 Mitsubishi Eclipse Cross

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Power: 148hp @ 5,500rpm


Torque: 250Nm @ 2,000rpm


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The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

The line up

Friday: Giggs, Sho Madjozi and Masego  

Saturday: Nas, Lion Bbae, Roxanne Shante and DaniLeigh  

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