DUBAI // Customers buying drones will soon be unable to take them from shops until they register them and complete a training course.
The Dubai Civil Aviation Authority is planning to introduce registration cards for hobbyists and professionals, under rules to be brought in after Ramadan. A customs release letter will be needed for drones bought online.
“Each registration will be vetted for security and their skill level will also be tested by approved bodies,” said Michael Rudolph, head of the authority’s airspace safety section.
When buying a drone, a customer will be given a receipt and leaflet explaining the registration process. They then must enrol in an approved training course and submit the certificate to the authority.
Once this and a security clearance is complete, the customer can receive the card and return to the retailer to collect the drone.
A “Sky Commander” tracking device must also be attached to any drone cleared to fly in approved zones. The device records the area, height and speed of flight and the authority automatically checks for offences.
In case of an alert, Dubai aviation officials can contact the operator to ask about a violation or order an end to the flight. All information will be stored in the operator’s records.
Officials are working with the Government, the Ministry of Defence and Dubai Police on registration and the live-tracking device, said Khaled Al Arif, the authority’s executive director of safety.
Airspace in Dubai has been closed four times because of intrusion by drones, causing flight cancellations that cost the economy millions of dirhams.
“While the closures are not due to registered drones, we feel that people need to become aware of the regulations and about the consequences,” Mr Al Arif said at the World Aviation Safety Summit in Dubai on Tuesday.
Stiff fines of up to Dh20,000 for unregistered drone users come into effect next month, following regulations approved by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai.
Fifty-seven commercial drone operators and about 1,000 hobbyists are registered with the Dubai Civil Aviation Authority.
Registration cards for commercial operators will be marked with a red stripe and hobbyists with blue. A white temporary card will be issued to operators visiting for a specified time period.The type of drone will be listed on the back of the card.
“If Dubai Police or any authority sees this, they have been briefed about the stripes and know you are registered, so unless you are creating a menace or operating where you shouldn’t be, you will not be bothered,” Mr Rudolph said.
The authority requires users to obtain approval in advance before flying drones. Operators can file applications online, providing information about the area, parameters and altitude where the drone will be used. The highest altitude permitted is 400 feet (about 120 metres).
The plans include efforts to educate people about drone use. Last year, the authority demarcated no-fly zones for drones includingairports, military installations, sensitive locations and palaces.
“If you know your details and the drone serial number are in a database, the chances of you operating outside the realm of what constitutes safe and orderly operations can be minimised,” Mr Rudolph said.
“This is how we can further enhance safety and ensure all operators, whether hobbyists or commercial, know what the requirements are when they operate.”
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Most runs Kamran Akmal – 1,286
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Five healthy carbs and how to eat them
Brown rice: consume an amount that fits in the palm of your hand
Non-starchy vegetables, such as broccoli: consume raw or at low temperatures, and don’t reheat
Oatmeal: look out for pure whole oat grains or kernels, which are locally grown and packaged; avoid those that have travelled from afar
Fruit: a medium bowl a day and no more, and never fruit juices
Lentils and lentil pasta: soak these well and cook them at a low temperature; refrain from eating highly processed pasta variants
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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.”