Wing-walkers and aerobatic teams will be among the stunts on display at the Al Ain air show from Jan 28 to 31.
Wing-walkers and aerobatic teams will be among the stunts on display at the Al Ain air show from Jan 28 to 31.
Wing-walkers and aerobatic teams will be among the stunts on display at the Al Ain air show from Jan 28 to 31.
Wing-walkers and aerobatic teams will be among the stunts on display at the Al Ain air show from Jan 28 to 31.

Al Ain gets ready for high-flying spectacle


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ABU DHABI // The Al Ain Aerobatic Show next month promises death-defying acts, among them stuntwomen walking on the wings of aeroplanes as they soar through the sky. The wing-walkers are part of the entertainment organised by Abu Dhabi Tourism Authority (ADTA) and the UAE Air Force. The show's centrepiece is the Middle East debut of the Aero GP series, a racing event that has been called the Formula One of aviation.

"Our location allows us to do a very tight aerobatic circuit that seems to be very close to the public, so everyone feels it is happening for them," said Gavin Gabrielson, major events manager for ADTA. "It is very much almost a sense of being able to reach up and touch the planes as they are doing their performance." The show, which runs from Jan 28 to 31 at Al Ain International Airport, will draw more than 110 aircraft and 15 teams from four continents.

The show will begin a year-long centennial celebration of air racing. In addition to the Aero GP, gliders will perform stunts. The Russian Air Force will be part of the show for the first time, performing formation flying and dog fights. On the ground, more than 20 older model military planes will be on display. Also on hand will be the wing- walkers, who perform in the tradition of the military pilots who first attempted the stunts at the end of the First World War.

Cerina Rydälv, a member of a Scandinavian performance team, said she was looking forward to the Al Ain show. The team is based in Sweden and usually does not perform in winter. Ms Rydälv, a university student who skydives and wing-walks as a hobby, said there are a number of factors needed to pull off the stunts, including a perceptive pilot. "To be able to communicate in the air, without speaking, you must have a certain understanding for each other as well as a lot of practice," she said. "And of course you need to trust the whole team, the other girl on the other wing, the mechanic, that everybody does his or her job and has the same safety-thinking as yourself."

The Aero GP event will include a three-stage competition pitting six pilots against one another. Their events include a race around a circuit, dogfighting between two aircraft and a barnstorming show where pilots perform various stunts in the air. The GP will be broadcast on TV in 50 countries. Mark Jefferies, Andy Bickmore and the 2008 Aero GP champion Gerald Cooper, all from Britain, are among the pilots scheduled to compete.

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yallacompare profile

Date of launch: 2014

Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer

Based: Media City, Dubai 

Sector: Financial services

Size: 120 employees

Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)

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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Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
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UAE base: Hub71, Abu Dhabi
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