Falcons called in to help Arch's title quest


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PORTO // The Red Bull Air Race - an exhibition combining precision and technology - has turned to the ancient art of falconry in an attempt to keep seagulls and other small birds away from their planes. A team of nine falcons and hawks have been employed along side air force pilots, divers, firemen and other sentinel crew to keep watch over the aerobatics. "I love it that they are here," said Hannes "Flying Falcon" Arch, "It is a great idea."

Arch, the reigning champion who represents Team Abu Dhabi, said he was well aware of the dangers that came with small, slow-flying birds hitting aircrafts. Arch is lagging behind Paul Bonhomme by one point, and Porto could be the decisive race before the finals next month. Earlier this year, in the second round of the series which was held in San Diego, Arch's silver-grey Edge 540, which was flying at 370 kph was hit by a pelican that briefly knocked him off course and cost him a two-second penalty. The bird strike also left a hole in the rear section of the plane.

"I don't know what happened to that bird. But my plane, after 50 seconds, you could see that there was this big, a really big hole," he said cupping his hands together to reveal a grapefruit sized tear. The birds of prey - with names such as Doncella, Virginia and Hectoriana - are being looked after by Daniel Pinerio Angueira, a falcon expert who said that the falcons and hawks , like the most of the crew , had been in Porto for about a week, letting the seagulls know they mean business.

"It usually takes a month for the seagulls to get the message and change their behaviour," said Angueira. "It doesn't happen in just one day." Heinz Moeller, the director of aviation for the Red Bull Air Race said that they knew from experience that seagulls were an issue in Porto "We are trying out the pre-race bird hunting and hope it will keep the runway are clear. We are basically trying to scramble the seagulls when the planes take off and land. It is an effective method used by lots of airports around the world. The birds, especially the seagulls, should stay away."

Porto, a seaside town in Portugal, just off the Atlantic Ocrean, is the host for the final qualifying round of the Red Bull Air Race before the finals are held in Barcelone next month. Fifteen daredevil pilots compete in an eight-race series. The Red Bull Air Race World Championship takes place across six cities, including Abu Dhabi, which kicked off the championship in April. sbhattacharya@thenational.ae

UAE currency: the story behind the money in your pockets

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.”

The Laughing Apple

Yusuf/Cat Stevens

(Verve Decca Crossover)

TRAP

Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue

Director: M Night Shyamalan

Rating: 3/5

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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
Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

The years Ramadan fell in May

1987

1954

1921

1888

It Was Just an Accident

Director: Jafar Panahi

Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr

Rating: 4/5

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WISH
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