A group of intrepid Emirati explorers are poles apart no more after coming together to discuss their epic adventures and highlight the threat of climate change to even the most remote regions of the world.
The UAE Polar Network consists of 35 UAE citizens – 19 men and 16 women – who have visited either or both the North and South Pole.
Environment Agency Abu Dhabi (EAD) invited them to a special event at Expo 2020 Dubai to mark Antarctica Day on Wednesday.
The annual occasion celebrates the anniversary of the signing of the Antarctic Treaty in 1959 to protect the continent.
The event – Zayed's Lights – heard from several explorers who have set foot in the the Arctic, where the North Pole is found, and Antarctica, site of the South Pole.
Members of the network include Ameera Al Marzooqi, 29, the first female Emirati to visit the heart of Antarctica.
She has visited the continent twice, the most recent in 2016, when she accompanied Sir Robert Swan, who was the first person in history to walk to both the North and South Poles, to visit Union Glacier and test renewable technology, including solar lights.
The chilling effect of climate change
She said she saw the effects of climate change first hand during her trips, including plastic litter.
Ms Al Marzooqi plans to return to Antarctica in March with Sir Robert to film a documentary and raise awareness about the environmental issues facing the continent. She said she is currently seeking a film crew to join her.
“We saw plastic in Antarctica, and in the Arctic as well. It just shows how huge a problem plastic waste is. It’s everywhere,” she said.
“We need immediate action. People don’t realise how important protecting Antarctica is. It will affect us all, the melting of the Antarctic, the ice will raise the sea water level and affect us all.”
EAD hosted its own expedition to the continent in 2018, when Team Zayed lit up the Antarctic sky with 100 solar lights. It later released a documentary based on the two-week trip.
“People say the Environment Agency Abu Dhabi mandate is Abu Dhabi only,” said Ahmed Al Hashmi, acting executive director of biodiversity at EAD.
“However, we always say that EAD impact is not only at the local, national or regional. It is also international. We believe that environmental issues are shared by everyone. There is no border between countries, physically. We share the same land, water and air.”
He said EAD delegations have also visited the North Pole.
“And we send them with environmental messages. So when we participate in Antarctica, we send our people to get more from the international group that participated during that mission and to focus on main issues, climate change and global warming. The impact is clearly there,” Mr Al Hashmi said.
“When they came back they delivered this message to the public.”
Sharing experiences
Winston Cowie, marine policy manager at EAD, said the idea was to bring all UAE explorers who had visited the poles together to mark Antarctica Day.
“We did a bit of research and we found there are about 35 people who have been to these far-off places and done some incredible things, from environmental remediation work to electrical engineering, to setting up solar panels at a research base, some really cool stuff.
“So for Antarctica Day we wanted to bring everyone together who has been there and hold an event at Expo and send another message to the world to shine a spotlight on climate change, particularly with Cop28 coming up.”
About half the members of the UAE Polar Network attended the event, including delegations who visited the continent in the 1990s.
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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.”