A polar bear lies on a melting ice floe in the British Channel of the Franz Josef Land archipelago, in the Russian Arctic. AFP
A polar bear lies on a melting ice floe in the British Channel of the Franz Josef Land archipelago, in the Russian Arctic. AFP
A polar bear lies on a melting ice floe in the British Channel of the Franz Josef Land archipelago, in the Russian Arctic. AFP
A polar bear lies on a melting ice floe in the British Channel of the Franz Josef Land archipelago, in the Russian Arctic. AFP

Scientists race against time to preserve Arctic ice samples for future study


Marwa Hassan
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A team of international scientists has reached the Holtedahlfonna icefield in the Arctic to drill ice cores, as part of the Sentinel project expedition.

They are studying the “Arctic amplification” phenomenon and aim to collect two ice cores, each 125m long, to reconstruct climate signals for the past 300 years.

One ice core will be preserved for centuries to come in the dedicated Ice Memory Sanctuary in Antarctica.

The Ice Memory Foundation, the organisation behind the initiative, aims to collect and preserve ice cores from around the world to enable future scientists to study the past climate of our planet and anticipate future changes, long after the glacier has disappeared due to global warming.

The Svalbard Archipelago in the Arctic is at risk from climate change, and its glaciers are disappearing at four times the global average.

The recent acceleration of temperature increases has already affected the quality of climate and environmental signals found in previous ice cores extracted on the same site.

To prevent further loss, the Ice Memory Foundation has joined forces with the scientists to collect an ice core to preserve for future generations of scientists.

The Arctic amplification phenomenon is responsible for warming the Arctic region much faster than the rest of the planet, and the scientists’ research objective is to increase scientific understanding of the roles of sea ice, bromine and mercury.

They will work for 20 days at an altitude of 1,100 metres and aim to reach a depth of about 125 metres into the glacier.

Jerome Chapellaz, President of the Ice Memory Foundation, said that ice scientists are seeing their primary material disappear forever from the surface of the planet. He said: “It is our responsibility as glaciologists of this generation to make sure a bit of it is preserved."

Researchers carrying a part of an ice core in Chamonix, eastern France, following its extraction as part of the Protecting Ice Memory project. AFP
Researchers carrying a part of an ice core in Chamonix, eastern France, following its extraction as part of the Protecting Ice Memory project. AFP

In addition to the immediate analysis of one set of ice cores, another set will be sent to Antarctica’s Ice Memory Sanctuary, which will allow natural storage of the ice cores at minus 50°C and guarantee long-term preservation.

Carlo Barbante, the paleoclimatologist, explains that glaciers at high latitudes, such as those in the Arctic, have begun to melt at a high rate.

“We want to recover and preserve, for future generations of scientists, these extraordinary archives of our Planet's climate before all the information they contain is completely lost”, Mr Barbante said.

The Ice Memory Foundation was founded by seven scientific institutions: University Grenoble Alpes, CNRS, French National Research Institute for Sustainable Development — IRD, French Polar Institute in France, Ca’ Foscari University of Venice, CNR in Italy, Paul Scherrer Institute in Switzerland and is sheltered by the University Grenoble Alpes Foundation.

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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

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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.”

A little about CVRL

Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.

One of its main goals is to provide permanent treatment solutions for veterinary related diseases. 

The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery. 

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Updated: April 03, 2023, 2:28 PM