Amber, a blacktip reef shark born in captivity at the Sharjah Aquarium on August 7, has not yet been put on display to the public.
Amber, a blacktip reef shark born in captivity at the Sharjah Aquarium on August 7, has not yet been put on display to the public.

A little gem joins Gold, Silver and Diamond at Sharjah Aquarium



Sharjah Aquarium is celebrating a new - if unexpected - arrival. Amber, a blacktip reef shark, was born in the main exhibit ocean tank on August 7, to the delight of staff. It is the first time the species has been born at the aquarium, which acquired its first three blacktip reef sharks, Gold, Silver and Diamond, in April. The 40cm-long pup, who will eventually grow to around two metres, came as surprise bonus for aquarium officials who did not know her mother, Silver, was pregnant when they got her.

"Silver must have got pregnant in the wild because we don't have any males," said Mr Porter, the aquarium's curator. The youngster is being kept in a separate tank where she is being monitored by marine biologists until she is mature enough to be released back into the main tank in a few months. "She was born two weeks ago, but she's very strong and we've got people looking at her in the water and monitoring her diet 24 hours a day," said Mr Porter.

"Right now she's too small to go on display. She could get eaten by some of the big hammour we've got." Blacktip reef sharks are shy creatures, which rarely pose a danger to humans. Despite being common in the Indian and Pacific oceans, they are classed as "near-threatened" by the International Union for Conservation of Nature, due to a decline in numbers in some areas due to overfishing. "They occur in other oceans in the world, but not regularly in the UAE. Humans have overfished sharks everywhere," said Mr Porter.

Education and ocean conservation are two of the aquarium's main missions. "Amber's an ambassador of the ocean," Mr Porter said. "That's the bigger picture. "The reason we display these animals is to get people aware and get people to change because it's pretty bad about the amount of overfishing." The celebrations may not yet be over. Another blacktip reef shark, Diamond, is also thought to be pregnant and will undergo ultrasounds in the coming weeks to confirm her condition.

@Email:mkwong@thenational.ae

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A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

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Cryopreservation: A timeline
  1. Keyhole surgery under general anaesthetic
  2. Ovarian tissue surgically removed
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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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Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

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On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now