LATEST: Time running out as search for missing Titanic submarine goes on
From exploring the deepest point of the ocean to floating in microgravity at the edge of space, Hamish Harding has always been passionate about venturing into the unknown.
The billionaire, who turns 59 on Saturday, has called the UAE his home since 2008.
He went missing on Sunday on a submarine that was taking him and four other passengers to explore the wreck of the Titanic, in the North Atlantic.
Efforts continued yesterday to locate the missing submersible about 1,450km off Cape Cod in Massachusetts, where the sea can be almost 4km deep, before oxygen supplies run out.
Mr Harding spoke to The National several times before his adventures, inspiring others with his positive outlook.
Before seeking to explore the floor of the ocean, he had sought to travel to the fringes of space.
When he returned, he said seeing Earth from his vantage point showed him the importance of people working together for the planet.
Last June, before launching on a Blue Origin space tourism flight, Mr Harding had said he was not feeling nervous.
This was even though such suborbital flights were relatively new – with only 20 people having made the journey.
“I haven't really had a chance to feel nervous yet and I've always wanted to do this. I've wanted to go into space all my life,” he said.
After landing back on Earth, Mr Harding said he already had the submarine trip lined up and was excited about exploring the Titanic.
The deep-sea voyage was meant to happen end of December but kept getting delayed, until Sunday, when he and four other explorers boarded the Titan submersible.
Pakistani businessman Shahzada Dawood and his son Suleman are among the other passengers on the Titan.
Reports said French Navy pilot Paul-Henry Nargeolet and the boss of tour company OceanGate, Stockton Rush, are also on board.
Mr Harding had told The National that his family had grown accustomed to him seeking out adventure.
"My family's got pretty used to it. Every year I'll go off and do something a bit unusual, and so I don't think they worry too much," he said.
In 2021, he dived into the Mariana Trench in the Pacific, at almost 11km the deepest point on Earth.
Earlier, in 2019, he flew around the world on a record-breaking flight with Nasa astronaut Terry Virts.
Giles, one of his two sons, said after his father's Blue Origin spaceflight that he felt "proud but nervous" as the rocket carried him 106 km above the Earth.
He had watched the launch with his mother and brother Rory.
“There was pin-drop silence when the rocket was about to lift off,” he said.
“Everyone was on edge and as he went as he went up there, it was kind of a surreal moment.
“You could see at the bottom of the rocket that there was massive amount of smoke.
“I was very excited, but also obviously very nervous.”
Mr Harding had told The National a day after his space trip that he was now seeing the planet from a different perspective and hoped that people would get along more.
He had experienced the overview effect – often described by astronauts as a powerful shift in how a person views the planet and life.
“The Earth was what I was waiting to see and it was as spectacular as I'd been told,” he said.
“Looking down on the Earth, we should all work a lot better together.
“There is so much wasted effort on this planet by not working together. The world can move forward so much faster and more productively if we all did.”
Skewed figures
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.
RESULTS
Welterweight
Tohir Zhuraev (TJK) beat Mostafa Radi (PAL)
(Unanimous points decision)
Catchweight 75kg
Anas Siraj Mounir (MAR) beat Leandro Martins (BRA)
(Second round knockout)
Flyweight (female)
Manon Fiorot (FRA) beat Corinne Laframboise (CAN)
(RSC in third round)
Featherweight
Bogdan Kirilenko (UZB) beat Ahmed Al Darmaki
(Disqualification)
Lightweight
Izzedine Al Derabani (JOR) beat Rey Nacionales (PHI)
(Unanimous points)
Featherweight
Yousef Al Housani (UAE) beat Mohamed Fargan (IND)
(TKO first round)
Catchweight 69kg
Jung Han-gook (KOR) beat Max Lima (BRA)
(First round submission by foot-lock)
Catchweight 71kg
Usman Nurmogamedov (RUS) beat Jerry Kvarnstrom (FIN)
(TKO round 1).
Featherweight title (5 rounds)
Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)
(TKO round 1).
Lightweight title (5 rounds)
Bruno Machado (BRA) beat Mike Santiago (USA)
(RSC round 2).
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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