Solar Impulse 2 after landing at Tulsa, Oklahoma, on its round-the-world flight. Reuters
Solar Impulse 2 after landing at Tulsa, Oklahoma, on its round-the-world flight. Reuters
Solar Impulse 2 after landing at Tulsa, Oklahoma, on its round-the-world flight. Reuters
Solar Impulse 2 after landing at Tulsa, Oklahoma, on its round-the-world flight. Reuters

Solar plane landing in former ‘oil capital of the world’ was no coincidence, says Emirati team member


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Using the power of the Sun to cross the United States is not as easy as one might think.

Finding a clear path through the skies can be challenging, with seasonal changes and whirling tornadoes disrupting potential routes. Solar Impulse 2 depends heavily on weather patterns, making the task of mapping a route often taxing.

A talented group of meteorologists and engineers in our Mission Control Centre in Monaco relentlessly study weather forecasts and evaluate the conditions that the aircraft can withstand. They are the guardians of the pilots during flights, ensuring a clear path to our next destination.

After staying in Phoenix for more than one week, we decided to fly to Tulsa rather than Kansas City because it provided a clear flight path.

Authorities at Tulsa International Airport were cooperative in accommodating the plane. Our team and pilots are thankful for their kind hospitality and assistance in enabling this last-minute change.

Changes are inevitable when you are working in aviation. Crossing the Pacific Ocean, I was already prepared for the rapid rate with which routes change. One thing this team has in common is being dynamic and spontaneous – it must be in our DNA.

Was Tulsa a coincidental stop? Maybe.

The second largest city in Oklahoma, Tulsa was once hailed “the Oil Capital of the World” . Since its establishment in 1917, the energy sector dominated the city’s economy for decades. However, after the economic downturn in the 1980s, Tulsa developed a diversification strategy to build a sustainable economy. It successfully expanded into major industries such as aerospace, finance, technology, telecommunications and manufacturing.

Today, the aerospace industry is the city’s largest employer. American Airlines maintenance base is at Tulsa International Airport and 60 per cent of the state’s export production comes from Tulsa. Tulsa’s current motto is “A New Kind of Energy”.

Does this sound familiar? Absolutely.

I would like to thank the UAE Counsul General in Los Angeles, Abdulla Alsaboosi, for attending the take-off from Phoenix, representing Abu Dhabi and Masdar’s support for this historic project. I would also like to thank Marie Helene and Dalal Chamas, consulate staff who helped to coordinate engagement activities.

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Hasan Al Redaini works for Mubadala. He is travelling with the Solar Impulse team on their round-the-world flight attempt to assist in lectures and demonstrations.

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.”

Results

4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m; Winner: MM Al Balqaa, Bernardo Pinheiro (jockey), Qaiss Aboud (trainer)

5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m; Winner: AF Rasam, Tadhg O’Shea, Ernst Oertel

5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel

6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m; Winner: Mujeeb, Richard Mullen, Salem Al Ketbi

6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m; Winner: Jawal Al Reef, Antonio Fresu, Abubakar Daud

7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m; Winner: Ashton Tourettes, Pat Dobbs, Ibrahim Aseel

7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m; Winner: Nibraas, Richard Mullen, Nicholas Bachalard

SPECS
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The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Awar Qalb

Director: Jamal Salem

Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman

Two stars

Best Foreign Language Film nominees

Capernaum (Lebanon)

Cold War (Poland)

Never Look Away (Germany)

Roma (Mexico)

Shoplifters (Japan)