DUBAI // The British designer of the Falkirk Wheel always hoped it would inspire others to dream big.
"I'm proud the Falkirk Wheel is the world's first and only rotating boat lift – a unique piece of art and engineering," said Tony Kettle, the main project architect.
"I hope it inspires people to believe more is possible and to look beyond the mundane."
The crucial test for the Dubai project will be to secure the body of water and ensure no spillage from the aqueduct.
"The major challenges are undoubtedly the forces involved within a moving object of this scale," Mr Kettle said. "Water has a mind of its own and stability of the caissons [water containers] under wave action and security of the gate design are hugely important.
"Dubai has managed very well to create its new overhead rail line and the aqueduct construction is a similar engineering feat. The real challenge is perhaps more to do with water, management, supply, maintenance, and stopping it escaping from the boat lifts themselves."
At 35 metres high, the Falkirk Wheel is as high as eight double-decker buses, with the steel wheel weighing 1,200 tonnes. Ensuring this heavy structure looked graceful was a test for Mr Kettle.
"The main challenge was to design a beautiful structure that could take 600 tonnes of water and boat up 35m in three minutes without losing water from the aqueduct above," he said. "The solution is a balanced beam with caissons at each end, balancing the load and reducing the energy required to a few kilowatts, the same energy required to boil a few kettles."
The striking image of whale bones inspired the Falkirk design.
"My inspiration came from many sources," Mr Kettle said. "The huge organic whale bones I had seen washed ashore as a child inspired both the aqueduct and wheel form, the scale and curve of ship hulls, the Celtic patterns of Scotland, overlaid by traditional canal lock engineering and the cogs and circular movement of watches."
He set up the Kettle Collective, headquartered in Edinburgh, with a Dubai studio last year and hired internationally renowned architects to handle projects in countries including Europe, the Middle East and Russia.
Although the company is not involved in the elevated canal project, it has other assignments in Dubai.
Mr Kettle was also involved in designing the sprawling Dubai International Convention Centre.
"Geometry and movement are important drivers of my work," he said.
rtalwar@thenational.ae
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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