A new study indicates that conditions on Mars nearly four billion years ago made life on the Red Planet more likely than previously thought.
The paper, published in Nature Geoscience on Monday, dispels the commonly held view that Mars was warm and wet, and once featured rivers, rainfall and oceans. It shows that a large number of the valley networks on the planet's surface were carved by water melting beneath glacial ice, not by free-flowing rivers as has previously been believed.
Researchers developed and used new techniques to examine more than 10,000 Martian valleys, using an algorithm to infer their underlying erosion processes.
Climate modelling predicts that Mars' ancient climate was much cooler
The paper’s lead author, Dr Anna Grau Galofre, former PhD student in the department of earth, ocean and atmospheric sciences at the University of British Columbia, said the findings of the study helped explain how the valleys would have formed 3.8 billion years ago on a planet that is farther from the sun than Earth, at a time when the sun’s heat was less intense.
"Climate modelling predicts that Mars' ancient climate was much cooler during the time of valley network formation," said Dr Grau Galofre.
The authors say that these environments would also have supported better survival conditions for possible ancient life on Mars. A sheet of ice would lend more protection and stability for underlying water, as well as providing shelter from solar radiation in the absence of a magnetic field - something that Mars once did have but which disappeared billions of years ago.
"For the last 40 years, since Mars's valleys were first discovered, the assumption was that rivers once flowed on Mars, eroding and originating all of these valleys," Dr Grau Galofre said.
"But there are hundreds of valleys on Mars, and they look very different from each other. If you look at Earth from a satellite, you see a lot of valleys: some of them made by rivers, some made by glaciers, some made by other processes, and each type has a distinctive shape. Mars is similar, in that valleys look very different from each other, suggesting that many processes were at play to carve them."
Co-author Mark Jellinek, professor in the University of British Columbia’s department of earth, ocean and atmospheric sciences, said the results provided the first evidence of extensive subglacial erosion driven by channelised meltwater drainage beneath an ancient ice sheet on Mars.
"The findings demonstrate that only a fraction of valley networks match patterns typical of surface water erosion, which is in marked contrast to the conventional view,” he said.
The scientists found “striking similarities” between many Martian valleys and those in the Canadian Arctic Archipelago after comparing their subglacial channels.
"Devon Island [in Canada] is one of the best analogues we have for Mars here on Earth - it is a cold, dry, polar desert, and the glaciation is largely cold-based," another co-author, Gordon Osinski, professor in Western University's department of earth sciences and Institute for Earth and Space Exploration, said.
Although the research is focused on Mars, scientists believe that the same techniques can be applied to uncover more about the early history of our own planet.
"Currently, we can reconstruct rigorously the history of global glaciation on Earth going back about a million to five million years," says Prof Jellinek. "Anna's work will enable us to explore the advance and retreat of ice sheets back to at least 35 million years ago - to the beginnings of Antarctica, or earlier - back in time well before the age of our oldest ice cores.”
The UAE made history on July 20, after it launched its first mission to Mars in efforts to study the dynamic weather conditions of the planet.
The team behind the project was invited to the palace and were honoured by Sheikh Mohamed and Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.
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.”
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