ABU DHABI // With only a week to go until voting closes for the New Seven Wonders of Nature, environmentalists are asking everyone to get behind a small archipelago off Abu Dhabi that is among the 28 finalists.
Sheikh Mohammed bin Rashid, the Vice President and Ruler of Dubai, publicly cast his vote for the island on Monday and called on citizens to do the same.
Bu Tinah and its surrounding coral reefs and seagrass beds constitute one of the UAE's greatest natural treasures. But it is up against stiff international competition.
The Maldives, Australia's Great Barrier Reef, the Galapagos Islands in Ecuador and the Grand Canyon in the US are also competing.
Voting closes at 3pm next Friday and the results will be announced about midnight on November 11.
None of the 28 finalists know how they are doing, but the organisers of the campaign to support Bu Tinah are optimistic.
"First we want to thank everyone who got involved with the campaign, whether through voting, tweeting, making T-shirts, promoting Bu Tinah in their schools, or encouraging their friends and family to vote," said Eduardo Goncalves, the director of the environmental awareness sector at the Environment Agency - Abu Dhabi (Ead).
"It has proven how much people in the UAE want to preserve our unique natural heritage. People are genuinely proud of Bu Tinah and rightly so."
The remote area has already made it through a number of knockout rounds in the contest, which started with a list of 440 candidates.
"The competition right now is wide open," Mr Goncalves said. "The results are in the hands of people and who they vote for."
Situated 130km west of Abu Dhabi, Bu Tinah is home to a large share of the country's population of dugongs, shy marine creatures that feed on seagrass and grow up to three metres in length.
Abu Dhabi has a dugong population second only to Australia's. There are about 3,000 dugongs in the emirate with about 1,250 counted in the waters around Bu Tinah.
The protected archipelago also offers a habitat for rare marine turtles, dolphins, flamingos and Socotra cormorants - agile seabirds that depend on Abu Dhabi's islands for their global survival.
Bu Tinah, a core area of the Marawah Marine Biosphere Reserve, is off-limits to visitors. But Ead has given people the chance to become better acquainted by visiting the Corniche, where a 16-metre-high dome aims to recreate the area.
Mr Goncalves urged residents to visit the exhibit and to vote.
"If you haven't already voted, then please do so today. It's not too late to vote - every single vote will make a difference. If you have already voted, then vote again," he said.
Nour Salman, 25, a human resources professional, said: "I read about the campaign a few months ago and I have been meaning to vote but never got the time. I will do it, this is a great initiative."
vtodorova@thenational.ae
* People can vote by texting Bu Tinah to 3888, or through the campaign website butinah.ae.
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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.”
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UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
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The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at.
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.
CHATGPT%20ENTERPRISE%20FEATURES
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
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How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.