DUBAI// As the lights went out at some of country’s most iconic buildings, hundreds of people lit candles to mark Earth Hour.
In Dubai, as the clock struck 8.30pm, the bright lights of the Burj Khalifa, Souk Al Bahar and Dubai Mall joined numerous Dubai Government buildings to raise awareness of energy conservation.
In the build-up to the event yesterday, Dubai Electricity and Water Authority (Dewa) organised activities for families and visitors at Bay Avenue Park in Business Bay.
The event was organised by Emirates Wildlife Society in cooperation with the World Wide Fund for Nature and Masat Property Management.
From 5pm, hundreds of people of all ages enjoyed street entertainers, face painting, clowns and souvenirs.
“It’s a really good way of raising awareness on the issue of conserving energy,” said Rakesh Patel, from India. “But to make more of an impact I think the wider society should be educated about the importance of not being wasteful.
“Far too many people here, I think, they fall into the habit of leaving air conditioning on all day or their appliances switched on when not in use.”
Thomas Schmidt from Germany said it was vital that the environment be protected for future generations.
“We rely too much on technology and that takes a lot of energy to maintain,” he said. “Earth Hour is a start but I think it should be done more often. Maybe two or three times a year.
“That way the message will really get through to people. The more you make it a normal part of people’s lives, the more they will take it on board.”
As part of Earth Hour celebrations, Dewa also displayed what, at 7 metres, is the world’s largest infinity mirror.
It is a set of mirrors that reflect an image back in a series of smaller reflections that recede into an infinite distance.
The Earth Hour switch-off took place from 8.30pm, with tourist attractions, government and private buildings joining residents across Dubai in turning off their lights and non-essential electric appliances.
A special walkathon started at the same time, with those taking part holding candles and lanterns.
Abu Dhabi and Al Ain also darkened as residents made an effort to shine a light on energy conservation and environmental protection. Some of the capital’s most prominent properties participated in the international campaign by staging educational events and cutting out non-essential lights for one hour.
The Abu Dhabi Distribution Company joined up with Aldar Properties to offer educational and entertaining activities at WTC Mall, Al Raha Beach and Yas Mall. The events ended with the annual hour of darkness beginning at 8:30pm.
“We are always pleased to see our communities coming together and that the events we organise work well for all family members,” said Talal Al Dhiyebi, chief development officer at Aldar Properties.
“Earth Hour 2015 was a fun and interactive way of bringing together the people of Abu Dhabi at Aldar communities to celebrate such an important initiative Aldar is committed to working towards a more sustainable future for residents and visitors and was pleased to lead the way in inspiring individuals to play their own role.”
Lights were also dimmed at four commercial towers on Al Maryah Island, the Abu Dhabi Global Market Building and The Galleria mall as a symbolic show of support for the Earth Hour movement.
In Al Ain, the Abu Dhabi Festival in partnership with the Emirates Wildlife Society-World Wide Fund for Nature, held a number of educational workshops at the Hili Fun City. Children were invited to take part in a series of activities focused on climate change.
Visitors to the Al Ain Zoo were offered free admittance from 7pm to 8:30pm and invited to take part in a night, torch-lit walk, peer at the night sky through a telescope or enjoy live classical music performed near the African exhibit.
nhanif@thenational.ae
* With additional reporting by Roberta Pennington
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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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Thanksgiving meals to try
World Cut Steakhouse, Habtoor Palace Hotel, Dubai. On Thursday evening, head chef Diego Solis will be serving a high-end sounding four-course meal that features chestnut veloute with smoked duck breast, turkey roulade accompanied by winter vegetables and foie gras and pecan pie, cranberry compote and popcorn ice cream.
Jones the Grocer, various locations across the UAE. Jones’s take-home holiday menu delivers on the favourites: whole roast turkeys, an array of accompaniments (duck fat roast potatoes, sausages wrapped in beef bacon, honey-glazed parsnips and carrots) and more, as well as festive food platters, canapes and both apple and pumpkin pies.
Ruth’s Chris Steakhouse, The Address Hotel, Dubai. This New Orleans-style restaurant is keen to take the stress out of entertaining, so until December 25 you can order a full seasonal meal from its Takeaway Turkey Feast menu, which features turkey, homemade gravy and a selection of sides – think green beans with almond flakes, roasted Brussels sprouts, sweet potato casserole and bread stuffing – to pick up and eat at home.
The Mattar Farm Kitchen, Dubai. From now until Christmas, Hattem Mattar and his team will be producing game- changing smoked turkeys that you can enjoy at home over the festive period.
Nolu’s, The Galleria Mall, Maryah Island Abu Dhabi. With much of the menu focused on a California inspired “farm to table” approach (with Afghani influence), it only seems right that Nolu’s will be serving their take on the Thanksgiving spread, with a brunch at the Downtown location from 12pm to 4pm on Friday.