American skateboarder and social media influencer Josh Neuman was one of four men killed when a sightseeing plane crashed into a lake in Iceland, authorities in the North Atlantic island nation said on Monday.
Neuman, 22, was on the flight to create commercial content for the Belgian fashion brand Suspicious Antwerp along with Tim Alings, the company’s sponsorship manager, 27; and Nicola Bellavia, a 32-year-old skydiver and social media influencer from Belgium.
The pilot, Haraldur Diego, 49, was considered one of Iceland’s most prominent aviators and a pioneer of photography tours.
“Josh represents the side of humanity we all aim to achieve. The way he not just touched, but impacted lives was on a scale of its own,” Neuman's family said in a statement on Instagram.
“In his quest for adventure, thirst for creativity and passion for personal reflection, he truly impacted all those he touched.”
Four bodies were discovered on Sunday in Lake Thingvallavatn, Iceland’s second-largest lake, with the use of an autonomous submarine and sonar technology.
Poor weather has prevented divers retrieving the bodies, found at depths of up to 48 metres.
“For the safety of divers, we have to wait until the weather improves,” police chief Oddur Arnason told The Associated Press.
The Cessna 172 plane didn't send a distress signal after disappearing from radar on Thursday.
More than 1,000 members of Iceland’s Search and Rescue organisation helped hunt for the aircraft, which was found on Saturday in a portion of the lake about 50 kilometres east of Iceland’s capital, Reykjavik.
Neuman was best known for creating one of the most-watched skateboarding videos on YouTube, where his channel has almost 1.2 million subscribers.
His family described him as a “gentle soul that saw the world through an opportunistic lens and took advantage of every moment while inspiring millions along the way".
The skateboarder and influencer began making videos at the age of 12 with his father's camera and later dropped out of college to pursue a career in extreme sports and filmmaking, his website says.
In 2020, he published a sponsored video for Suspicious Antwerp, skating on a longboard down a winding road in Los Angeles.
Suspicious Antwerp spokesman Bram Boriau said the purpose of the flight was to capture footage of Iceland's stunning scenery.
“All persons present were hugely passionate about travel and content creation, hence these themes were the main focus of the trip,” he told the AP by email.
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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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.”
