How to watch the Geminids meteor shower 2023 in the UAE

What is considered by experts to be one of the most impressive annual meteor showers is set to be visible in the UAE.

The Geminids meteor shower takes places until December 24, but it is expected to peak on Wednesday and Thursday

About 120 meteors could be visible as they shoot across the sky at 125,528 kph in the celestial event.

It is hoped that conditions in the Emirates will be favourable, meaning that stargazers may have a chance of spotting the dazzling display tonight or tomorrow.

“The Geminids are considered to be one of the most spectacular meteor showers of the year,” the Dubai Astronomy Group said.

How to watch the meteor shower

The organisation is hosting a viewing event on December 14 at Al Qudra desert from 10pm until 2am.

The event includes observation of the skies by telescope and camera phone, as well as talks and question and answer sessions.

Ticket prices range from Dh100 to Dh160.

To register, visit the Dubai Astronomy Group website.

What are the Geminids?

The Geminids are unique with Nasa stating that they come from 3200 Phaethon, which experts are divided on as to whether it is an asteroid or comet, with it behaving more like a comet than an asteroid by getting brighter and producing a “tail” of debris when it approaches the sun

“Some astronomers consider it to be an extinct comet, based on observations showing some small amount of material leaving Phaethon’s surface,” the US space agency said.

“Others argue that it has to be an asteroid because of its orbit and its similarity to the main-belt asteroid Pallas.”

The astronomical event first started appearing in the 1800s with only 10 to 20 meteors visible.

Now they are one of the brightest and fastest meteors visible from Earth, according to Nasa.

Geminids travel 125,528, over 40 times faster than a speeding bullet, but it is highly unlikely that meteors will reach the ground – most Geminids burn up at altitudes between 45 to 55 miles (72km to 88km).

The meteor shower is also expected to be streamed on many YouTube channels that focus on celestial events.

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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.”