DUBAI// Drones that can fly and travel under water, as well as support rescue efforts, are among the finalists of this year’s UAE Drones for Good competition.
In the national category of the semi-finals at the Dubai Internet City on Thursday, Buildrone’s construction and repair aerial robot drone, ReefRover’s drone for studying underwater ecosystems, and FlyLab’s drone for the education sector advanced into the finals.
The creators of FlyLab’s drone are Ibrahim and Mohammed El Badawi. The siblings built the machine with off-the-shelf parts to help students gain knowledge about the environment and support classroom learning.
“During our display, we used the drone to measure the atmosphere by taking various readings,” said Ibrahim. “But the great thing is that this technology can be used in a whole range of subjects like physics, art and other sciences.”
The ReefRover team’s drone was designed to aid marine research, while Buildrone impressed the judges with their machine that can detect damage to pipelines and conduct repairs.
The eventual winner will take home Dh1 million.
Saif Al Aleeli, the competition’s coordinator general, said innovation was key to building the future and using technology in the service of humanity.
“The drones sector is certainly in its early stages but we are confident it will evolve as a major contributor to the world economy.” said Mr Al Aleeli, who is also the chief executive of the Dubai Museum of the Future Foundation.
In the international category, which carries a top prize of US$1 million (Dh3.67m), 19 teams from around the world on Thursday competed amid the buzz of rotor blades in the air.
Loon Copter’s multi-rotor drone from America, 4Front Robotics’ USAR Robot drone from Canada, and SenseLab’s SaveME drone from Greece advanced into the finals.
Oakland University’s Loon Copter drone was the most unique of its rivals, thanks to its ability to fly and travel under water like a submarine.
“We believe it’s the world’s first flying and swimming drone and we’ve already had interest from law enforcement about the concept,” said Osamah Rawashdeh, the team leader and an associate professor of electrical and computer engineering at the university.
Besides surveying pipelines, the drone can also assist in search-and-rescue missions.
SenseLab’s project transforms a smartphone into a little drone to support people in emergency situations, particularly those who are trapped, lost or wounded.
Its rival, 4Front Robotics’s drone, is able to fly and navigate in highly confined spaces, and provide high resolution data in a matter of hours.
The finals will take place on Saturday.
nhanif@thenational.ae
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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.”
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
