(FILES): This 23 May 2006 file photo shows US adventurer Steve Fossett posing next to his Virgin Atlantic Global Flyer aircraft after landing at the National Air and Space Musuem in Chantilly, Virginia. Like Amelia Earhart's disappearance over the Pacific Ocean 70 years ago, the riddle of Steve Fossett's whereabouts is threatening to become one of the world's greatest aviation mysteries. Fossett vanished in September 2007 after taking off in a light plane, and a long search produced no trace of him. The Post Chronicle reported on October 1,2008 that some items belonging to missing aviator Fossett were found in the Mammoth Lakes area, California .The Madera County Sheriff's Department confirmed that it is conducting a search based on information provided by a hiker that items were found. AFP PHOTO/FILES/Jim WATSON *** Local Caption ***  389367-01-08.jpg
The US adventurer Steve Fossett posing next to his Virgin Atlantic Global Flyer aircraft after landing at the National Air and Space Musuem in Chantilly, Virginia.

Clue signals end to Fossett mystery


James Langton

Even after he had pulled it from the forest floor, Preston Morrow failed to realise the significance of his find: a battered pilot's licence almost hidden by pine needles on a hiking trail high above the Californian mountain town of Mammoth Lakes. One corner had disintegrated, but the name and information could still be read. James Stephen Fossett of Chicago, Illinois. Born April 22, 1944, weight 218lb, colour of hair grey.

The discovery may signal the end of one of the greatest aviation mysteries of all time - the disappearance, more than a year ago, of Steve Fossett, the wealthy adventurer who held dozens of flying records, but had not been seen since taking off in his single-engine Bellanca Super Decathlon from a private airfield. Yesterday, search teams reached wreckage spotted the previous day some distance from where the documents were found and confirmed that it was Fossett's aircraft.

While crash investigators have still to confirm officially the authenticity of the papers, there seems little doubt that they belonged to Fossett, who was declared legally dead in February even though a massive search over thousands of kilometres of California and Nevada had failed to discover his remains. According to Ian Gregor, a spokesman for the Federal Aviation Administration in Los Angeles: "The certificate number and date of issue on the document... matches the information we have for Mr Fossett in our database."

Over the months, the disappearance had become the subject of wild rumours and conjecture. A senior officer in the local search and rescue team openly speculated that Fossett had faked his own death. Only one witness saw him take off, in a plane constructed from a fabric-covered frame that would be particularly easy to dismantle and hide. Why, other conspiracy theorists asked, had he not packed a parachute? Why had he left behind a watch that included a crash location beacon?

Yet at the time, Fossett's final journey did not seem anything more than routine. In the past he had become the first man to make both a solo balloon flight and non-stop fixed-wing aircraft flight around the world. This was just a short hop. On the morning of Sept 3 2007 he took off on a recreational flight from a ranch owned by Barron Hilton, the hotel heir, in Smith Valley, about 120 miles south-east of Reno, Nevada. The aircraft carried enough fuel for five hours. Six hours later, when the plane had still not returned, the alert was sounded.

Fossett's fame ensured the ensuing search made headlines around the world. The 63-year-old millionaire, who made his fortune trading on the Chicago stock markets, was reported to have set 93 aviation world records and 23 sailing records during his life. He also excelled at everything from mountain climbing to cross country skiing. He had twice competed in the Iditarod dog sled race and swum the English Channel.

Born in Tennessee, Fossett claimed to have climbed his first mountain at 12, adding: "I just kept going." Sir Richard Branson, the British multimillionaire who was first his rival in the air and later became his friend and patron, described him as "only half human". One of his greatest exploits was the first round-the-world solo balloon trip in the 10-storey tall Spirit of Freedom in 2002. Three years later he piloted the Virgin Atlantic GlobalFlyer around the world in 67 hours, one minute and 10 seconds. In between, he climbed the highest mountains on six of the seven continents. He baulked at Everest only because of his asthma.

It was no wonder that many found it difficult to accept that Fossett might be dead. Even a week after his disappearance, there were hopes that his extraordinary stamina and survival skills were keeping him alive somewhere in the desert. The search area eventually expanded to a 518,000 sq km grid, bigger than Massachusetts but filled with little more than dry ravines and scorched mountains. Dozens of aircraft criss-crossed the region, and while several previously unknown crash sites were discovered, none bore trace of Fossett. Even Google joined the search, providing the latest satellite images from its Google Earth feature for hundreds of volunteers to pore over.

By the end of the month, though, hopes had faded and the search was abandoned. A preliminary investigation by the US National Transportation Safety Board concluded that Fossett was "presumed fatally injured and the aircraft substantially damaged". In February, at the request of his family, Fossett was declared legally dead by a judge in Chicago. After the failure of a second search this September, it seemed likely that Fossett's disappearance would rank alongside those of Glenn Miller, the big band leader, during the Second World War and Amy Earhart, the female aviation pioneer, in the 1930s.

As it now turns out, Fossett was not found because searchers were looking in the wrong place. The original rescue mission had assumed that he had headed east towards the Black Rock Desert to look for a location to break another record, in this instance the world land speed. The region where Mr Morrow set out for his hiking trip last week was on the very fringe of the search area and more than 560km south-west of the presumed crash site. The 43-year-old salesman at a sporting goods shop was deep in the Inyo National Forest when he came across the battered documents, which included Fossett's Federal Aviation Authority ID, a gliding pilot's licence and more than US$1,000 (Dh3,637) in cash.

At the time he did not recognise the name, saying later: "My immediate thought was it was a hiker or backpacker's stuff, and a bear got to the stuff and took it away to look for food or whatever." Back in his shop, colleagues did see the significance of his discovery. After unsuccessfully trying to contact Fossett's wife, Peggy, they handed the papers over to the authorities. Of Fossett, there is still no trace. A second search by Mr Morrow and his friends discovered a black Nautica fleece.

An aerial search on Wednesday spotted the wreckage of a light aircraft among the 2,000-metre peaks. But the confirmation that it is the plane flown by Fossett raises a new potential mystery. The two sites - the crash and documents - are 16km apart. Is it possible Fossett survived the crash only to perish either from exposure or an animal attack as he attempted to reach civilisation? And what was he doing there in the first place?

After more than a year in the open, it is possible that nothing now remains of Steve Fossett beyond those fragments of paper and plastic. The race is on to conduct a more thorough search of the area, as the first winter storm of the season closes in with the threat of several feet of snow. For those closest to Fossett, the hope is that the discoveries will allow them to finally mourn the missing adventurer. In a statement, his widow said: "I am hopeful that this search will locate the crash site and my husband's remains. I am grateful to all of those involved in this effort."

Andy Green, a former Royal Air Force pilot, who was working with Fossett on the world land speed record attempt, admitted that the latest news left him with mixed feelings. "I really want to know what happened to my friend Steve," Mr Green said. "But there's still a chance he might be alive somewhere if there isn't evidence of a fatal crash, so I'm a bit torn." At the same time, he said, there was a need for a definitive answer. "His widow has found it very hard, as anyone would, when your husband of many years just disappears.

"For all of [his family, I'm hopeful that finally we will have some closure on this." jlangton@thenational.ae

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

The specs

Engine: 6.2-litre V8

Transmission: ten-speed

Power: 420bhp

Torque: 624Nm

Price: Dh325,125

On sale: Now

Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

Famous left-handers

- Marie Curie

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- Leonardo Di Vinci

- David Bowie

- Paul McCartney

- Albert Einstein

- Jack the Ripper

- Barack Obama

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- Joan of Arc

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

The specs: 2017 Maserati Quattroporte

Price, base / as tested Dh389,000 / Dh559,000

Engine 3.0L twin-turbo V8

Transmission Eight-speed automatic

Power 530hp @ 6,800rpm

Torque 650Nm @ 2,000 rpm

Fuel economy, combined 10.7L / 100km

Closing the loophole on sugary drinks

As The National reported last year, non-fizzy sugared drinks were not covered when the original tax was introduced in 2017. Sports drinks sold in supermarkets were found to contain, on average, 20 grams of sugar per 500ml bottle.

The non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.

Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.

Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category
 

Not taxed:

Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.

$1,000 award for 1,000 days on madrasa portal

Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.

School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.

“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.  

“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”

The specs

Engine: 3.8-litre twin-turbo V8

Power: 611bhp

Torque: 620Nm

Transmission: seven-speed automatic

Price: upon application

On sale: now

Signs of heat stroke
  • The loss of sodium chloride in our sweat can lead to confusion and an altered mental status and slurred speech
  • Body temperature above 39°C
  • Hot, dry and red or damp skin can indicate heatstroke
  • A faster pulse than usual
  • Dizziness, nausea and headaches are also signs of overheating
  • In extreme cases, victims can lose consciousness and require immediate medical attention
The specs

Powertrain: Single electric motor
Power: 201hp
Torque: 310Nm
Transmission: Single-speed auto
Battery: 53kWh lithium-ion battery pack (GS base model); 70kWh battery pack (GF)
Touring range: 350km (GS); 480km (GF)
Price: From Dh129,900 (GS); Dh149,000 (GF)
On sale: Now

Spider-Man 2

Developer: Insomniac Games
Publisher: Sony Interactive Entertainment
Console: PlayStation 5
Rating: 5/5

Sleep Well Beast
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4AD

Boulder shooting victims

• Denny Strong, 20
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• Eric Talley, 51
• Kevin Mahoney, 61
• Lynn Murray, 62
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COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

COMPANY PROFILE

Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside

Sweet Tooth

Creator: Jim Mickle
Starring: Christian Convery, Nonso Anozie, Adeel Akhtar, Stefania LaVie Owen
Rating: 2.5/5

Jurassic Park

Director: Steven Spielberg
Stars: Sam Neill, Jeff Goldblum and Richard Attenborough
Rating: 5/5

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.”

About Krews

Founder: Ahmed Al Qubaisi

Based: Abu Dhabi

Founded: January 2019

Number of employees: 10

Sector: Technology/Social media 

Funding to date: Estimated $300,000 from Hub71 in-kind support

 

MO

Creators: Mohammed Amer, Ramy Youssef

Stars: Mohammed Amer, Teresa Ruiz, Omar Elba

Rating: 4/5

COMPANY PROFILE

Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures

THE BIO: Martin Van Almsick

Hometown: Cologne, Germany

Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)

Favourite dessert: Umm Ali with dark camel milk chocolate flakes

Favourite hobby: Football

Breakfast routine: a tall glass of camel milk

The Lowdown

Us

Director: Jordan Peele

Starring: Lupita Nyong'o, Winston Duke, Shahadi Wright Joseqph, Evan Alex and Elisabeth Moss

Rating: 4/5

ICC T20 Team of 2021

Jos Buttler, Mohammad Rizwan, Babar Azam, Aiden Markram, Mitchell Marsh, David Miller, Tabraiz Shamsi, Josh Hazlewood, Wanindu Hasaranga, Mustafizur Rahman, Shaheen Afridi

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

Company profile

Company name: Tuhoon
Year started: June 2021
Co-founders: Fares Ghandour, Dr Naif Almutawa, Aymane Sennoussi
Based: Riyadh
Sector: health care
Size: 15 employees, $250,000 in revenue
Investment stage: seed
Investors: Wamda Capital, Nuwa Capital, angel investors

KEY DATES IN AMAZON'S HISTORY

July 5, 1994: Jeff Bezos founds Cadabra Inc, which would later be renamed to Amazon.com, because his lawyer misheard the name as 'cadaver'. In its earliest days, the bookstore operated out of a rented garage in Bellevue, Washington

July 16, 1995: Amazon formally opens as an online bookseller. Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought becomes the first item sold on Amazon

1997: Amazon goes public at $18 a share, which has grown about 1,000 per cent at present. Its highest closing price was $197.85 on June 27, 2024

1998: Amazon acquires IMDb, its first major acquisition. It also starts selling CDs and DVDs

2000: Amazon Marketplace opens, allowing people to sell items on the website

2002: Amazon forms what would become Amazon Web Services, opening the Amazon.com platform to all developers. The cloud unit would follow in 2006

2003: Amazon turns in an annual profit of $75 million, the first time it ended a year in the black

2005: Amazon Prime is introduced, its first-ever subscription service that offered US customers free two-day shipping for $79 a year

2006: Amazon Unbox is unveiled, the company's video service that would later morph into Amazon Instant Video and, ultimately, Amazon Video

2007: Amazon's first hardware product, the Kindle e-reader, is introduced; the Fire TV and Fire Phone would come in 2014. Grocery service Amazon Fresh is also started

2009: Amazon introduces Amazon Basics, its in-house label for a variety of products

2010: The foundations for Amazon Studios were laid. Its first original streaming content debuted in 2013

2011: The Amazon Appstore for Google's Android is launched. It is still unavailable on Apple's iOS

2014: The Amazon Echo is launched, a speaker that acts as a personal digital assistant powered by Alexa

2017: Amazon acquires Whole Foods for $13.7 billion, its biggest acquisition

2018: Amazon's market cap briefly crosses the $1 trillion mark, making it, at the time, only the third company to achieve that milestone

Company Profile

Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices

TYPES OF ONLINE GIG WORK

Design, multimedia and creative work: Logo design, website design, visualisations

Business and professional management: Legal or management consulting, architecture

Business and professional support: Research support, proofreading, bookkeeping

Sales and marketing support: Search engine optimisation, social media marketing

Data entry, administrative, and clerical: Data entry tasks, virtual assistants

IT, software development and tech: Data analyst, back-end or front-end developers

Writing and translation: Content writing, ghost writing, translation

Online microtasks: Image tagging, surveys

Source: World Bank

Final scores

18 under: Tyrrell Hatton (ENG)

- 14: Jason Scrivener (AUS)

-13: Rory McIlroy (NIR)

-12: Rafa Cabrera Bello (ESP)

-11: David Lipsky (USA), Marc Warren (SCO)

-10: Tommy Fleetwood (ENG), Chris Paisley (ENG), Matt Wallace (ENG), Fabrizio Zanotti (PAR)


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