Abu Dhabi, United Arab Emirates, November 26, 2017: Etihad Airways and Al Fursan flyover during the Abu Dhabi Formula One Grand Prix at Yas Marina Circuit in Abu Dhabi on November 26, 2017. Christopher Pike / The National Reporter: John McAuley, Graham Caygill Section: Sport
Abu Dhabi, United Arab Emirates, November 26, 2017: Etihad Airways and Al Fursan flyover during the Abu Dhabi Formula One Grand Prix at Yas Marina Circuit in Abu Dhabi on November 26, 2017. ChristopheShow more

Who are Al Fursan, the UAE's knights of the sky?



Who are Al Fursan?

The UAE Airforce’s aerobatic display team is called Al Fursan which means The Knights in English. The team flies in a formation of seven Aermacchi MB339A jet trainer aircraft but it has a total of 10 aircraft in the squadron.

You can expect to see them in the skies over the country in the coming days as the country marks major events including Commemoration Day and National Day.

How can you recognise them?

The Al Fursan planes are mainly painted in black and gold to represent the colour of the desert and the oil that lies beneath it. The planes also feature white, red and green and are equipped with smoke generators that produce red, white, black and green smoke to reflect the colours of the UAE flag. There are seven planes to represent each of the emirates.

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Read more:

Emirates to roll out 'full family' of aircraft at Dubai Airshow

Al Fursan aerobatics team puts on a show in Abu Dhabi

Two A380s and seven stunt jets - the UAE's airlines are planning something big

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When did the team form?

Al Fursan began life on January 20, 2010 with a simple fly-by during the graduation ceremony for pilots and air-traffic control students at the Khalifa Bin Zayed Air College. Four more MB-339s in camouflage paint schemes also flew past using red smoke that day.

Later that year, eight UAE Air Force fighter pilots began an aerobatic formation training course under the supervision of Frecce Tricolori pilots at the Rivolto Air Base in Italy.

The course was completed at the beginning of 2011 and the team made its public debut on November 13 that year during the opening day of the Dubai Air Show.

What about the planes they use?

The Aermacchi MB-339s that Al Fursan use are Italian jet fighters and light attack aircraft. Each plane is valued in the region of $8.3 million and has a maximum speed of 898 km/h. They are also used by the airforce of Eritrea, Italy and Malaysia and are also operated by the American company Draken International, which provides tactical fighter aircrafts.

Where would you have seen them?

The Al Fursan team is a regular feature of major events in the UAE. Only last week Al Fursan performed a flyover at the Abu Dhabi F1 Grand Prix with an A380 plane from Etihad Airways. The team has also performed at numerous events including National Day celebrations and air shows across the region.

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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.”