Dutch teenager sets sail from Gibraltar for round-the-world trip


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HOLLAND // Dutch solo sailor Laura Dekker, 14, began Saturday her round-the-world record bid from Gibraltar, not Portugal as first announced, her agent was quoted as saying. "She left the harbour of Gibraltar," Marijke Schaaphok, whose television company Masmedia has signed an exclusive rights contract with Dekker, told AFP, saying she had spoken to the teenager's agent Peter Klarenbeek. Schaaphok said Dekker had finally decided to make the British possession at the southern tip of Spain the starting point for her voyage because "the Portuguese police were making problems because of her age." The police had paid a visit at sea while she was making final tests of her boat, the red-hulled, 11.5 metre (38 foot) ketch Guppy, in which she had arrived from the Netherlands in the southern Portuguese port of Portimao a week ago, Schaaphok said. Klarenbeek had told AFP that she would be leaving Portimao on Saturday, but other sailors in the marina said she and her boat had not been seen there since Wednesday. The Portuguese Lusa news agency said Friday the teenager would leave Portimao accompanied by her father because Portuguese law does not allow a minor to sail alone. Port authorities confirmed the regulation. Schaaphok said Dekker would probably be heading for the Spanish Canary Islands or Portugal's Madeira, depending on the wind, arriving in six or eight days. At the end of July the teenager won a 10-month court battle with child welfare authorities who had been preventing the voyage for fear it would stunt Dekker's social and emotional development. The petite blonde wants to break the record for the youngest world solo sail set in May by Australian teen Jessica Watson. Watson completed a non-stop, unassisted round-the-world trip a few days before her 17th birthday. Dekker turns 17 on September 20, 2012, allowing her a little over two years to complete the trip, during which she intends to stop at several ports along the way. She has said her route from Portugal will take her across the Atlantic Ocean and into the Pacific via the Panama Canal. She plans to stop at the Galapagos islands before heading to Australia, Thailand and through the pirate-infested Gulf of Aden back to Europe. Born in New Zealand during a round-the-world sailing trip by her parents, Dekker completed her first solo voyage, to the northern Netherlands, at the age of 11. * Agence France-Presse

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Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
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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

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5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

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Born: September 30, 1998

Age: 20 years and 26 days

Nationality: Sri Lankan

Major teams Sri Lanka's Under 19 team

Batting style: Left-hander

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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.

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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.

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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.

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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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