On July 25, 2020, a cargo ship loaded with thousands of tonnes of fuel ran aground off Mauritius, beginning the worst environmental disaster ever witnessed in the tiny Indian Ocean archipelago. Two months later, Mauritius is still taking stock of the damage after its rich fishing grounds and sensitive marine habitats. AFP
On July 25, 2020, a cargo ship loaded with thousands of tonnes of fuel ran aground off Mauritius, beginning the worst environmental disaster ever witnessed in the tiny Indian Ocean archipelago. Two months later, Mauritius is still taking stock of the damage after its rich fishing grounds and sensitive marine habitats. AFP
On July 25, 2020, a cargo ship loaded with thousands of tonnes of fuel ran aground off Mauritius, beginning the worst environmental disaster ever witnessed in the tiny Indian Ocean archipelago. Two months later, Mauritius is still taking stock of the damage after its rich fishing grounds and sensitive marine habitats. AFP
On July 25, 2020, a cargo ship loaded with thousands of tonnes of fuel ran aground off Mauritius, beginning the worst environmental disaster ever witnessed in the tiny Indian Ocean archipelago. Two mo

How to keep the UAE's coastal waters looking pristine


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The Strait of Hormuz, which links the Arabian Gulf to the Gulf of Oman and the Arabian Sea, is one of the world’s most strategic maritime intersections. Every day, ships carry around 21 million barrels of oil, which accounts for roughly 21 per cent of global consumption through the strait, according to the US Energy Information Administration. The waterway is just 33 kilometres wide at its narrowest point, with a shipping lane just 3km wide in either direction.

The Strait is of crucial importance to the world in terms of oil supply, and to the UAE as one of the primary means of transporting exported oil. And the UAE's east coast is also a vital maritime hub, especially since the opening of the Habshan-Fujairah oil pipeline in 2012, which transports up to 75 per cent of the country's oil exports from Abu Dhabi to Fujairah, according to S&P Global Platts.

On a day-to-day level, the amount of traffic moving through coastal waters causes air pollution, particularly from diesel engines. Vessel discharges such as oil and chemical spills can sometimes be a concern as well. The release of oil-based discharges into the water is extremely harmful to wildlife and sea life. It can take weeks, months or even years to clean up.

We only have to see the recent example in Mauritius where the MV Wakashio struck a coral reef on July 25, resulting in 1,000 tonnes of oil spilling into the sea, with devastating consequences to coral, fish and other marine life. This is not a new issue. From 2010 to 2020, more than 60 such incidents have been reported globally, resulting in the loss of 164,000 tonnes of oil.

Companies with marine operations in the UAE have taken extra precautions when it comes to oil spills and have heavily invested in boosting preparedness for such incidents. And there are restrictions posed by UAE’s Federal Law No 24, which states that all means of marine transport are prohibited from disposing oil in the sea. Stringent checks by UAE authorities are in place to make sure the law is observed. Yet, considering the quantities of oil being transported by ships in UAE waters, we will always have to stay vigilant of the threat of oil spills.

Oil slicks are extremely harmful to the marine environment. The UAE waters contain dolphins, dugongs, sharks and turtles – along with over 500 species of fish. The country also has more than 150 square kilometres of precious mangroves, which act as "green lungs" for our cities, while also providing a habitat for wildlife.

A record 876 flamingo chicks hatched at Abu Dhabi’s Al Wathba Wetland Reserve this season, Abu Dhabi, August 6.. Victor Besa /The National
A record 876 flamingo chicks hatched at Abu Dhabi’s Al Wathba Wetland Reserve this season, Abu Dhabi, August 6.. Victor Besa /The National
Flamingos at Ras Al Khor wildlife sanctuary, Dubai. Chris Whiteoak / The National
Flamingos at Ras Al Khor wildlife sanctuary, Dubai. Chris Whiteoak / The National

The UAE is home to 11 designated sites listed by the Ramsar Convention, an international treaty to conserve wetlands. And our 1,318km beaches are also key drivers for tourism and quality of life for our communities. And the commercial fishing on shores aids the UAE's food security.

More widely, the sea covers 70 per cent of the Earth’s surface, and unhealthy oceans speed the process of climate change and extreme weather patterns. It is therefore crucial that we do everything we can to protect this natural resource.

The UAE has long tried to preserve the marine environment. Federal Law No 24 was passed in 1999, prohibiting vessels from discharging oil into the marine environment. This has helped, though most incidents since then have happened in international waters, making it difficult to police illegal activity.

The Ministry of Climate Change and Environment also has a national emergency plan to respond to incidents, which includes monitoring coastal areas using AI, remote sensors and predictive modelling programmes. It also recently announced a plan to collaborate with the private sector to rehabilitate the UAE’s marine ecosystems, including the cultivation of coral reefs and construction of artificial caves to mitigate the damage caused by previous spills.

Seeing as the Emirates has a coastline on both sides of the Arabian Peninsula, the two coasts are literally at our doorstep. And it is important that moving forward, we boost our ability to respond to any future incidents. At Bee'ah we have been involved in coastal clean-up operations, including the recent Khor Fakkan incident. And we can boost our capabilities in various ways: by exploring the setup of oil spill preparedness and response centres; the mobilisation of our equipment and personnel to assist, and workshops with government stakeholders.

All these steps will greatly enhance our coasts and marine life, which are vital to our economy, the ecosystem and a more sustainable future. Our seas are among the busiest in the world and we have a responsibility to preserve them for posterity.

Khaled Al Huraimel is group chief executive of Bee’ah

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PROFILE OF STARZPLAY

Date started: 2014

Founders: Maaz Sheikh, Danny Bates

Based: Dubai, UAE

Sector: Entertainment/Streaming Video On Demand

Number of employees: 125

Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners

Why your domicile status is important

Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.

Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born. 

UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.

A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.

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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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Faisal Al Ketbi, Ibrahim Al Hosani, Khalfan Humaid Balhol, Khalifa Saeed Al Suwaidi, Mubarak Basharhil, Obaid Salem Al Nuaimi, Saeed Juma Al Mazrouei, Saoud Abdulla Al Hammadi, Taleb Al Kirbi, Yahia Mansour Al Hammadi, Zayed Al Kaabi, Zayed Saif Al Mansoori, Saaid Haj Hamdou, Hamad Saeed Al Nuaimi. Coaches Roberto Lima and Alex Paz.