A cloud-seeding plane flies near the Sheikh Zayed Grand Mosque in Abu Dhabi. Courtesy: National Centre for Meteorology and Seismology
A cloud-seeding plane flies near the Sheikh Zayed Grand Mosque in Abu Dhabi. Courtesy: National Centre for Meteorology and Seismology

Water scarcity in sharp focus as Abu Dhabi hosts rain enhancement forum



The latest methods to help boost the amount of rainfall in some of the world's driest regions will be examined as a special forum that opened at the 2018 Abu Dhabi Sustainability Week on Tuesday.

Held over three days, the UAE Research Programme for Rain Enhancement Science’s Second International Forum on Rain Enhancement Science provides a platform for discussion about latest research and potential innovations in the quest for global water security, news agency Wam reported.

"Over the next three days, the forum will see the exchange and discussion of some of the most cutting-edge ideas with the potential to boost water security for vulnerable populations around the world," said Dr Abdulla Al Mandous, director of the National Centre of Meteorology.

"Through its commitment to leading international collaboration on this vitally important challenge, the UAE is once again showing its readiness to promote the innovation needed to make a real difference."

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Since it was by Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, the UAE Research Programme for Rain Enhancement Science has established itself as a leading international focal point for cutting-edge scientific advances based on the analysis and the implementation of new technologies specifically developed to improve knowledge of weather, clouds and precipitation.

The programme’s three First Cycle awardees, based in UAE, Japan and Germany, are undertaking projects on the use of nanotechnology to accelerate water condensation, the potential of innovative algorithms to enhance knowledge of cloud characteristics and precipitation, and land cover modification to enhance precipitation.

Further projects led by Second Cycle awardees, featuring leading researchers from the US, Finland and UK, are working respectively on leveraging ice production processes in cumulus clouds, quantifying atmospheric aerosols in precipitation enhancement, and analysing the electrical properties of clouds, also commenced in 2017.

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Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

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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.”

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Dominic Rubin, Oxford

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Close your windows and turn on the AC.

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The specs
 
Engine: 3.0-litre six-cylinder turbo
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Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers


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