Memorials planned for American pilots killed in Al Ain



ABU DHABI //Funerals and memorials for the four American pilots who died in a plane crash in Al Ain last week will be held this weekend in the United States.

The four men were killed instantly when their vintage seaplane crashed onto the taxiway shortly after take-off from Al Ain International Airport on February 27. The plane, a rare McKinnon G21G turboprop plane owned by Texas-based Triple S Aviation, was to take the men to Saudi Arabia for the first leg of a trip that would have taken them to North Africa, South America and the US.

A funeral and memorial service for Joshua Hucklebridge, 28, the international project manager for Triple S, will be held in Texas today. The family asks that donations in lieu of flowers be sent to Trinity Christian Academy, Mr Hucklebridge's high school alma mater. The funds will be designated for the Joshua Hucklebridge Memorial Scholarship Fund.

Landon Studer, 28, the owner and founder of Triple S, will be honoured at a Saturday service in Texas. A military service will follow on Sunday. In lieu of flowers, the family asks that donations be sent to the Landon Gabriel Studer Foundation for Aviation Heritage and Education in Addison, Texas.

In a statement posted on the Triple S website, the company said it would continue operations, including at its Dubai-based branch.

"In memorial to Landon and Joshua, The Triple S Aviation family, in partnership with the Studer family, will continue to operate and conduct business as our lost colleagues envisioned it," the statement reads. "Triple S Aviation is open for business as it continues that passion for aviation ingrained within our founder."

A combined memorial service for Chuck Kimes, 61, and Tyler Orsow, 25, will be held in California on Sunday. The families of Mr Kimes and Mr Orsow ask that donations be sent to the Vegas Skate Outreach Program, a group that allows at-risk youth to give back to their community by donating lunches to the homeless. The group was started by Mr Kimes's business partner and friend, Ray Wolfe.

"Tyler touched so many people's lives and so many have fond memories to share," wrote Mr Orsow's mother, Terry Campbell, on a memorial website for the two pilots. "I was truly blessed to have such an incredible son and to have had the close relationship we shared. I know that life will never be the same without him."

A preliminary report on the crash is expected within the next week, a General Civil Aviation Authority spokeswoman said yesterday. Emirati and US authorities are working together on the investigation.

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.”

Cryopreservation: A timeline
  1. Keyhole surgery under general anaesthetic
  2. Ovarian tissue surgically removed
  3. Tissue processed in a high-tech facility
  4. Tissue re-implanted at a time of the patient’s choosing
  5. Full hormone production regained within 4-6 months
Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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PROFILE OF INVYGO

Started: 2018

Founders: Eslam Hussein and Pulkit Ganjoo

Based: Dubai

Sector: Transport

Size: 9 employees

Investment: $1,275,000

Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri

SUZUME
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MATCH INFO

Kolkata Knight Riders 245/6 (20 ovs)
Kings XI Punjab 214/8 (20 ovs)

Kolkata won by 31 runs

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Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now