DUBAI // Progress has been slow and at times painful for Adrian Hayes and his fellow explorers as they attempt to kite-ski the length of Greenland, but as the trio enter their second month on the ice things are looking up.
The British expatriate and former army officer and the Canadians Devon McDiarmid and Derek Crowe are on their way north along the world's second largest ice sheet after Antarctica, aiming to cross it within 65 days. If they succeed they will have set a record for the longest unsupported Arctic expedition.
Given their present pace, Hayes is optimistic that they can reach the northern coast of Greenland within two weeks, despite the non-appearance of the katabatic winds at the Arctic Circle, which they had hoped would help them rack up the mileage during the third phase of their five-phase mission.
"We've had these slow south-easterly winds now for 10 or 11 days," Hayes told The National this weekend. "We haven't hit the expected strong stuff but we are still moving every day, good distances."
The team travelled 140km north, 160km in total, on Tuesday - their longest distance so far - on low to moderate winds thanks to a low-wind, 40m kite, and are now well on their way, having gained more than 200km north since reaching the halfway point on Monday.
"We've been trying to get a degree [111km] a day," Hayes explained on Thursday. "Smooth sailing is pretty much the word.
"Yesterday morning, it was such pleasant conditions, great snow and we were cruising along very gently."
This phase of the expedition - descending approximately 3,000m from the point where they crossed the Arctic Circle to the Henson Glacier, virtually at sea level, in the north - had so far been uneventful, he said with relief.
"It makes good reading and drama when things happen, but right now, at this phase of the expedition, we always thought this would be high mileage, smooth, the easiest part of the trip because you have these katabatic winds coming down from high plateaus, good snow, you're going downhill.
"The only thing we haven't had is the katabatic winds but, other than that, this is the no-drama part - or so we hope."
On reaching the north of the island, where the glacier descends to a fjord, the team will have to don backpacks, attach crampons to their boots to help them negotiate snow and ice, and hike down to the glacier to reach the sea.
This is unknown territory - very few people have ever been to the area - and so they have no idea how long it will take.
"We've got another nine degrees to go so I'm not going to predict when we will arrive north," Hayes said. "But even if we do a degree every day, which is optimistic, that is nine days and then we have got to find a route down to the sea, which could take a couple of days."
Despite being on the ice for more than a month the men are relatively injury-free, aside from a small amount of frost damage to Crowe's toes and some bruises from falls early on. Unfortunately, their supplies have taken some casualties - such as a split antacid tablet container that covered a medical bag with calcium carbonate, a ski pole piercing a 10-day supply of hot chocolate powder, and crackers that have been reduced to dust.
And the dubious effects of freeze-dried chilli con carne on the team's digestive systems have led to Hayes refusing to eat any more of it. "We are moving fast over bumpy ground," he said. "We've had some good, soft snow for some days but a lot of the days have been bumpy.
"Our knees first of all took a bashing a few weeks ago and the sleds take a bashing every day.
"Devon's ski pole pierced through his hot chocolate and went everywhere and Derek's sled tipped over four times. You've just got to pack things and protect things as best you can, but you know they're going to get a shaking."
loatway@thenational.ae
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'Midnights'
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The biog
Name: Shamsa Hassan Safar
Nationality: Emirati
Education: Degree in emergency medical services at Higher Colleges of Technology
Favourite book: Between two hearts- Arabic novels
Favourite music: Mohammed Abdu and modern Arabic songs
Favourite way to spend time off: Family visits and spending time with friends
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.”
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.