The Straits will play a free show on Friday night at Destination Village on the Corniche Breakwater from 9pm.
The Straits will play a free show on Friday night at Destination Village on the Corniche Breakwater from 9pm.

Cruise by for a free concert by The Straits on Friday



Original Dire Straits keyboardist Alan Clark and saxophonist Chris White have joined a growing list of musicians performing as part of the Abu Dhabi leg of the Volvo Ocean Race. The duo are coming with The Straits, a tribute act dedicated to the former best-selling group and will play a free concert at Destination Village on the Corniche Breakwater on Friday night. However Clark states The Straits are not merely a cover band. Speaking en route to Abu Dhabi, he says the seven-member group attempts to recreate the same eclectic live atmosphere that made Dire Straits one of the most revered rock bands on stage.

How does it feel to be back on stage playing all those classic hits again?

It felt rather good actually. After all the time of not being involved in Dire Straits we are all really enjoying it. This band is so damn good and we enjoy playing together and there is such a great body of music to play that it is all going terribly well.

How do The Straits perform the tracks? Are they straight covers?

I am treating this way we treated every incarnation of Dire Straits in the past. In other words when Dire Straits got back together every year to record a new record or tour the music will be refreshed with new arrangements and ideas on how to play the track. So I made The Straits and extension of that. We are not standing still, we are taking the music and letting it mature and progress and take its natural course.

How did The Straits begin?

Chris White and I and John Isley from Dire Straits ended up playing with some friends in Italy a couple of years ago and we had such a good fun that it planted the idea in my head. Then I was asked to put a show together for charity event at the Royal Albert Hall in May last year, so I started thinking about putting this band together for that show and that is exactly what happened. The show went down extremely well so we just kept going.

You found your singer Terence Reis online?

I found Terence on the internet, which is wear I find most things these days! When I first heard Terence - well, it was his voice - he was singing a Dire Straits song and whoever was playing the guitar was doing a damn fine job of it and I was hoping it was him and it turned out it was.

Was he recommended to you or did you stumble upon him online?

It was kind of a random search because I realised in order to make this band happen, we had to have someone that will directly replace (Dire Straits singer and guitarist) Mark Knopfler. Some guys in the band thought we shouldn't attempt to do that but I thought the only way it was ever going to work was to find someone who can stand there and do what Mark Knopfler does. So I started looking and it didn’t take that long to find Terrence surprisingly enough.

I can imagine the venues The Straits are playing are smaller than the arenas Dire Straits regularly packed out.

We are playing the same gigs that we were playing as Dire Straits when I joined the band in 1981. We are doing big theaters as opposed to large arenas. When you play in a theatre you have more of an intimate contact with every one. I remember the complete opposite of that when walking out to Wembley Arena when there is a hundred thousand people and you wonder how on earth you are going to project to the people in the back because they are 150 yards away. So it is actually better to play to a smaller crowd.

In that case do you support Mark Knopfler's decision to quit Dire Straits? He said the band became too big.

Well it might have got too big for him but not to me. It was big but that was the natural course of things and it could have got bigger maybe, I don’t know.

Has Knopfler been to any of The Strait’s shows?

No he hasn’t been to any of the gigs.

What do you think his reaction would be to seeing The Straits live?

I am sure if he did come to the gigs he would be extremely happy at the way we are dealing with the heritage of Dire Straits and the way we are playing the songs. He hasn’t come and I haven't spoken to him about it but I am sure he would have researched what we are doing and I’m sure he’s happy.

The Straits will play a free show on Friday night at the Destination Village on Corniche Breakwater from 9pm. For details go to www.volvooceanraceabudhabi.com

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UAE currency: the story behind the money in your pockets

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.”

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
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UAE currency: the story behind the money in your pockets

Astroworld
Travis Scott
Grand Hustle/Epic/Cactus Jack

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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
SHAITTAN
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COMPANY PROFILE

Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

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The specs: 2018 Chevrolet Trailblazer

Price, base / as tested Dh99,000 / Dh132,000

Engine 3.6L V6

Transmission: Six-speed automatic

Power 275hp @ 6,000rpm

Torque 350Nm @ 3,700rpm

Fuel economy combined 12.2L / 100km

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
  • Avoid suspicious social media ads promoting fraudulent schemes.
  • Only invest in crypto projects that you fully understand.
  • Critically assess whether a project’s promises or returns seem too good to be true.
  • Only use reputable platforms that have a track record of strong regulatory compliance.
  • Store funds in hardware wallets as opposed to online exchanges.
How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

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