A close encounter with a giant of the deep was experienced by divers who came face-to-face with a five-metre whale shark near Abu Dhabi.
American defence contractor Darrell Seale was about to return home when his friends spotted a large shadow underneath the dive boat.
Whale sharks can grow to 10 metres, are slow moving filter-feeders and are becoming more commonly seen in UAE waters.
Despite that, they are considered endangered by the International Union for Conservation of Nature due to overfishing and habitat disruption.
Although harmless to humans and preferring to feed on plankton, the sighting was a big surprise for the team of divers.
“I was waiting to get on to the boat when I could see this huge shark swimming directly below me,” said Mr Seale, 51.
Although exact numbers are unknown marine experts estimate about 7,000 of the species remain, according to a database of sightings.
“Whale sharks are always a big draw,” said Mr Seale. “It was our second dive of the day and around noon.
“Two other divers were already back on the boat so I was the only one left in the water.
“The visibility was pretty good but seeing the whale shark so close was a complete surprise.
“I have seen them a number of times elsewhere in the world so I recognised it immediately.”
Mr Seale recorded a video of his interaction that lasted about 20 minutes. He estimated the sea creature to be about the same size as their dive boat.
“A whale shark is one of the biggest things you will see in the water,” said Mr Seale, who dives about twice a month in either Abu Dhabi or off the coast of Fujairah.
“Seeing something that massive but so gentle was a real thrill.
“It seemed to enjoy being around us and interacting.
“It would come up to the surface and then dive back down again, then swim away from the boat and turn around.
“All we will remember about the dive was seeing the shark, it was an absolutely amazing experience.”
It is not the first whale shark sighting off the UAE coast this year.
In March, divers in Fujairah filmed a similar five-metre whale shark as it circled their boat.
Other juveniles have been seen entering marinas in Dubai.
The familiar spotted colouring on their back makes them easier to distinguish between other sharks commonly found in the Arabian Gulf and Sea of Oman.
Regular divers said marine life has become more plentiful since restrictions on boats and tourist activities were enforced to limit the spread of Covid-19.
A glut of rays, larger fish, turtles, reef sharks and pods of dolphins have been reported along the coastline in recent weeks.
Ahmed Basiso, a Palestinian diving instructor and owner of the Ocean Dive Centre in Abu Dhabi, said sharks are becoming more common.
“We don’t see whale sharks very often in Abu Dhabi so this sighting was particularly unusual,” he said.
“This kind of interaction, with the shark coming so close again and again, is very rare.
“There have been very few boats out in recent months and certain fishing nets and cages have been restricted, so that has helped marine life flourish.”
Mr Basiso said sightings of bull sharks near Abu Dhabi have also become more frequent.
One dive spot thought to be home to about five adults is a 25-metre deep island estuary called “the hole”.
“We would never usually expect to see bull sharks here,” said Mr Basiso, 41, who has been diving in the capital for 20 years.
“The ones we have seen are up to two metres in length and are usually seen around June. Much more care is needed with this kind of shark.
“They can swim in warm seas and also fresh water, so they are very adaptable.
“We have also seen a lot more dugongs than in previous years, it is a good sign that marine life is recovering.”
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A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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Multitasking pays off for money goals
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
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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.”
