After a tortuously long wait at immigration at Seattle’s international airport, I arrived in the city with just a few hours to spare before my “UnCruise” departure to south-east Alaska. Despite taking off from Dubai at 8.30 on a Friday morning, because of the time difference the 14-hour flight would arrive in time for a 5pm sail the same day. If ever the miracle of air travel were evident, it was here.
And while I wouldn't normally choose to cruise, the geography of south-east Alaska – a long narrow strip of land hanging by what looks like a thread to the state's main hulk, with most of it only accessible by boat – means water transport makes perfect sense. I had considered the Alaska State Ferry system or a shorter, one-week trip, the full scenic route through the entire, 1,600-kilometre Inside Passage was only possible in comfort on a 14-day trip. Plus it had the added bonus of not needing any connecting flight. I had been warned that the boat had no Wi-Fi, so made a quick trip to downtown Seattle to shop for a local data package to grasp what little internet access was possible. Armed with a new Seattle phone number, I made my way to the historic Fisherman's Terminal, where the Safari Explorer was waiting. A smart 44-metre long small ship capable of carrying 36 passengers, and I'm pleased to find that with only 12 booked on this trip, the number of crew members is about 1:1. We meet our guides for the week, Americans Jeremy and Sarah, and the on-board naturalist, Dr Caroline Fox, from British Columbia. All of the other passengers, or "UnCruisers", are American or British, and Caroline and I have the honour of being the youngest non-crew members on board.
Before I can even start unpacking in my cabin, we set off, passing weekend yacht cruisers as we transit through the Hiram M Chittenden Locks, which lower us into the Salish Sea.
We head north up Puget Sound and after a decadent dinner of panzanella salad, grilled black cod and black sesame tart at a leisurely cruising speed of less than 10 knots, I go to bed early, relieved at having the luxury of the same room for the next two weeks.
One benefit of being up for almost 48 hours is that I'm so tired jet lag is virtually overriddden. I wake up bright and early with sunrise over the Olympic Mountains, part of the wild Olympic Peninsula which juts out directly across the water from Seattle.
After breakfast we disembark at Port Angeles and are taken by minibus into the heart of Olympic National Park. We hike through giant, old-growth trees – temperate rainforest. From Lake Crescent we walk to some waterfalls, talking among ourselves, greeting fellow walkers and listening to Jeremy's excellent commentary. I inhale the air and marvel at the casual way in which Americans – in this case families and tech types packing their weekends – enjoy their spectacular backyards.
After a packed lunch on the lake we head back to the boat before setting off for the nearby San Juan Islands. Just before dinner, a humpback whale appears. We drop anchor at Stuart Island and, just in time for a perfect late-evening sunset, we head to shore for a fire and smores on the beach. We're the only ones there. Already, the mobile phone signals are waning and the UAE seems a very, very long way away.
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Read more of the travel editor's thoughts:
A stay in the 'in-between' zone
Planning a trip to Alaska
Reverse culture shock in London
If you want peace, travel
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Company%20profile
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How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
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NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
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DSC Eagles 23 Dubai Hurricanes 36
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In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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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.”