Dubai Mall's resident dinosaur. Satish Kumar / The National
Dubai Mall's resident dinosaur. Satish Kumar / The National
Dubai Mall's resident dinosaur. Satish Kumar / The National
Dubai Mall's resident dinosaur. Satish Kumar / The National

And the name of the Dubai Mall’s resident dinosaur is...


Ramola Talwar Badam
  • English
  • Arabic

DUBAI // The emirate’s oldest prehistoric resident finally has a name. The long-necked, whip-tailed dinosaur more than 155 million years old, was on Monday given the official name of DubaiDino.

The name was chosen by Johara Al Bayedh, a bank manager and Saudi national.

The 24-metre long, 7.6-metre high Diplodocus longus dinosaur from the late Jurassic period has been on display at Dubai Mall for the past three months.

Ms Al Bayedh chose the winning name from more than 6,000 entries in a competition on social media that used the hashtag #NameTDMDino.

“I’m a big fan of dinosaurs and I had submitted three names,” said Ms Al Bayedh, a product manager with Emirates NBD who has lived in Dubai for 20 years.

“I was so excited about this that I entered instantly, and knew I had to be one of the first ones. It’s just amazing to have a giant dinosaur fossil in Dubai. It is not just educational but will make people imagine how planet Earth used to function, and how the world was back then.”

The prize included a trip for four to Jurassic Park at Universal Studios in Orlando, Florida, return flights and six nights in a hotel.

Ms Al Bayedh said she planned to take her sisters along on the trip.

"I've watched all the Jurassic Park movies, so this should be fun," she said. "It will be our first time at Universal, so we are all really looking forward to it."

Developer Emaar had unveiled the vegetarian dinosaur skeleton as a centrepiece in the mall’s Grand Atrium on March 10.

It is the first sauropod skeleton comprising of actual fossil bone to be mounted in an upright position, according to the exhibit details viewed by thousands daily.

The remains of DubaiDino were discovered in 2008 at the Dana Quarry in Wyoming, US and it was flown to Dubai.

About 90 per cent of this fossil’s bones are original and were found intact at the excavation site. This made it an unusual find since the last Diplodocus longus discovered had only 30 per cent of the original bones.

Leaflets with information about the dinosaur state: “No comparable exhibit, with nearly all bones completing the skeleton, exists anywhere. Yes, the dinosaur before you is as real as it gets and complete.”

But the first incredulous reaction from onlookers is that it can’t be real. “I first thought it was fake because how would you have dinosaur fossils in a mall?” asked Maria Menao, a tourist from Sydney, Australia.

Visitors posed for pictures after reading touch-screen monitors and talking to volunteers with a striking image of the sauropod’s skeleton on their T-shirts.

Organisers said Ms Al Bayedh was the first to suggest the name and other participants chose similar titles, but DubaiDino emerged as the favourite.

A self-confessed dinosaur fan, she had tracked news about the Wyoming dinosaur being rehomed in Dubai since early this year.

Nasser Rafi, the chief executive of Emaar Malls, said the interest was important for the developer.

“We would like to provide visitors with memorable moments,” he said.

“It’s very hard to find a unique dinosaur like this and we are proud to bring it here.”

rtalwar@thenational.ae

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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How to vote

Canadians living in the UAE can register to vote online and be added to the International Register of Electors.

They'll then be sent a special ballot voting kit by mail either to their address, the Consulate General of Canada to the UAE in Dubai or The Embassy of Canada in Abu Dhabi

Registered voters mark the ballot with their choice and must send it back by 6pm Eastern time on October 21 (2am next Friday) 

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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