ABU DHABI // Mubarak Al Muhairi sat back in his chair at the Volvo Ocean Race Destination Village reflecting on the past year's accomplishments.
The managing director of the Abu Dhabi Tourism Authority (ADTA) was noting how far the organisation had come since 2004, when there were only four events in the emirate for the entire year. Last year, that number was 68.
Yet the burden on ADTA of running many high-profile international events was lifted when private and government bodies started to run their own shows, liaising with government services.
With this cooperation, he said, the calendar of events if filling up across the emirate, from the Western Region to Al Ain.
Now, he said, "We can focus on what we want to bring here and what kind of events we can bring here. Before we were always under the challenge of filling the calendar."
The rush of events has both necessitated and fostered teamwork.
"There is not one single government entity that doesn't take part in the Formula One. I think the bug is here and we all learnt how to work together," Mr Al Muhairi said.
"It was a challenge at the beginning but the biggest benefit of the F1 was making Abu Dhabi work together. Once you make that, you can't go back and its keeps getting better. Each agency gets to know each other and learnt how to work together."
Richard Cregan, chief executive of Yas Marina Circuit, said there would be no Grand Prix were it not for the cooperation between government bodies including the airport authority, police, ADTA and Department of Transport.
Representatives from all those organisations were part of the F1 Project Group, which was formed for the Grand Prix.
"They meet once a week for months before the Grand Prix and discuss all the issues and then solve them," Mr Cregan said.
Mr Al Muhairi said the ADTA would continue to add to the calendar, but he would not say what projects were in the works for 2012.
"We are in early discussions in an event that I can't talk about because it might not happen. It will be big and people will be surprised," he said.
What is not on Abu Dhabi’s calendar this year is a special stage of the World Rally Championships. Originally holding a spot on the WRC 2012 provisional calendar, Abu Dhabi lost the spot because organisers said the capital was not ready to hold a full stage. Mr Al Muhairi said he disagreed with the decision.
Since then, ADTA has withdrawn its sponsorship of Team Abu Dhabi and left the WRC, citing the end of its five-year contract.
"We're past that," Mr Al Muhairi said. "It was a complicated decision with many players. The world is big and we weren't successful with that but we were successful with many other things in Abu Dhabi."
He noted that the Volvo Ocean Race, currently making a two-week port stop in Abu Dhabi, has been a hit. On Wednesday afternoon, more than 6,000 people filled the Destination Village on Abu Dhabi's breakwater to welcome the five competing yachts.
Another event pulled off the calendar was the Abu Dhabi Adventure Challenge: a gruelling six-day race, which featured 426 kilometres of running, swimming and canoeing.
"We are not scaling back," Mr Al Muhairi said, adding all events are reviewed.
"The golf, we see growth and we see a clear path in its future. Some we invented like the Adventure Challenge. We always evaluate after some years. We've delayed it by a year and wonder how we can improve this and generate better media returns for example. We haven't made that decision of cancelling it [for future years] at all yet."
Activities have also expanded to other parts of the emirate. The Al Ain Air Show, for example, will become part of this year's National Day celebrations.
"We should appreciate what happens here," Mr Al Muhairi said. "The figures will tell you what change has happened. It went from 12 to more than 100 events at [Abu Dhabi National Exhibition Centre] alone. It's really huge. Our events team has never stopped.
"When we see other agencies and departments in government growing in supporting this calendar of events, it's an achievement for us and for everybody."
eharnan@thenational.ae
Aayan%E2%80%99s%20records
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War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
TO%20CATCH%20A%20KILLER
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EDamian%20Szifron%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Shailene%20Woodley%2C%20Ben%20Mendelsohn%2C%20Ralph%20Ineson%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
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.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Results
6pm: Dubai Trophy – Conditions (TB) $100,000 (Turf) 1,200m
Winner: Silent Speech, William Buick (jockey), Charlie Appleby
(trainer)
6.35pm: Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m
Winner: Island Falcon, Frankie Dettori, Saeed bin Suroor
7.10pm: UAE 2000 Guineas Trial – Conditions (TB) $60,000 (Dirt)
1,400m
Winner: Rawy, Mickael Barzalona, Salem bin Ghadayer
7.45pm: Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m
Winner: Desert Fire, Hector Crouch, Saeed bin Suroor
8.20pm: Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
Winner: Naval Crown, William Buick, Charlie Appleby
8.55pm: Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
Winner: Al Tariq, Pat Dobbs, Doug Watsons
9.30pm: Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m
Winner: Dubai Icon, Patrick Cosgrave, Saeed bin Suroor
NATIONAL%20SELECTIONS
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Zodi%20%26%20Tehu%3A%20Princes%20Of%20The%20Desert
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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
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%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20SupplyVan%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2029%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20MRO%20and%20e-commerce%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20Seed%3C%2Fp%3E%0A
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Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
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