Captain Roald Amundsen, the legendary polar explorer, during a visit to Paris, on June 16 1928, two days before his crash.
Captain Roald Amundsen, the legendary polar explorer, during a visit to Paris, on June 16 1928, two days before his crash.
Captain Roald Amundsen, the legendary polar explorer, during a visit to Paris, on June 16 1928, two days before his crash.
Captain Roald Amundsen, the legendary polar explorer, during a visit to Paris, on June 16 1928, two days before his crash.

Search for legendary explorer's plane


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LONDON // An underwater search will begin later this month for the wreck of the plane in which Roald Amundsen, the legendary polar explorer, lost his life. The French-built Latham seaplane crashed into the Arctic Ocean in 1928 as Amundsen ? the first man to reach the South Pole and the first known person to traverse the Northwest Passage ? joined an international search for another missing polar explorer. Two ships and a newly modified, unmanned submarine, the Hugin 1000, will be used to scan 114 square kilometres of seabed in the search for the plane.

"If there is something down there, we will find it," said Commander Frode Loeseth of the Royal Norwegian Navy. "The Hugin is a state-of-the art submarine and can search for 18 hours a day. "We want to find the plane and help solve the mystery. This will be conducted as a military operation." All previous attempts to find the plane ? the last, five years ago ? have failed, but searchers believe that the advanced sonar technology available on the Hugin now offers a good chance of success.

How much remains of the plane, which is believed to have gone down north-west of Bear Island in the Svalbard archipelago, is doubtful, however. The Latham 47 was built primarily of wood on a steel frame. One float and part of a wing was recovered shortly after the crash 81 years ago and the search team now hopes that major components, such as the engines, might still be visible on the ocean floor, with other parts of the aircraft preserved in the silt below.

Amundsen was 55 when, on June 18, 1928, he boarded the seaplane at Tromsø to join an international search for Umberto Nobile, an Italian explorer whose airship had crashed in the Arctic Circle during a storm. In the event, Nobile was rescued by the crew of a Swedish seaplane. Neither Amundsen's body nor those of the five other people aboard the French plane were ever recovered. Nobody is certain where or why Amundsen's plane crashed. "It is one of the remaining unsolved mysteries in our time," the Royal Norwegian Navy said in a statement.

The latest search, which has the backing of Amundsen's family, is being organised by the Norwegian Aviation Museum, a German TV company, the Norwegian maritime technology company Maritime Kongsberg and the navy. One of the navy ships being used in the search is the minesweeper Tyr, which has already led successful searches for several vessels, including the German World War II light battleship Scharnhorst in 2000 and the British destroyer HMS Hunter in 2008.

The Hugin submersible is operated from the Tyr and will concentrate during the search for Amundsen's plane on an area of seabed in the Barents Sea about 400 metres deep. "On Hugin, there is a sonar device with resolution of five centimetres," Bjørn Jalving, who designed the robot for Maritime Kongsberg, told Der Spiegel magazine. "If the aeroplane is lying somewhere in the area that we will be exploring, we will find it."

dsapsted@thenational.ae

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The biog

Most memorable achievement: Leading my first city-wide charity campaign in Toronto holds a special place in my heart. It was for Amnesty International’s Stop Violence Against Women program and showed me the power of how communities can come together in the smallest ways to have such wide impact.

Favourite film: Childhood favourite would be Disney’s Jungle Book and classic favourite Gone With The Wind.

Favourite book: To Kill A Mockingbird for a timeless story on justice and courage and Harry Potters for my love of all things magical.

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In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

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Starring: Bruce Willis, Toni Collette, Hayley Joel Osment

Director: M. Night Shyamalan

Rating: 5/5

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.”

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

THE SPECS

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Engine: 5.0-litre supercharged V8

Transmission: six-speed manual

Power: 518bhp

Torque: 625Nm

Speed: 0-100kmh 5.3 seconds

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UAE tour of Zimbabwe

All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I