A hammerhead shark swims close to Wolf Island at Galapagos Marine Reserve August 19, 2013. Picture taken August 19, 2013.  REUTERS/Jorge Silva (ECUADOR - Tags: ENVIRONMENT SOCIETY ANIMALS TRAVEL) - GM1E99316A201
Hammerhead shark. Reuters

Fishermen still catching sharks, despite breeding season ban



Sharks are still being caught and traded offshore despite a seasonal ban, say fishermen on the east coast.

The Ministry of Climate Change and Environment bans the fishing of all sharks and rays during the main breeding season between February 1 and June 30. But fishermen say that sharks accidently caught during the season are being sold for high prices.

“It’s well known that selling sharks makes money and when a fisherman accidentally catches a small shark or other banned species he either throws it back in the water, keeps it for dinner, or sells it to other fishermen outside the country,” said Ahmad Darwesh, a fisherman from Kalba.

A four-year action plan to save sharks from the brink of extinction was released by the Ministry of Climate Change and Environment on Monday.

The UAE has 153 chondrichthyans, a class of cartilaginous fish that includes sharks, rays, skates, sawfish and chimaeras. Of these, 78 species are considered threatened in the Arabian Sea region.

The UAE Shark Assessment Report, released by the Ministry on Monday, states three species have not been recorded in the region for at least three decades and are possibly extinct here. Of the remainder, nearly one in 10 are classified as critically endangered, one in five are endangered and one in five are vulnerable. For 29 species there was simply not enough data to assess their risk of extinction.

The National Plan of Action for the Conservation and Management of Sharks 2018-2021 outlines a detailed strategy to raise public awareness about the importance of shark conservation for the marine ecosystem and enhance research on local shark populations.

Mr Darwesh said: "We respect the authorities' decisions and laws and hope they will share their concerns with us in order to come up with solutions together in a way that would not affect our profession."

Government legislation, however, has not stopped fishermen from catching and trading these keystone species.

“It really depends on the fisherman, how he thinks and if he really cares about the marine life and the country’s regulations because it’s very difficult to catch or monitor fishermen who break the rules in order to make more money,” Mr Darwesh said.

Fishermen on the east coast hide the banned catch and sell it to Omani markets, he said.

“They hide it under the allowed catch and then they either sell it to Omani fishermen or take it home. We all should respect the law and care about the marine life because it’s our source of income and our ancestors’ profession.”

Fishermen evade detection by selling sharks at sea.

“It’s not a common act but it can happen,” said Rashid Al Yamahi, a fisherman from Kalba. “Our fishing nets might accidentally catch a banned fish or a small shark. For me, I put it back in the water even if it is dead because I don’t want to be fined for illegal fishing.”

Small shark sell for Dh100 to Dh700, depending on size and weight.

“It’s tempting for some but most of us stick to the rules and care about the environment and the endangered species,” said Mr Al Yamahi said.

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Read More:

UAE biodiversity action plan to save sharks from brink of extinction

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Sharks become victim of most deadly predator in the Gulf

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Exporting any shark caught in the UAE's territorial waters is banned, although import is permitted, providing the ministry's requirements are met.

Catches of sharks in the UAE averaged between 1,300 and 1,950 metric tonnes per year between 1986 to 1999, according to reports at the Food and Agriculture Organisation of the United Nations. Since 2012, they have declined to less than 500 metric tonnes per year, despite shark fisheries increasing their range and size in the past 10 years.

 Sharks keep ecosystems healthy and prevent the spread of disease by scavenging on the sea floor and keep the fish population healthy by eating old, sick and slower fish.

The years Ramadan fell in May

1987

1954

1921

1888

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

The specs: 2019 Subaru Forester

Price, base: Dh105,900 (Premium); Dh115,900 (Sport)

Engine: 2.5-litre four-cylinder

Transmission: Continuously variable transmission

Power: 182hp @ 5,800rpm

Torque: 239Nm @ 4,400rpm

Fuel economy, combined: 8.1L / 100km (estimated)

The specs: 2019 Audi A7 Sportback

Price, base: Dh315,000

Engine: 3.0-litre V6

Transmission: Seven-speed automatic

Power: 335hp @ 5,000rpm

Torque: 500Nm @ 1,370rpm

Fuel economy 5.9L / 100km

Barings Bank

Barings, one of Britain’s oldest investment banks, was
founded in 1762 and operated for 233 years before it went bust after a trading
scandal.

Barings Bank collapsed in February 1995 following colossal
losses caused by rogue trader Nick Lesson.

Leeson gambled more than $1 billion in speculative trades,
wiping out the venerable merchant bank’s cash reserves.

SPECS

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UAE currency: the story behind the money in your pockets
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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.”

Sheikh Zayed's poem

When it is unveiled at Abu Dhabi Art, the Standing Tall exhibition will appear as an interplay of poetry and art. The 100 scarves are 100 fragments surrounding five, figurative, female sculptures, and both sculptures and scarves are hand-embroidered by a group of refugee women artisans, who used the Palestinian cross-stitch embroidery art of tatreez. Fragments of Sheikh Zayed’s poem Your Love is Ruling My Heart, written in Arabic as a love poem to his nation, are embroidered onto both the sculptures and the scarves. Here is the English translation.

Your love is ruling over my heart

Your love is ruling over my heart, even a mountain can’t bear all of it

Woe for my heart of such a love, if it befell it and made it its home

You came on me like a gleaming sun, you are the cure for my soul of its sickness

Be lenient on me, oh tender one, and have mercy on who because of you is in ruins

You are like the Ajeed Al-reem [leader of the gazelle herd] for my country, the source of all of its knowledge

You waddle even when you stand still, with feet white like the blooming of the dates of the palm

Oh, who wishes to deprive me of sleep, the night has ended and I still have not seen you

You are the cure for my sickness and my support, you dried my throat up let me go and damp it

Help me, oh children of mine, for in his love my life will pass me by. 


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