A thousand years from now, scientists will still be discussing the work of Stephen Hawking, the British astrophysicist who changed the way humanity views the universe.
The Cambridge professor was a man of mind-boggling achievements - far more than just a dusty scientist who studied the universe.
British physicist and Professor Brian Cox called him "one of the greats" saying physicists in 1,000 years' time "will still be talking about Hawking radiation", his theory about black holes.
Professor Hawking, 76, died peacefully at home in Cambridge, his family said on Wednesday, leaving behind a generation of young scientists inspired the depth and breathe of his achievements.
He was lauded for his book A Brief History of Time – an unusual addition to the best-seller lists – and was the first to set out a theory of cosmology as a union of relativity and quantum mechanics.
As a young graduate student in the 1960s, he showed that Albert Einstein’s theory of gravity broke down completely at the birth of the universe. He went on to discover hidden links between gravity, quantum theory – the rules of the sub-atomic world – and thermodynamics, originally devised to understand steam engines.
In the process, Hawking showed that black holes - bizarre objects whose intense gravity was supposed to trap everything within them - can actually emit heat.
Born in Oxford, England in 1942, Hawking read physics at Oxford University – to the dismay of his father, who wanted him to study medicine. He bored easily, however, and told examiners that if they awarded him a first, he would go to the University of Cambridge. Hawking was working a PhD on cosmology in Cambridge when doctors diagnosed him with motor neurone disease and gave him two years to live. Hawking then set to work on a PhD exposing the limits of Einstein's theory of gravity.
Later in his career, Professor Hawking predicted the end of humanity from global warming, a new virus or a large comet, and believed it was rational to assume there was intelligent life elsewhere in the universe.
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Stephen Hawking: A man of mind-boggling achievements and defiance
Stephen Hawking and his five-decade fight with motor neurone disease
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The scientist’s personal life was as complex as his scientific work. He met his first wife, Jane Wilde, in 1963 before he was diagnosed with a paralysing disease that would confine him to a wheelchair. They had three children and divorced. He began a relationship with his nurse, Elaine Mason, who he married in 1995 and also divorced in 2006 amid abuse allegations Professor Hawking denied.
Professor Hawking’s children, Lucy, Robert and Tim, called him an extraordinary man whose courage, persistence, brilliance and humour inspired people around the world: “He once said: ‘It would not be much of a universe if it wasn’t home to the people you love.’ We will miss him for ever,” his children said in a statement.
His exceptional contributions to scientific knowledge and the popularisation of science and mathematics left an indelible legacy, University of Cambridge vice chancellor Stephen Toope said: “His character was an inspiration to millions.”
The film The Theory of Everything, released in 2014, illustrated the tension in Professor Hawking’s private and professional lives and garnered a best actor Academy Award for star Eddie Redmayne.
Mr Redmayne was among those paying tribute to Professor Hawking on Wednesday, calling him “a truly beautiful mind, an astonishing scientist and the funniest man I have ever had the pleasure to meet.”
Major Timothy Nigel Peake, a British Army Air Corps officer and European Space Agency astronaut, said he inspired generations “to look beyond our own blue planet” and expand the understanding of the universe.
"A star just went out in the cosmos," Lawrence Krauss, a cosmologist and theoretical physicist, tweeted. "We have lost an amazing human being."
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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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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