Turtles released into Madinat Jumeirah shores to mark start of World Economic Forum

DUBAI // Ten turtles – including five outfitted with satellite tags so they can be publicly tracked – have been released into the shores of Madinat Jumeirah to mark the start of the World Economic Forum (WEF) on Sunday.

The turtles were returned to the waters after undergoing rehabilitation with the Dubai Turtle Rehabilitation Project at Burj Al Arab Jumeirah and Madinat Jumeirah.

One 70kg loggerhead and four young hawksbill turtles were released with satellite tags in addition to two green turtles and three hawksbill turtles.

They can be tracked here over the coming months.

The turtle release was hosted by Jumeirah President and Group CEO Gerald Lawless and French-American explorer, filmmaker and diver Celine Cousteau, grand-daughter of conservationist Jacques Cousteau.

“Since 2004, we have been enormously proud to support the Dubai Turtle Rehabilitation Project, which has successfully rehabilitated and released 710 turtles to date,” said Mr Lawless. “We are also honoured to welcome the World Economic Forum’s Summit on the Global Agenda 2014 back to its home in Dubai, Madinat Jumeirah. This event brings together leaders from across the globe to discuss issues that impact our world and introduce solutions for a better future. Therefore we are delighted to mark the occasion with a special release of 10 turtles back into their natural habitat.”

The rescued turtles had all been nursed back to health by the DTRP, one of the longest standing corporate social responsibility initiatives in the region and the only project of its kind in the Middle East. New technology and smaller tags weighing just 39 grams enable the team to monitor smaller, younger turtles. After this release the DTRP will have tagged 29 turtles to date.

Based at Burj Al Arab Jumeirah and Madinat Jumeirah, the project is run in collaboration with Dubai’s Wildlife Protection Office, with essential veterinary support provided by the Dubai Falcon Hospital and the Central Veterinary Research Laboratory. The day-to-day running of the project and the animal husbandry is managed by Burj Al Arab’s dedicated aquarium team.

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The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
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They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
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Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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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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