Solar Impulse 2 prepares to land in Seville in Spain after completing a three-day flight across the Atlantic in the latest leg of its globe-circling voyage. Jean Revillard / Solar Impulse 2 via AP
Solar Impulse 2 prepares to land in Seville in Spain after completing a three-day flight across the Atlantic in the latest leg of its globe-circling voyage. Jean Revillard / Solar Impulse 2 via AP
Solar Impulse 2 prepares to land in Seville in Spain after completing a three-day flight across the Atlantic in the latest leg of its globe-circling voyage. Jean Revillard / Solar Impulse 2 via AP
Solar Impulse 2 prepares to land in Seville in Spain after completing a three-day flight across the Atlantic in the latest leg of its globe-circling voyage. Jean Revillard / Solar Impulse 2 via AP

Solar Impulse 2 has Abu Dhabi in its sights as it nears end of historic journey


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After touching down in Spain on Thursday, the team behind Solar Impulse 2 moved one step closer to their goal of realising the first round-the-world voyage by an aircraft without fossil fuel.

ABU DHABI // After 71 hours inside a 3.8-cubic-metre cockpit as Solar Impulse 2 crossed the Atlantic in record-breaking fashion, pilot Bertrand Piccard touched down in Spain to take the fuel-free plane a step closer to completing its round-the-world mission.

SI2 is now two flights away from returning to Abu Dhabi, where it set off in March last year, after completing what is the first crossing of the Atlantic by an aircraft without fuel.

The solar-powered plane landed in Seville on Thursday morning and will set off again in the coming weeks as it attempts to circumnavigate the globe without the use of fossil fuel – something that has never been done before.

The plane began its Atlantic crossing in New York on Monday, completing the 6,765-kilometre flight in 71 hours and eight minutes – just short of three full days of flying for Mr Piccard.

Originally expected to take 90 hours, the flight time was educed by more than 20 per cent after receiving some help from favourable winds, a Solar Impulse 2 official said.

“It’s so fantastic,” Mr Piccard said from the cockpit as the plane sat on the tarmac. “I’m back in Europe.”

He later tweeted: “We want to represent the new world, the world of #cleantechs. Because the #futureisclean & it starts now.”

Conditions at Seville airport were described as perfect, setting up a picturesque scene for the arrival of the aircraft, which landed just as the Sun began rising over the southern Spanish city.

Before landing, Mr Piccard was greeted with a fly-past by the Spanish aerobatic team, Patrulla Aguila, which translates to Eagle Patrol, where they painted the sky with the colours of the Spanish flag.

“It’s the first time I have taken in an air show from Solar Impulse,” said Mr Piccard from the cockpit.

The plane encountered no technical issues during the crossing, its mission director said.

“The end of the crossing of the #Atlantic is a very important moment,” tweeted fellow Solar Impulse 2 pilot Andre Borschberg from mission control in Monaco.

Mr Borschberg himself made a historic crossing last year, of the Pacific Ocean, breaking the previous record for the longest uninterrupted journey in aviation history. He flew for 117 hours and 52 minutes, covering 8,924km. Together, both pilots have been taking turns manning the controls of the plane.

Solar Impulse 2 spokeswoman Julie Conti said officials would now begin searching for a suitable flight window for the next stage of its 35,400km circumnavigation, which is likely to happen within the next few weeks. But the next destination has yet to be decided.

She said that they were looking at the Greek island of Crete or Egypt as potential stopover points before the plane takes off again for Abu Dhabi.

“We still don’t know exactly which one. With Solar Impulse it always depends on the weather and that’s really what drives the plan,” she said.

“As soon as we can catch a good weather window we will leave to make it as short as possible to arrive in Abu Dhabi.

“It’s really difficult to say when we will be able to fly and when we will be able to land.”

Solar Impulse 2 is now looking at a possibility of arriving back in Abu Dhabi by the end of next month, Ms Conti said.

“It’s a big step for renewable energy and the message we want to spread that it can rule the world.”

esamoglou@thenational.ae

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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David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

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SPAIN SQUAD

Goalkeepers Simon (Athletic Bilbao), De Gea (Manchester United), Sanchez (Brighton)

Defenders Gaya (Valencia), Alba (Barcelona), P Torres (Villarreal), Laporte (Manchester City), Garcia (Manchester City), D Llorente (Leeds), Azpilicueta (Chelsea)

Midfielders Busquets (Barcelona), Rodri (Manchester City), Pedri (Barcelona), Thiago (Liverpool), Koke (Atletico Madrid), Ruiz (Napoli), M Llorente (Atletico Madrid)

Forwards: Olmo (RB Leipzig), Oyarzabal (Real Sociedad), Morata (Juventus), Moreno (Villarreal), F Torres (Manchester City), Traore (Wolves), Sarabia (PSG)