In October 2013, Torbjorn "Thor" Pedersen left his native Denmark to embark on a "saga".
His mission? To visit every country in the world, in a single journey, but with one major catch – he wouldn’t be using a single flight. Instead his journey took him across the globe via land and sea, using car, ferry, boat, bus and train.
Seven years later, Thor was only nine countries away from his mission when the coronavirus forced him to change plans. The Dane was meant to be in Hong Kong as part of his transit on the way to Palau via ship when the coronavirus pandemic broke out, tightening travel restrictions everywhere.
The 41-year-old has been stuck in Hong Kong for more than 85 days now – a far cry from his average of 12 days in a country since he began his journey in 2013.
Nonetheless, Thor seems to be remaining optimistic. He’s been hitting Hong Kong’s myriad hiking trails, working with the Red Cross Society, and documenting his experience through social media. In his own words, he’s “just trying to make the best out of a bad situation.”
The adventurer has also been putting positive messages on his social media. “I understand your fear and confusion. I understand your frustration. I understand being powerless in the turmoil our planet has been sent into since COVID-19 appeared to knock on our doors. Some doors were open and this unwanted guest stepped right in," he wrote.
"Who has not become an “expert” in the recent months and doesn’t hold an opinion? I have personally chosen to lean on the opinions of experts and no one else... I have hope. Hope for the future. I believe these terrible times will one day be behind us and that life will continue. I have hope due to the magnificence of how so many are adapting and coping," he has since posted.
Thor started his no-flights adventure in an effort to make his journey "unique and ambitious," he told The National in 2019.
Formerly a logistics professional, he has always had a penchant for adventure, having previously climbed Kilimanjaro and backpacked across Asia. However, this one-of-a-kind world trip was not just for fame but to show people a different side of the world.
He has also voiced his desire to return to normal life when he is back in Denmark, with the hopes of becoming an author and motivational speaker.
His experiences will certainly make for a unique story.
When he spoke to The National last year, he told us that there have been moments on his journey when he wasn't sure if he would survive.
“It’s a tie between being on-board a container ship in a storm for four days near where the Titanic sank and being on a dirt road in the middle of the night in a Central African jungle, while being interrogated by three very drunk, very armed, very hostile soldiers,” he said. “Every second felt like it could have been my last.”
He insists, however, that there are more positive experiences than negative – like the woman named Maria in Poland who invited him into her home during a snowstorm. She cooked and offered him a place to sleep without knowing who he was. The next day she drove him to the bus terminal and wished him a safe journey.
It is small acts of kindness such as these that illustrate why Thor’s slogan is “a stranger is a friend you’ve never met before”.
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
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Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
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.
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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