Thousands of Australian camels dying of thirst


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The rotting carcasses of thousands of wild camels who have died of thirst in Australia's desert Outback are polluting vital waterholes and sacred sites, a report said today. The Central Land Council, which administers Aboriginal land in the nation's arid centre, said the corpses were poisoning water supplies, describing scenes of mass carnage. "Some fall into waterholes and won't be able to get out so they'll rot within the water, others will chase the last remains of any water in these areas and start to compete with each other," the council's land management chief David Alexander told public broadcaster ABC.

"We're ending up with these grisly scenes of camels in every stage of life, death and decay around waterholes," he said. Thousands of pools, creeks and other water supplies for local indigenous tribes were rendered undrinkable by the decay, with a "significant health risk" when they are refilled by rain, he said. Without significant rainfall, Mr Alexander said tens of thousands more camels in the drought-gripped region faced a similar fate, with dire environmental and cultural consequences.

"It has the capacity to change the flow of water, it changes the character of these places and some of the specific features around them have their own cultural significance, they have stories associated with them, ceremonial songs," he said. Native animals were also perishing as a result of the mass deaths, with "massive" impacts on biodiversity, he said. Meanwhile officials are preparing for an aerial cull of 3,000 of the humped pests near the remote Northern Territory community of Docker River with helicopters and snipers.

Protracted drought drew the camels into the township in search of water, leaving some residents cowering in their homes as they smashed through water mains and invaded the airstrip. The herd, just a fraction of the one million wild camels estimated to be roaming Australia's vast central desert, would be mustered to a location well outside the township, shot and left to rot, Mr Alexander said. Aboriginal elders would accompany the snipers to advise a spot to gun the animals down that was a sufficient distance from water supplies and culturally sacred spots, he added.

Camels were introduced into Australia as pack animals for the vast outback in the late 19th and early 20th centuries, but were released into the wild as rail and road travel became more widespread. With few natural predators and vast sparsely-populated areas in which to roam, the population has soared, putting pressure on native species by reducing food sources, destroying habitat and spreading disease.

Central Australia's camels are believed to be the largest wild herd on earth. *AFP

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.”

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
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  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
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if you go

The flights
The closest international airport to the TMB trail is Geneva (just over an hour’s drive from the French ski town of Chamonix where most people start and end the walk). Direct flights from the UAE to Geneva are available with Etihad and Emirates from about Dh2,790 including taxes.

The trek
The Tour du Mont Blanc takes about 10 to 14 days to complete if walked in its entirety, but by using the services of a tour operator such as Raw Travel, a shorter “highlights” version allows you to complete the best of the route in a week, from Dh6,750 per person. The trails are blocked by snow from about late October to early May. Most people walk in July and August, but be warned that trails are often uncomfortably busy at this time and it can be very hot. The prime months are June and September.

 

 

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