A US Navy L3 Harris Arabian Fox Mast-13 drone boat and the US Coast Guard cutter John Scheuerman in the Strait of Hormuz on Wednesday. USCG via AP
A US Navy L3 Harris Arabian Fox Mast-13 drone boat and the US Coast Guard cutter John Scheuerman in the Strait of Hormuz on Wednesday. USCG via AP
A US Navy L3 Harris Arabian Fox Mast-13 drone boat and the US Coast Guard cutter John Scheuerman in the Strait of Hormuz on Wednesday. USCG via AP
A US Navy L3 Harris Arabian Fox Mast-13 drone boat and the US Coast Guard cutter John Scheuerman in the Strait of Hormuz on Wednesday. USCG via AP

US sails first drone boat through Strait of Hormuz


  • English
  • Arabic

The US Navy sailed its first drone boat through the strategic Strait of Hormuz on Wednesday, a crucial waterway for global energy supplies where American sailors often face tense encounters with Iranian forces.

The trip by the L3 Harris Arabian Fox Mast-13, a 13m speedboat carrying sensors and cameras, drew the attention of Iran's Revolutionary Guard, but took place without incident, said Navy spokesman Cmdr Timothy Hawkins. Two US Coast Guard cutters, the Charles Moulthrope and the John Scheuerman, accompanied the drone.

The drone and accompanying ships passed safely through the strait, a busy waterway between Iran and Oman which at its narrowest is just 33km wide. A fifth of all oil traded passes through the strait, which connects the Persian Gulf with the Gulf of Oman.

“The Iranians observed the unmanned surface vessel transiting the strait in accordance with international law,” Cmdr Hawkins told the Associated Press. He said an Iranian drone and at least one Houdong-class fast-attack vessel operated by Iran's paramilitary Revolutionary Guard observed the Mast-13 drone.

The US Navy's Bahrain-based Fifth Fleet patrols Middle East waters, particularly the Arabian Gulf and the Strait of Hormuz, to keep open the waterways for international trade, as well as protect American interests and allies. Iran, however, views the navy's presence as an affront, comparing the strategy as the equivalent of Iranian forces running patrols in the Gulf of Mexico.

Iranian state media did not acknowledge the drone voyage and Iran's mission to the United Nations did not immediately respond to a request for comment.

The Fifth Fleet launched a special drone task force last year, aiming to have a fleet of about 100 unmanned drones, sailing and submersible, operating in the region with America’s allies.

  • The US Navy's Saildrone Explorer unmanned surface vessel in the waters of the Arabian Gulf on January 27, 2022. All photos: US Army and Navy
    The US Navy's Saildrone Explorer unmanned surface vessel in the waters of the Arabian Gulf on January 27, 2022. All photos: US Army and Navy
  • The US Navy says the craft, which can collect information and map the sea floor on 12 month missions without requiring fuel or new batteries, could be used to enhance 'maritime domain awareness'
    The US Navy says the craft, which can collect information and map the sea floor on 12 month missions without requiring fuel or new batteries, could be used to enhance 'maritime domain awareness'
  • Vice Adm Brad Cooper, left, commander of US Naval Forces Central Command, shakes hands with Capt Michael Brasseur, the first commodore of Task Force 59, the first unit to integrate unmanned systems in the region.
    Vice Adm Brad Cooper, left, commander of US Naval Forces Central Command, shakes hands with Capt Michael Brasseur, the first commodore of Task Force 59, the first unit to integrate unmanned systems in the region.
  • The Saildrone Explorer vessels were originally designed to collect environmental information on the oceans for research.
    The Saildrone Explorer vessels were originally designed to collect environmental information on the oceans for research.
  • A Saildrone Explorer vessel during tests in the Gulf of Aqaba off of Jordan.
    A Saildrone Explorer vessel during tests in the Gulf of Aqaba off of Jordan.

Iran briefly seized several of the American drones being tested in the region in late August and early September, although there have been no similar incidents since.

The Mast-13 now is operating in the Gulf of Oman, where a maritime shadow war has played out as oil tankers have been seized by Iranian forces and suspicious explosions struck vessels in the region, including those linked to Israeli and western companies. Iran has denied involvement in the explosions, despite evidence from the West to the contrary.

The Mast-13's video feeds can transmit images back to shore and to ships at sea, helping sailors to see ships before approaching them, Cmdr Hawkins said. That can come in handy, particularly because the US Navy and western allies have increasingly seized weapons it believes were from Iran bound for Yemen.

“It puts more eyes out on the water, enabling us to better monitor what is happening,” Cmdr Hawkins said.

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

How will Gen Alpha invest?

Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.

“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.

Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.

He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.

Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”

Jewel of the Expo 2020

252 projectors installed on Al Wasl dome

13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas

550 tonnes of moulded steel were raised last year to cap the dome

724,000 cubic metres is the space it encloses

Stands taller than the leaning tower of Pisa

Steel trellis dome is one of the largest single structures on site

The size of 16 tennis courts and weighs as much as 500 elephants

Al Wasl means connection in Arabic

World’s largest 360-degree projection surface

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The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
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NYBL PROFILE

Company name: Nybl 

Date started: November 2018

Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono

Based: Dubai, UAE

Sector: Software Technology / Artificial Intelligence

Initial investment: $500,000

Funding round: Series B (raising $5m)

Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up 

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LA LIGA FIXTURES

Friday (UAE kick-off times)

Levante v Real Mallorca (12am)

Leganes v Barcelona (4pm)

Real Betis v Valencia (7pm)

Granada v Atletico Madrid (9.30pm)

Sunday

Real Madrid v Real Sociedad (12am)

Espanyol v Getafe (3pm)

Osasuna v Athletic Bilbao (5pm)

Eibar v Alaves (7pm)

Villarreal v Celta Vigo (9.30pm)

Monday

Real Valladolid v Sevilla (12am)

 

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COMPANY%20PROFILE
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What is a robo-adviser?

Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.

Teri%20Baaton%20Mein%20Aisa%20Uljha%20Jiya
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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.”

If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Cricket World Cup League 2 Fixtures

Saturday March 5, UAE v Oman, ICC Academy (all matches start at 9.30am)

Sunday March 6, Oman v Namibia, ICC Academy

Tuesday March 8, UAE v Namibia, ICC Academy

Wednesday March 9, UAE v Oman, ICC Academy

Friday March 11, Oman v Namibia, Sharjah Cricket Stadium

Saturday March 12, UAE v Namibia, Sharjah Cricket Stadium

UAE squad

Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, CP Rizwan, Vriitya Aravind, Asif Khan, Basil Hameed, Rohan Mustafa, Kashif Daud, Zahoor Khan, Junaid Siddique, Karthik Meiyappan, Akif Raja, Rahul Bhatia

The%20Roundup
%3Cp%3EDirector%3A%20Lee%20Sang-yong%3Cbr%3EStars%3A%20Ma%20Dong-seok%2C%20Sukku%20Son%2C%20Choi%20Gwi-hwa%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
Updated: April 19, 2023, 3:01 PM