ABU DHABI // Bertrand Piccard, co-founder of the Solar Impulse project and one of the pilots of Solar Impulse 2, the world’s first totally solar-powered aircraft, is looking to his staunchest supporters for funds to continue his journey around the world.
Mr Piccard returned to Switzerland looking for €20 million (Dh80m) to repair the damage caused to Solar Impulse 2 as it flew to Hawaii.
As the world’s first solar energy plane attempting to circumnavigate the Earth remains grounded in Hawaii, Mr Piccard said that the funds would help the mission to go forward. Although not committing to specific amounts, the project’s main sponsors have rallied to their side.
Florian Meier, the communications manager at Schindler, one of Solar Impulse’s supporters, said that they would continue to support the project, which has inspired millions.
“We will work closely with Solar Impulse and all the other partners to find a good solution. With the around-the-world flight so far, Solar Impulse has inspired millions of people with its pioneering spirit and has encouraged the adoption of clean technologies, renewable energy and energy efficiencies,” said Mr Meier.
They said that their partnership would continue “until the end of the around-the-world flight”, but that it was too early to make a statement on the costs over and above what was originally agreed upon.
Aside from simply sponsoring Solar Impulse, Schindler has employees invested in the project itself, and said that the setbacks effected them as much as anyone else.
“As a main partner of Solar Impulse, Schindler shares the disappointment of the Solar Impulse team. But setbacks are often part of bold innovations,” he said.
“It’s the cost of pushing limits to make great things happen.”
Others have also voiced their support.
“We don’t disclose financial details of our partnership with Solar Impulse. ABB is very proud of its innovation and technology alliance with Solar Impulse, and we look forward to continuing the round-the-world journey with the Solar Impulse team through next year,” said a representative of ABB, one of the project’s main sponsors.
ABB said that it was looking “forward to continuing the round-the-world journey with the Solar Impulse team through 2016”.
“The fact that Solar Impulse is now facing this delay demonstrates just how difficult it is.
“We are confident that the mission will be completed next year and we are proud to have been part of it,” they said. The spokesman said that setbacks were to be expected in a project such as this and that they would do their best to push forward.
“Solar Impulse 2 is on a pioneering mission that is stretching the boundaries of technology and human endurance.
“When you embark on a mission of that nature, you have to expect there will be challenges and setbacks.”
As for Solvay, they said that they were still committed to the cause but that they had yet to disclose details.
“At this stage, what we can say is that Solvay and all its employees are fully committed to support Solar Impulse.
“ We are in close discussions with the Solar Impulse teams every day regarding the next steps,” said Lamia Narcisse, head of media relations of Solvay Group.
As for local sponsor Masdar, chief executive Dr Ahmed Belhoul said that overcoming challenges was part of the journey.
“Like all renowned scientific explorations into new frontiers, overcoming challenges and adversity is part of the journey.
“Solar Impulse is no different, and the challenges they are facing are a reflection of the magnitude and difficulty of their mission,” Dr Belhoul said.
nalwasmi@thenational.ae
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
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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Juventus v Fiorentina, Saturday, 8pm (UAE)
Match is on BeIN Sports
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
$1,000 award for 1,000 days on madrasa portal
Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.
School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.
“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.
“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”
The five pillars of Islam
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