Hundreds of mullet killed by red tide in Texas. Divers say they have seen a red tide in the waters off Fujairah.
Hundreds of mullet killed by red tide in Texas. Divers say they have seen a red tide in the waters off Fujairah.
Hundreds of mullet killed by red tide in Texas. Divers say they have seen a red tide in the waters off Fujairah.
Hundreds of mullet killed by red tide in Texas. Divers say they have seen a red tide in the waters off Fujairah.

Algae suspected in mass fish deaths


  • English
  • Arabic

FUJAIRAH // Tests are to be carried out on 50 fish that washed ashore on a Dibba beach believed to have been killed by a red tide. Eng al Yamahy, the director of Dibba Municipality, said samples from the fish, the latest to turn up dead in the area, had already been sent to a laboratory for tests. "We will be looking for toxic materials inside the fish," said Mr Yamahy, adding that an offshore algal bloom that has been lingering off the coast for almost two months was suspected of causing their deaths.

Red tides are algal blooms caused by the rapid growth of phytoplankton. Such blooms reduce the amount of oxygen in the water and can kill fish. Certain types of algae can also produce dangerous toxins. They occur under certain conditions, such as when large amounts of sunlight combine with increased nutrients from effluent. So far, it is not clear whether the bloom is a public health threat. Divers have been noting its effects on the marine environment, with the murky water moving along parts of the emirate's east coast and the Oman-part of the Mussandam Peninsula.

"The last three times I dived, there was a red tide. It has been there at least six weeks," said Barbara Lang-Lenton, a marine biologist and scuba instructor. "The water was completely red. We had to get down three metres before it got clearer." Ibrahim al Zu'ubi, an adviser to the Emirates Diving Association, said he saw the bloom on Friday: "I was on top of the mountain and the whole sea below was red."

During a bloom, each algal cell may replicate itself a million times in a matter of weeks. There are 20 species of algae that cause blooms and out of these species, nine are toxic, representing a concern for swimmers and for those who eat seafood. The number and variety of algal species on the emirate's waters has not been as extensively documented. Mr Yamahy could not say when the test results would be available.

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The lowdown

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Director: Bryan Singer

Starring: Rami Malek, Lucy Boynton, Gwilym Lee

Rating: 3/5

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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.”

Kanye%20West
%3Cp%3EYe%20%E2%80%94%20the%20rapper%20formerly%20known%20as%20Kanye%20West%20%E2%80%94%20has%20seen%20his%20net%20worth%20fall%20to%20%24400%20million%20in%20recent%20weeks.%20That%E2%80%99s%20a%20precipitous%20drop%20from%20Bloomberg%E2%80%99s%20estimates%20of%20%246.8%20billion%20at%20the%20end%20of%202021.%3Cbr%3EYe%E2%80%99s%20wealth%20plunged%20after%20business%20partners%2C%20including%20Adidas%2C%20severed%20ties%20with%20him%20on%20the%20back%20of%20anti-Semitic%20remarks%20earlier%20this%20year.%3Cbr%3EWest%E2%80%99s%20present%20net%20worth%20derives%20from%20cash%2C%20his%20music%2C%20real%20estate%20and%20a%20stake%20in%20former%20wife%20Kim%20Kardashian%E2%80%99s%20shapewear%20firm%2C%20Skims.%3C%2Fp%3E%0A
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The biog

Name: Mariam Ketait

Emirate: Dubai

Hobbies: I enjoy travelling, experiencing new things, painting, reading, flying, and the French language

Favourite quote: "Be the change you wish to see" - unknown

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