Horses complete the Qatar Bloodstock Richmond Stakes race on Ladies Day at Goodwood Races on July 31, 2014. Dan Kitwood / Getty Images
Horses complete the Qatar Bloodstock Richmond Stakes race on Ladies Day at Goodwood Races on July 31, 2014. Dan Kitwood / Getty Images

Qatar spurs glorious future for Goodwood



As quintessentially an English sporting event as tennis at Wimbledon or cricket at Lords, the Glorious Goodwood horse racing festival starts tomorrow with a distinctly Middle East flavour.

The course’s lush setting on the Sussex Downs of southern England has known the thunder of hooves for more than 200 years.

But with the 2015 meeting offering Arabian pure-bred runners from several countries, including the UAE and Qatar, and prize money more than doubled by sponsorship from Qatar, a big occasion in the sport of kings has suddenly grown bigger.

As a result of the investment by Qatar’s sovereign wealth fund – the Qatar Investment Authority (QIA) – total prize money has soared from £2 million (Dh11.4m) to £4.5m. One race alone, the Group 1 Qatar Sussex Stakes, will be run for £1m, £700,000 more than last year, and Goodwood says this makes it one of the most significant mile runs in the world.

Now known as the Qatar Goodwood Festival – although the traditional “Glorious Goodwood” title lives on in the organisers’ publicity – the event runs for five days at what the organisers call “the most beautiful racecourse in the world”.

“It has always been a huge part of the English racing and social calendar,” says Adam Waterworth who, as Goodwood’s sport managing director, has been the key figure in negotiating Qatar’s investment.

“This year, with the added prize money, it is also generating enormous interest internationally.”

He says the partnership reflects the rapid growth of Qatari interest in thoroughbred racing, a relatively recent development in the state and driven in no small part by the enthusiasm of the ruling Al Thani family.

Their sporting passions are already evident from ownership via the QIA’s sporting division, Sports Investments (QSI), of France’s top football club, Paris Saint-Germain, and sponsorship of the kit of La Liga and Champions League winners Barcelona. QSI also owns the Burrda sportswear manufacturers.

For Arabian Gulf racing enthusiasts, a clear highlight of Goodwood will be the Qatar Harwood International, a £400,000 race for Arabian pure-breds on a final day otherwise dominated by the Qatar Nassau Stakes and the Qatar Stewards’ Cup.

It will form part of a new Qatar Arabian Triple Crown, along with existing races – the World Cup at Longchamps, part of the Arc de Triomphe event on the banks of the Seine in Paris in October, and the Emir’s Sword in Doha in February. A US$1 million bonus awaits a horse winning all three.

Listed UAE entries include the four-year-old filly Aurora Forta out of Abu Dhabi’s Forta Stud, while the UAE-bred, Omani-owned Karar, the son of Invincible Spirit and the winner of the Shaikha Fatima bint Mubarak Apprentice World Championship series race at the British Newbury course a year ago, also features.

In Wednesday’s Sussex Stakes, Toomore, now owned by the Godolphin stables of Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, is tipped to be a runner.

But the RacingBetter website predicts a “mouth-watering clash of the generations” pitching two great European milers, the Irish-owned Gleneagles and the French-owned Solow, who was the winner on the Dubai Turf race at Meydan in March. Godolphin was unwilling to name runners at Goodwood ahead of the meeting beyond confirming it would have a ”strong presence”.

The Goodwood chairman Lord March says the course’s reputation for heritage and innovation made the new race “a fantastic thing for racing”.

“I am looking forward to great Arabian horses thrilling the crowds.”

The 10-year sponsorship deal between Goodwood and the QIA, first announced in December, represents a fruitful union of Gulf investment clout and British aristocracy.

The track, lying 8km north of the town of Chichester and about 15km from England’s south coast, is owned by nobility, in the form of the family of the present Duke of Richmond.

The family seat is the nearby Goodwood House and the family’s lineage can be traced to Charles Lennox, the illegitimate son of King Charles II, whose surname is honoured by the first event of the festival, the Lennox Stakes.

Goodwood now awaits the benefits of what it calls “the single biggest sponsorship deal ever done for the benefit of British racing”.

Hamad Al Attiyah, the president of the Qatar Equestrian Federation, describes the investment as an example of the support for sport shown internationally by Sheikh Tamim bin Hamad Al Thani, Qatar’s ruler.

“The sponsorship demonstrates Qatar’s further commitment to British racing and, with such huge prize money on offer, we hope it will help to attract international runners from all over the world as well as continuing to see the best in Britain, France and Ireland,” he says.

Qatar’s investment is scheduled to continue until 2024.

There are eight key races at Glorious Goodwood. The Qatar Nassau Stakes will now be worth £600,000 (a three-fold increase), while prizes in the Lennox Stakes, Goodwood Cup and King George Stakes have each risen to £300,000. Provision has been made to increase prize money further if a race moves up in status from Group 1 to Group 2.

Goodwood’s racecourse began life as a venue for flat horse racing by the third Duke of Richmond in 1802. As a colonel of the Sussex Militia, his chief motivation, reportedly, was less a love of racing than a desire to provide sporting distraction for his officers.

Yet he rode himself and, on the first day of the second annual event, 213 years ago, he is said to have “romped home with a horse called Cedar”.

And the course has developed its facilities as the setting for a range of functions beyond the world of racing. As one of Britain’s renowned estates and historic homes, it attracts upmarket weddings and other family ceremonies.

There is also a lively commercial sideline, with organisers of corporate events being offered a classic English setting and “a very special place to do business, build relationships with clients or celebrate with colleagues”.

As is the custom at the most prominent of British race meetings, a strict dress code applies to the most prestigious section, the Richmond Enclosure.

The rules, relaxed in other areas, make for fascinating reading: “Gentlemen are required to wear jackets and ties, cravats or polo-neck sweaters. For the traditional, linen suits, waistcoats (with jackets) and the archetypal ‘Goodwood’ Panama hat can be worn, as popularised by King Edward VII in the early 20th century.

“Ladies should also dress smartly and are encouraged to wear hats at the Festival Meeting. Jeans and shorts are not permitted at any meeting, for men or women.”

The Festival Meeting has become an event in itself, with the British media scrambling to publish photos of the most spectacular, or ludicrous, pieces of head gear on show.

Even in the other areas, informality has its limits: “Bare chests and fancy dress are not allowed in any enclosure and stiletto heels are not recommended, due to the Goodwood terrain and areas of decking.”

Bare chests or not, the multimillion pound backing of a global financial thoroughbred means the future for Goodwood looks glorious indeed.

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The 12 Syrian entities delisted by UK 

Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV

GAC GS8 Specs

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Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

How much sugar is in chocolate Easter eggs?
  • The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
  • The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
  • The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
  • The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
  • The Cadbury Creme Egg contains 26g of sugar per 40g egg
The past Palme d'Or winners

2018 Shoplifters, Hirokazu Kore-eda

2017 The Square, Ruben Ostlund

2016 I, Daniel Blake, Ken Loach

2015 DheepanJacques Audiard

2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan

2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux

2012 Amour, Michael Haneke

2011 The Tree of LifeTerrence Malick

2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul

2009 The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke

2008 The Class (Entre les murs), Laurent Cantet

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.”

Kamindu Mendis bio

Full name: Pasqual Handi Kamindu Dilanka Mendis

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

Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

Spare

Profile

Company name: Spare

Started: March 2018

Co-founders: Dalal Alrayes and Saurabh Shah

Based: UAE

Sector: FinTech

Investment: Own savings. Going for first round of fund-raising in March 2019

Diriyah%20project%20at%20a%20glance
%3Cp%3E-%20Diriyah%E2%80%99s%201.9km%20King%20Salman%20Boulevard%2C%20a%20Parisian%20Champs-Elysees-inspired%20avenue%2C%20is%20scheduled%20for%20completion%20in%202028%3Cbr%3E-%20The%20Royal%20Diriyah%20Opera%20House%20is%20expected%20to%20be%20completed%20in%20four%20years%3Cbr%3E-%20Diriyah%E2%80%99s%20first%20of%2042%20hotels%2C%20the%20Bab%20Samhan%20hotel%2C%20will%20open%20in%20the%20first%20quarter%20of%202024%3Cbr%3E-%20On%20completion%20in%202030%2C%20the%20Diriyah%20project%20is%20forecast%20to%20accommodate%20more%20than%20100%2C000%20people%3Cbr%3E-%20The%20%2463.2%20billion%20Diriyah%20project%20will%20contribute%20%247.2%20billion%20to%20the%20kingdom%E2%80%99s%20GDP%3Cbr%3E-%20It%20will%20create%20more%20than%20178%2C000%20jobs%20and%20aims%20to%20attract%20more%20than%2050%20million%20visits%20a%20year%3Cbr%3E-%20About%202%2C000%20people%20work%20for%20the%20Diriyah%20Company%2C%20with%20more%20than%2086%20per%20cent%20being%20Saudi%20citizens%3Cbr%3E%3C%2Fp%3E%0A
NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

Abu Dhabi GP weekend schedule

Friday

First practice, 1pm 
Second practice, 5pm

Saturday

Final practice, 2pm
Qualifying, 5pm

Sunday

Etihad Airways Abu Dhabi Grand Prix (55 laps), 5.10pm

The bio

Academics: Phd in strategic management in University of Wales

Number one caps: His best-seller caps are in shades of grey, blue, black and yellow

Reading: Is immersed in books on colours to understand more about the usage of different shades

Sport: Started playing polo two years ago. Helps him relax, plus he enjoys the speed and focus

Cars: Loves exotic cars and currently drives a Bentley Bentayga

Holiday: Favourite travel destinations are London and St Tropez

Ipaf in numbers

Established: 2008

Prize money:  $50,000 (Dh183,650) for winners and $10,000 for those on the shortlist.

Winning novels: 13

Shortlisted novels: 66

Longlisted novels: 111

Total number of novels submitted: 1,780

Novels translated internationally: 66

BRIEF SCORES:

Toss: Nepal, chose to field

UAE 153-6: Shaiman (59), Usman (30); Regmi 2-23

Nepal 132-7: Jora 53 not out; Zahoor 2-17

Result: UAE won by 21 runs

Series: UAE lead 1-0

Company%20Profile
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The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5