A tranquil image of a mother humpback whale and its calf in the waters of the Pacific Ocean has won this year's Hamdan bin Mohammed bin Rashid Al Maktoum International Photography Award (HIPA).
Australian photographer Jasmine Carey, who shot the image in the kingdom of Tonga, will receive a grand prize of $120,000 (Dh440,800) for her submission.
In addition to the top prize, there are also rewards for a range of other categories, including portfolio, general photography in colour and black and white, mobile photography, special awards and the annual theme.
Take a look through the photo gallery above to see 14 winning submissions.
The winners for the annual competition were announced on Sunday, June 7, with photographers from the UAE, Belgium, Indonesia, Kuwait, Saudi Arabia, Italy, China and Mexico making the cut.
This latest iteration of the competition was themed around water, which the photographers explored in myriad perspectives, including social and environmental. Though photographers were not entirely restricted to this theme within more general categories.
"All the inhabitants of Earth know water, but some fear it," said HIPA's secretary general Ali bin Thalith in a statement.
"We watch today how the creators of the world see water through their lenses. Water, the major issue that concerns us all, and touches our lives and the survival of our planet."
Water, the major issue that concerns us all, touches our lives and the survival of our planet
Carey's winning image, entitled Essence of Life, captures a restful moment between a whale and her calf.
In her artist statement, the photographer wrote: "The rain fell rhythmically in soothing pitter-patter on the water's surface, gently lulling them.
As we floated and watched them, the sound of the rhythm faded just a little and the ocean calmed just enough for the tranquil pair to rise up, meeting the light rays just starting to break through the surface."
What are the other award-winning entries?
Francois Bogaerts' The Downpour won the Water category. It depicts an Icelandic waterfall that resembles a flowing veil as it cascades down a rocky mountain.
The Belgian photographer was able to achieve this with a slower shutter speed. "With this image, I wanted to capture the beauty of nature and portray how small and insignificant we are compared to this wild nature," he said.
For his winning entry, Bogaerts will receive $20,000.
Capturing marine life in stark monochrome, Christian Vizl Mac Gregor from Mexico highlights the magnificence of dolphins, whales, seals and swordfish in their natural habitat. Kingdom of Beauty and Danger is the name of his submission, which won the portfolio category.
The photographer considers himself a "captive of what [I] can see under the waves".
"Most people only see the creatures as a source of food, but they have voices we can hear and rights we must preserve in the face of danger. Danger of human destruction of this beautiful environment in several ways – overfishing, pollution, plastic, radiation, climate change and so on," he said.
Gregor will receive $24,000 for his winning work.
This year's mobile photography category included stellar submissions from India, Indonesia and Saudi Arabia. The first prize has been awarded to Indian photographer Apratim Pal, who has captured a fisherman navigating his boat above moss-like structures formed under the surface because of the restrictive water flow.
The work, titled A Journey Outside Our World, has earned Pal $12,000.
The general photography awards for colour and black and white went to Kuwaiti photographers Fahad Al Enezi and Talal Al Rabah, respectively.
Both images showcase wildlife across two geographies: Al Enezi spotted the Arctic fox in Canada, while Al Rabah's caught a polar bear walking on an iceberg in Norway's Svalbard archipelago.
As first-prize winners, both photographers will receive $20,000 each.
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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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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
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