Fashion label Scotch & Soda helps turn reclaimed plastic into sustainable boat

Dutch fashion company Scotch & Soda has waded into new territory with the launch of its own sustainable boat, The Free Spirit of Amsterdam, and hopes to bring a similar initiative to the Middle East.

Created in partnership with Plastic Whale, a Dutch environmental enterprise, the boat is made entirely of PET plastic bottles pulled from Amsterdam’s canals.

"We want to support Plastic Whale's vision that plastic can be turned into something both useful and inspiring. The boat that is made of recycled plastic waste addresses the water pollution issue top of mind, but also gives the opportunity to our customers to do good and help preserve the beauty of our iconic canals," said a spokesperson for Scotch & Soda.

A woman takes part in a Plastic Whale 'fishing trip' to reclaim PET plastic from Dutch canals

Each boat, which takes up to three months to build, is made with more than 5,000 bottles collected from the Dutch capital's canals, the brand said.

Buoyed by the success of an initiative that has so far held more than 700 clean-up events across Europe, now Scotch & Soda is keen to bring Plastic Whale and its unique concept to this region.

“We are currently in talks with a Gulf Cooperation Council-based organisation specialised in water conservation and reduction of plastic waste, and hoping to launch more localised charity partnerships which resonate with our customers in the Middle East," a Scotch & Soda spokesperson said.

Founded in 2011, Plastic Whale was set up with the sole intention of cleaning Amsterdam's waterways, retrieving 40,500 PET plastic bottles from the city's canals in the first eight years, thanks to the help of almost 18,000 volunteers.

In a clever case of circular thinking, this loop will continue until there is no more rubbish to collect.

Scotch & Soda's boat will now join the fleet of 13 others helping to keep Amsterdam clean.

By hosting what it dubs "plastic fishing trips", visitors can join a boat trip to scoop up rubbish which, once reclaimed, is washed and reduced to granules. These are then made into foam panels that in turn are used to make boats, enabling more people to take part in the clean-up campaign.

Open to all, the Dutch boat trips can be booked by individuals, companies and even as educational school trips.

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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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