epa07202942 A handout photo made available by the US Navy shows Vice Adm. Scott Stearney, commander of US Naval Forces Central Command, US 5th Fleet and Combined Maritime Forces, speaks on the 1MC shipboard intercom to welcome the crew of the guided-missile destroyer USS Jason Dunham (DDG 109), and share words of appreciation for their hard work on the ship’s current deployment in to Manama, Bahrain, 24 October 2018 (issued 02 December 2018). According to media reports, Vice Admiral Scott Stearney was found dead in his home in Bahrain. He was 58 years old. Vice Admiral Stearney joined the US Navy in 1982, and became a naval aviator in 1984.  EPA/PETTY OFFICER 3RD CLASS JONATHAN / US NAVY / HANDOUT  HANDOUT EDITORIAL USE ONLY/NO SALES
Vice Admiral Scott Stearney was found dead in his home in Bahrain. EPA

US naval commander found dead in Bahrain home


The National

The commander of US Naval Forces Central Command was found dead in his residence in Bahrain.

Chief of Naval Operations Admiral John Richardson said Vice Admiral Scott Stearney was found dead on Saturday. The US Navy in co-operation with Bahrain's Ministry of Interior are investigating the death, but have yet to reach a conclusion. However, no foul play is suspected, Adm Richardson said in a statement.

The top US naval commander had pledged to defend critical shipping routes through the Red Sea and Arabian Gulf from Iranian threats, who he described as having “malign interests” aimed at destabilising the region.

Stearney was also commander for the Fifth Fleet, which includes the Arabian Gulf, Gulf of Oman, Gulf of Aden, Red Sea and the Arabian Sea.

Rear Admiral Paul Schlise, the deputy commander of Fifth Fleet, has taken over Stearney's duties.

Adm Richardson described Stearney as a decorated naval warrior, a devoted husband and father, and a good friend.

Stearney oversaw the launching of new F-35 stealth fighters, which are conducting four naval exercises focused on three critical congestion points of the Suez Canal, Bab El Mandeb and the Straits of Hormuz.

The fleet's operations span over 4 million square kilometres of water area and is comprised region is comprised of 20 countries.

The Chicago native entered the US Navy in 1982 after graduating from the University of Notre Dame with a bachelor's degree in economics. He later obtained a master's degree from the National Defense University.

He served in several strike fighter squadrons flying the FA-18 Hornet and served in Kabul, Afghanistan, as Chief of Staff of Joint Task Force 435 and later Combined Joint Interagency Task Force 435.

In the US, Stearney served in various roles, including as instructor and readiness officer at Navy Fighter Weapons School, according to his official biography. He also held various senior posts, including director of operations at US Central Command.

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Read more:

US navy pledges to keep shipping routes open in face of Iranian threats

US Centcom chief visits Yemen in warning to Iran

Beyond the Headlines podcast: Why the Strait of Hormuz is so important

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The efforts of Fifth Fleet are critical to "maintaining communication, deterring disruptive adversaries, and strengthening regional partner maritime capabilities to promote a secure maritime environment", according to their website.

Through them, the Pentagon has kept tabs on Iran's activity in the Arabian Gulf, the Strait of Hormuz and Gulf of Oman.

They have recently been responsible for confronting Houthi rebels in Yemen who have fired missiles at oil tankers in the Red Sea and the Iranian navy, which has recently been forced to curtail harassment of US navy vessels.

In total, the Fifth Fleet is responsible in overseeing security in over 20 nations in the region.

The fleet consists of several task forces, including Task Force 56, which includes inshore boat units, mobile construction battalions and even marine mammals, including bottle-nose dolphins and California sea lions, both of which can be trained to detect and locate objects in the ocean.

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

Company Profile

Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices

Packages which the US Secret Service said contained possible explosive devices were sent to:

  • Former first lady Hillary Clinton
  • Former US president Barack Obama
  • Philanthropist and businessman George Soros
  • Former CIA director John Brennan at CNN's New York bureau
  • Former Attorney General Eric Holder (delivered to former DNC chair Debbie Wasserman Schultz)
  • California Congresswoman Maxine Waters (two devices)
Confirmed bouts (more to be added)

Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez

Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.

Herc's Adventures

Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5

How to report a beggar

Abu Dhabi – Call 999 or 8002626 (Aman Service)

Dubai – Call 800243

Sharjah – Call 065632222

Ras Al Khaimah - Call 072053372

Ajman – Call 067401616

Umm Al Quwain – Call 999

Fujairah - Call 092051100 or 092224411

The specs: 2018 Infiniti QX80

Price: base / as tested: Dh335,000

Engine: 5.6-litre V8

Gearbox: Seven-speed automatic

Power: 400hp @ 5,800rpm

Torque: 560Nm @ 4,000rpm

Fuel economy, combined: 12.1L / 100km

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

Sarfira

Director: Sudha Kongara Prasad

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The specs

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Top speed: 267kph

On sale: Now
Price: From Dh462,189
Warranty: 30-month/48,000k

RESULTS

6.30pm Handicap (TB) $68,000 (Dirt) 1,200m

Winner Canvassed, Par Dobbs (jockey), Doug Watson (trainer)

7.05pm Meydan Cup – Listed Handicap (TB) $88,000 (Turf) 2,810m

Winner Dubai Future, Frankie Dettori, Saeed bin Suroor

7.40pm UAE 2000 Guineas – Group 3 (TB) $125,000 (D) 1,600m

Winner Mouheeb, Ryan Curatolo, Nicholas Bachalard

8.15pm Firebreak Stakes – Group 3 (TB) $130,000 (D) 1,600m

Winner Secret Ambition, Tadhg O’Shea, Satish Seemar

9.50pm Meydan Classic – Conditions (TB) $$50,000 (T) 1,400m

Winner Topper Bill, Richard Mullen, Satish Seemar

9.25pm Dubai Sprint – Listed Handicap (TB) $88,000 (T) 1,200m

Winner Man Of Promise, William Buick, Charlie Appleby

PROFILE OF INVYGO

Started: 2018

Founders: Eslam Hussein and Pulkit Ganjoo

Based: Dubai

Sector: Transport

Size: 9 employees

Investment: $1,275,000

Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri

While you're here
EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

UAE v United States, T20 International Series

Both matches at ICC Academy, Dubai. Admission is free.

1st match: Friday, 2pm

2nd match: Saturday, 2pm

UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Rameez Shahzad, Amjad Gul, CP Rizwan, Mohammed Boota, Abdul Shakoor, Ahmed Raza, Imran Haider, Sultan Ahmed, Zahoor Khan, Amir Hayat

USA squad: Saurabh Netravalkar (captain), Jaskaran Malhotra, Elmore Hutchinson, Aaron Jones, Nosthush Kenjige, Ali Khan, Jannisar Khan, Xavier Marshall, Monank Patel, Timil Patel, Roy Silva, Jessy Singh, Steven Taylor, Hayden Walsh

A Dog's Journey 

Directed by: Gail Mancuso

Starring: Dennis Quaid, Josh Gad, Marg Helgenberger, Betty Gilpin, Kathryn Prescott

3 out of 5 stars

Pros and cons of BNPL

Pros

  • Easy to use and require less rigorous credit checks than traditional credit options
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Courtesy: Carol Glynn

The stats

Ship name: MSC Bellissima

Ship class: Meraviglia Class

Delivery date: February 27, 2019

Gross tonnage: 171,598 GT

Passenger capacity: 5,686

Crew members: 1,536

Number of cabins: 2,217

Length: 315.3 metres

Maximum speed: 22.7 knots (42kph)

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.”