Sheikh Khalid bin Mohamed toured SeaWorld Abu Dhabi as construction work on the tourist attraction gathers pace.
The megaproject is now 40 per cent complete, with work set to be finished by the end of 2022.
It is the first SeaWorld leisure park to be built outside of the United States.
Sheikh Khalid, an Abu Dhabi Executive Council member and chairman of Abu Dhabi Executive Office, was told how the sprawling 183,000 square-metre venue will boast purpose-built habitats and ecosystems housing a variety of species.
Developer Miral have teamed up with SeaWorld Parks and Entertainment to deliver the latest addition to an impressive selection of entertainment spots at Yas Island, already featuring the crown jewels of Ferrari World, Yas Waterworld, Warner Bros World Abu Dhabi and the Yas Marina F1 track.
“This is yet another great new addition to Yas Island’s immersive attractions and experiences," said Mohamed Khalifa Al Mubarak, chairman of Miral.
"It will help further position the island as a top global destination and contribute to the growth of Abu Dhabi’s tourism vision.
"We are proud to have partnered with SeaWorld Parks and Entertainment on this incredible project, which brings more than 55 years of expertise in marine conservation and world class marine animal care to Yas Island.”
Once complete, SeaWorld Abu Dhabi will showcase six distinct realms which together aim to tell an immersive story of Earth's connection with its oceans.
Visitors will be able to explore one of the world's largest indoor aquariums and a whole host of interactive exhibits.
Scott Ross, chairman of SeaWorld Parks and Entertainment, said he was delighted to bring a key development to the Emirates.
“It’s a privilege to partner with Miral, a best-in-class organization, to build the first new SeaWorld Park in over 30 years and the first outside of North America," said Mr Ross.
"Yas Island is a visionary and transformational project and is already becoming a landmark destination for global travellers. We are thrilled SeaWorld will be a part of this special place, which will further expand our vitally important marine life research, rescue, conservation and education efforts in the region.”
The vast Yas Island facility will be home to the UAE's first dedicated marine research, rescue, rehabilitation and return centre.
The centre will serve as an advanced knowledge hub for researchers, scientists, and marine conservationists to better understand and protect the region’s marine life and ecosystem.
Its work will include include live studies into indigenous Gulf species such as dugongs and sea turtles.
SeaWorld Abu Dhabi is rapidly taking shape, with more than half of the required concrete poured, the heaviest 50-tonne steel column installed, and acrylic for the exhibits successfully fitted.
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Super Rugby play-offs
Quarter-finals
- Hurricanes 35, ACT 16
- Crusaders 17, Highlanders 0
- Lions 23, Sharks 21
- Chiefs 17, Stormers 11
Semi-finals
Saturday, July 29
- Crusaders v Chiefs, 12.35pm (UAE)
- Lions v Hurricanes, 4.30pm
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
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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.”
