Kohl Christensen rides a wave during the first round of the Quiksilver in Memory of Eddie Aikau big wave surfing competition on Tuesday in Waimea, Hawaii.
Kohl Christensen rides a wave during the first round of the Quiksilver in Memory of Eddie Aikau big wave surfing competition on Tuesday in Waimea, Hawaii.
Kohl Christensen rides a wave during the first round of the Quiksilver in Memory of Eddie Aikau big wave surfing competition on Tuesday in Waimea, Hawaii.
Kohl Christensen rides a wave during the first round of the Quiksilver in Memory of Eddie Aikau big wave surfing competition on Tuesday in Waimea, Hawaii.

To boldly go for it ...


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An American student was sentenced to 26 years in jail after being found guilty of killing her British roommate two years ago. Amanda Knox, who the media nicknamed "Foxy Knoxy", was said to have plunged a knife into Meredith Kercher's neck after she refused to take part in a sex game with Knox and her boyfriend, Raffaele Sollecito. Sollecito was also convicted and sentenced to 25 years. The eight-month trial in the Italian town of Perugia, where both women had taken a year out to study Italian, captivated the media on both sides of the Atlantic. A diplomatic row flared when a US senator questioned Italian court procedures.

A fire tore through a packed nightclub in the Russian city of Perm, killing 131 people, many of whom were trampled in a stampede towards the club's sole exit. The blaze started after an indoor fireworks display set alight the club's plastic and wooden ceiling. A further 100 people remain in critical condition, some with burns to 50 per cent of their bodies. Five people have been arrested, including the club's owner and two managers, on charges of manslaughter. The Russian prime minister, Vladimir Putin, has demanded an immediate safety check of clubs and bars.

Nasa, the US space agency, has struck a deal with a UAE foundation to train Emirati students in aeronautics at its research centre in California. Under the deal, the Arab Youth Venture Foundation, a non-profit organisation promoting science, technology, literacy and the arts, will send up to 12 students a year to work alongside Nasa teams running space missions.

The Philippine president, Gloria Macapagal Arroyo, declared martial law in a southern province after a politically motivated massacre last month. Mrs Arroyo placed Maguindanao province under military rule for two months to quell what she said was a possible rebellion by members of a clan who were accused of killing 57 people. Most of the dead were journalists who had turned out to watch a member of a rival clan submit his nomination for the governorship. Mrs Arroyo has been accused of using the law to try to extend her hold on power.

Facebook, the social networking website, does more than simply bring long-lost friends together. A lame donkey abandoned in mountains by the Dead Sea in Jordan was rescued after the woman who saw it was able to contact an animal welfare group via Facebook. It took the aid group, Safa, three days to find the animal after being told it was dark grey with a limp. Safa said the donkey was recuperating and, if fit enough to work, would be donated to a family who had lost their own animal.

A law was brought in to protect the UAE's national emblem - a golden falcon with the national flag on its chest - and prevent its use for commercial gain or on souvenirs. Those found misusing the crest face up to a year in jail and a fine of Dh100,000 (US$27,000). Etihad, the national airline, however, need not apply for prior approval.

Nakheel was forced to issue a statement saying that its flagship Palm Jumeirah development was not sinking into the Arabian Gulf. Reports in the international media had suggested the Palm, built on reclaimed land, was sinking at a rate of five millimetres a year and could be flooded if sea levels rose. Shaun Lenehan, the head of Nakheel's environment department, denied this. "The Palm is intact. If there were subsidence, you would see cracks in the buildings, windows popping out. We have no evidence of that happening."

Two dozen surfers plunged into the sea off Hawaii's island of Oahu to compete in the Eddie, the rarest and most prestigious surfing competition. Named after Eddie Aikau, a famous surfer and lifeguard, the contest requires waves at least nine metres high before it can be held. Competitors received only a day's notice as Pacific storms whipped up waves 15 metres high, which came crashing down on the Oahu coast. The competition has been held only eight times in the past 25 years, with the last time in 2004. Greg Long, 24, from California, walked away with this year's US$55,000 (Dh200,000) prize.

Richard Branson, the British entrepreneur, launched the world's first commercial space liner, calling it the Enterprise after the fictional spaceship in the TV and film series Star Trek. The first galactic tourists, paying US$200,000 (Dh735,000) each, are expected to take off in 18 months' time. A mothership will carry the Enterprise to a height of 11 miles where it will break off and blast into space, reaching a point 65 miles above the Earth. Passengers will experience five minutes of weightlessness before the ship glides back to Earth.

Two expatriates paddled their way around The World - the Nakheel development not the globe - to raise money for victims of the 2004 Indian Ocean tsunami. Scott Chambers and Daniel van Dooren, both of whom live in Dubai, had been planning the excursion since the Dubai property company announced plans for the development. The two men are members of a local surf school, Surf Dubai. The Indian Ocean tsunami killed nearly 300,000 people in 11 countries on December 26, 2004.

A monster iceberg, twice the size of New York's Manhattan island, was seen heading towards Australia. The iceberg - 19km long and about 140 square kilometres - had broken off an ice shelf a decade ago and has been drifting slowly north ever since. Scientists, who spotted it about 1,700km south of Australia, were amazed to see such a large mass of ice so far north. Scientists say that, in the past 50 years, Antarctic temperatures have risen by 2.5°C, around six times the global average, accelerating the break-up of the ice shelves.

* The National

The Gentlemen

Director: Guy Ritchie

Stars: Colin Farrell, Hugh Grant 

Three out of five stars

DEADPOOL & WOLVERINE

Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin

Director: Shawn Levy

Rating: 3/5

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.”

Company profile

Name:​ One Good Thing ​

Founders:​ Bridgett Lau and Micheal Cooke​

Based in:​ Dubai​​ 

Sector:​ e-commerce​

Size: 5​ employees

Stage: ​Looking for seed funding

Investors:​ ​Self-funded and seeking external investors

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FLIP%204
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WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

Dhadak

Director: Shashank Khaitan

Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana

Stars: 3

THE DEALS

Hamilton $60m x 2 = $120m

Vettel $45m x 2 = $90m

Ricciardo $35m x 2 = $70m

Verstappen $55m x 3 = $165m

Leclerc $20m x 2 = $40m

TOTAL $485m