For Adrian Hayes and his team, walking the rest of the way is not an option, as the group has only 16 days worth of food left.
For Adrian Hayes and his team, walking the rest of the way is not an option, as the group has only 16 days worth of food left.
For Adrian Hayes and his team, walking the rest of the way is not an option, as the group has only 16 days worth of food left.
For Adrian Hayes and his team, walking the rest of the way is not an option, as the group has only 16 days worth of food left.

Dangers at every step for Arctic trekkers


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  • Arabic

DUBAI // With just a few hundred kilometres left to go and their main expedition objective accomplished, you might think Adrian Hayes and his teammates could relax, sail towards the finish line and bask in the glory of their impending success. But what looked on paper to be the easiest part of the journey is fast turning into a brutal and dangerous race against the clock as the wind peters and their food supplies dwindle on their trek over the little-trodden route to their pick-up point at a remote village in north-west Greenland. "Any thoughts that it was going to be high-fives and plain sailing to Qaanaq have been dispelled immediately, because we have faced all sorts of problems," Hayes said on Wednesday evening. In the 72 hours after the trio departed from KP Kocks Fjord on Sunday at midnight, becoming only the second team in history to traverse the world's second-largest ice sheet from south to north unsupported, chaos ensued. The biggest and most dangerous hazards have been crevasses, large cracks in the ice formed by glaciers colliding. The holes sometimes are hidden by snow. "Devon [McDiarmid] has gone in a couple, one of them up to his chest when there was nothing below his legs - he was just hanging on by his arms," Hayes said. "Derek [Crowe] went in a small slot just two metres from our tent," he continued. "And [on Monday] we came across a massive cavern just in front of us during a whiteout. This massive crevasse was just a gaping hole." With visibility down to less than 10 metres on Monday night, the Emirates NBD Greenland Quest team were just 20 metres away from the huge drop when McDiarmid, who was leading the trio, spotted a small change in the blowing of snow over a lip and dropped his storm kite. "Literally, if we had gone a few feet more we would have gone straight into this hole," Hayes said. "I walked over to it a little later and I couldn't see the bottom. It was four or five metres across and just a massive cavern right in our path. It was incredible." The team moved slightly farther away and camped, which is when Crowe fell through a crevasse just metres from their tent. He was unhurt. "The problem was, we were still quite near the coast, and you are getting ice floes and movements of ice and it's breaking up. It's a lot less stable than up on the ice cap. Now we've gained a little bit of distance, we seem a bit safer where we are and we have a bit more visibility." Crevasses aside, the other problem facing the adventurers is a lack of south-easterly winds to get them to their final destination. For the next seven days, the forecast is for winds from the south-west. Hayes explained: "We need winds from the side, or if they are really strong, then from behind us, but coming straight at us, we are not going to be travelling very fast, so we have a bit of a problem ahead." They plan to use the 24 hours of daylight to travel through the night when snow conditions are better and the weather is cooler. With the advice of their polar meteorological adviser, Marc de Keyser, with whom they are in daily contact, they are heading south-east and north-west in a bid to gain ground and reach decent winds wherever possible. When they set off, the length of their route was estimated at 3,500km, but as winds changed, their total distance on completion is expected to be 4,000km - meaning they have about 800km left to go. If successful, the expedition will be the longest unsupported Arctic journey. Walking the rest of the way is not an option, as the group has only 16 days' worth of food left. The team are now cutting down to two meals a day until they reach Qaanaq. "When we got the seven-day forecast we said, 'Right, let's not be stupid, let's try and cut down,'" Hayes said. "All of us are going through our snack food stuff and seeing what we have got left of cheese, of chocolate, so that we can stretch it out but not go hungry. "The good thing is we have got fuel. We have been very conservative, and without fuel you cannot do a thing because you cannot melt water. None of us wants to go hungry, because the more energy you expend walking, the more food you need. Again there is that dilemma - do you walk when there are not these ideal winds? But if you walk you are going to get hungry and eat more of your precious food." Hayes and his teammates are tired. Not yet used to their reversed day-and-night schedule, they are preparing themselves for a further disrupted sleep as they prepare to move as the winds dictate. But despite being hungry and sleep-deprived, they remain upbeat. "I always said that the Arctic Ocean was the major expedition goal," Hayes said. "The full crossing of the Greenland ice cap has only been done once before. This was our return leg. "But it's a long return leg, so none of us has ever thought, 'That's it, we've done it now.'" loatway@thenational.ae

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

HIJRA

Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy

Director: Shahad Ameen

Rating: 3/5

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.”

What are the GCSE grade equivalents?
 
  • Grade 9 = above an A*
  • Grade 8 = between grades A* and A
  • Grade 7 = grade A
  • Grade 6 = just above a grade B
  • Grade 5 = between grades B and C
  • Grade 4 = grade C
  • Grade 3 = between grades D and E
  • Grade 2 = between grades E and F
  • Grade 1 = between grades F and G
COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
match info

Maratha Arabians 138-2

C Lynn 91*, A Lyth 20, B Laughlin 1-15

Team Abu Dhabi 114-3

L Wright 40*, L Malinga 0-13, M McClenaghan 1-17

Maratha Arabians won by 24 runs

PROFILE OF SWVL

Started: April 2017

Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh

Based: Cairo, Egypt

Sector: transport

Size: 450 employees

Investment: approximately $80 million

Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani

German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

Key changes

Commission caps

For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:

• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term). 

• On the protection component, there is a cap  of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).

• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated. 

• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.

• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.

Disclosure

Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.

“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”

Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.

Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.

“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.

Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.

Herc's Adventures

Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5

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Roll%20of%20Honour%2C%20men%E2%80%99s%20domestic%20rugby%20season
%3Cp%3E%3Cstrong%3EWest%20Asia%20Premiership%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Dubai%20Tigers%0D%3Cbr%3ERunners%20up%3A%20Bahrain%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EUAE%20Premiership%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Jebel%20Ali%20Dragons%0D%3Cbr%3ERunners%20up%3A%20Dubai%20Hurricanes%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EUAE%20Division%201%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Dubai%20Sharks%0D%3Cbr%3ERunners%20up%3A%20Abu%20Dhabi%20Harlequins%20II%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EUAE%20Division%202%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Dubai%20Tigers%20III%0D%3Cbr%3ERunners%20up%3A%20Dubai%20Sharks%20II%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDubai%20Sevens%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Dubai%20Tigers%0D%3Cbr%3ERunners%20up%3A%20Dubai%20Hurricanes%3C%2Fp%3E%0A
Gothia Cup 2025

4,872 matches 

1,942 teams

116 pitches

76 nations

26 UAE teams

15 Lebanese teams

2 Kuwaiti teams