The natural beauty of Wadi Wurayah National Park in Fujairah – the country’s first national park. Courtesy Emirates Wildlife Society
The natural beauty of Wadi Wurayah National Park in Fujairah – the country’s first national park. Courtesy Emirates Wildlife Society
The natural beauty of Wadi Wurayah National Park in Fujairah – the country’s first national park. Courtesy Emirates Wildlife Society
The natural beauty of Wadi Wurayah National Park in Fujairah – the country’s first national park. Courtesy Emirates Wildlife Society

UAE

US business graduates join development plan for first national park

To support the growth of Wadi Wurayah, the country’s first national park, the emirate’s municipality and the UAE’s wildlife conservation group have teamed up with one of the world’s leading business schools.

The National staff

February 04, 2015

  • English
  • Arabic

FUJAIRAH // To support the growth of Wadi Wurayah, the country’s first national park, the emirate’s municipality and the UAE’s wildlife conservation group have teamed up with one of the world’s leading business schools.

The link-up between Stern Business School of New York University, Fujairah Municipality and the Emirates Wildlife Society (EWS), in association with the World Wildlife Fund (WWF), will develop a robust plan for the park’s future.

“We welcome this collaborative partnership, which will support the development of the first national park in the country, according to best practice and high standards,” said Mohammed Al Afkham, director general of Fujairah Municipality.

“We need a good business plan to ensure the sustainability of the project, and this collaborative approach will help Wadi Wurayah National Park in Fujairah to become a haven where future generations can experience and enjoy the unique natural heritage of their forefathers.”

It is hoped that Wadi Wurayah will become famous not only for its natural beauty but also for its conservation success, eco-tourism opportunities and environmental education offerings.

“We are thrilled to announce that some of the world’s brightest people will be helping us to develop this critical component, essential for achieving the long-term success in Wadi Wurayah National Park,” said Ida Tillisch, director general at EWS-WWF.

“To many, Wadi Wurayah may appear to be a barren landscape at first sight, but we are confident that it will offer tranquillity to its visitors and leave them in awe of the fascinating and endangered species that make this fragile and arid environment their home.

“We therefore extend our gratitude to Stern Business School for lending their expertise and experience to this project, and for sharing our vision in the importance of the wadi’s conservation as an integral and unique part of Fujairah and the United Arab Emirates’ natural heritage.”

Characterised by its fresh water resources, Wadi Wurayah is home to several rare and endangered flora and fauna.

Five MBA students have been selected to work on the project as part of coursework at Stern Business School during their spring term. They will visit Wadi Wurayah this month to gain a greater understanding of the park. They will also have the chance to join conservation teams to conduct field research.

newsdesk@thenational.ae

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  •  30,000 square metres is its total area
  •  17,000 square metres is the length of the stainless steel facade
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MATCH INFO

Fixture: Thailand v UAE, Tuesday, 4pm (UAE)

TV: Abu Dhabi Sports

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Directed: Vikas Bahl
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Rating: 3.5 /5

Where to buy

Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com

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
Full Party in the Park line-up

2pm – Andreah

3pm – Supernovas

4.30pm – The Boxtones

5.30pm – Lighthouse Family

7pm – Step On DJs

8pm – Richard Ashcroft

9.30pm – Chris Wright

10pm – Fatboy Slim

11pm – Hollaphonic

 

Difference between fractional ownership and timeshare

Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.

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Dir: The Russo Brothers
Starring: Chris Evans, Chris Pratt, Tom Holland, Robert Downey Junior, Scarlett Johansson, Elizabeth Olsen
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Traits of Chinese zodiac animals

Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent   

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.”

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

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Keita 5', Firmino 26'

Porto 0

ALL THE RESULTS

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Catch 74kg

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Strawweight (Female)

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Featherweight

Kaan Ofli (TUR) bt Walid Laidi (ALG) by TKO.

Lightweight

Abdulla Al Bousheiri (KUW) bt Leandro Martins (BRA) by TKO.

Welterweight

Ahmad Labban (LEB) bt Sofiane Benchohra (ALG) by TKO.

Bantamweight

Jaures Dea (CAM) v Nawras Abzakh (JOR) no contest.

Lightweight

Mohammed Yahya (UAE) bt Glen Ranillo (PHI) by TKO round 1.

Lightweight

Alan Omer (GER) bt Aidan Aguilera (AUS) by TKO round 1.

Welterweight

Mounir Lazzez (TUN) bt Sasha Palatkinov (HKG) by TKO round 1.

Featherweight title bout

Romando Dy (PHI) v Lee Do-gyeom (KOR) by KO round 1.

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Real estate tokenisation project

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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