Marine traffic has been temporarily suspended in parts of Abu Dhabi’s waters to protect two whale sharks spotted in the areas.
Abu Dhabi Maritime said use of boats, jet skis, kayaks and paddleboards was banned in the waters near Aldar headquarters, Al Raha and Al Bahia.
Swimming is allowed but only in dedicated areas, the notice said.
It said the ban was effective immediately “to protect these endangered [whale] sharks frequently swimming in Abu Dhabi channels”.
This week, residents were warned to steer clear of the whale sharks after they were consistently spotted in those areas over the past two months.
Environment Agency Abu Dhabi, who are monitoring the fish, said a juvenile four-metre whale shark returned to Al Raha after last being seen in the area, near Aldar headquarters, a week ago.
The agency had been monitoring him for six weeks and, after noticing he lost weight, began supplementing the his diet with krill supplied by the National Aquarium Abu Dhabi.
The agency is also monitoring a second whale shark nearby in Al Bahia. It warned people to protect the seven-metre male by not swimming or diving with it. Fishing is also banned in the area.
Maitha Al Hameli, lead specialist for Marine Threatened Species and Habitats at the agency, said the sightings were uncommon but also not completely unexpected.
“Every year, or second year, we get one or two whale sharks visiting Abu Dhabi emirate. It is generally a fleeting visit, if people are lucky they see them, and they move on very quick. This year we have had two visit our waters,” she said.
“They have stayed for over seven weeks now, which is unprecedented.”
The whale sharks are thought to have followed a plankton bloom into the area before becoming disorientated in the canals and unable to find their way back out to the open waters of the Arabian Gulf.
“Over this time we noticed the smaller Al Raha whale shark lose considerable weight – he is really skinny and his colour has changed – so through our agreement on environmental co-operation and wildlife with the National Aquarium, we have been supplementing his food with krill,” Ms Al Hameli said.
The agency plans to gently return the whale sharks back to sea but said it would “share more news on this soon”.
Whale sharks, which can grow to the size of a bus, pose no threat to humans but are listed as vulnerable species.
Though they are the largest fish in the sea, whale sharks feed on small crustaceans. They are filter feeders, opening their large mouths to suck in water and filter out any plankton or krill. The remaining water is forced back out through their gills.
They are believed to live as long as 130 years and are found in all warm waters of the world, although only about 7,000 are thought to be left in the wild.
On Thursday, the notice from Abu Dhabi Maritime asked vessels passing in the area outside the closed channels of Al Raha and Al Bahia to reduce their speed to 30kph or less in case the whale shark has moved.
Anyone who spots the whale shark has been asked to keep their distance, “admire it” from afar and contact the agency on 800 555.
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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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LA LIGA FIXTURES
Friday Valladolid v Osasuna (Kick-off midnight UAE)
Saturday Valencia v Athletic Bilbao (5pm), Getafe v Sevilla (7.15pm), Huesca v Alaves (9.30pm), Real Madrid v Atletico Madrid (midnight)
Sunday Real Sociedad v Eibar (5pm), Real Betis v Villarreal (7.15pm), Elche v Granada (9.30pm), Barcelona v Levante (midnight)
Monday Celta Vigo v Cadiz (midnight)
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
UAE currency: the story behind the money in your pockets
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
MATCH INFO
Manchester City 4 (Gundogan 8' (P), Bernardo Silva 19', Jesus 72', 75')
Fulham 0
Red cards: Tim Ream (Fulham)
Man of the Match: Gabriel Jesus (Manchester City)
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
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Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Global state-owned investor ranking by size
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China
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Norway
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Canada
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