After the roaring success of two polo tournaments this year, Saudi Arabia is looking for other ways to solidify the presence of equestrian events in the kingdom.
The second edition of Richard Mille AlUla Desert Polo — the only modern polo tournament in the world to be staged in a desert environment — took place on February 11 at AlUla, Saudi Arabia’s first Unesco World Heritage Site. It formed part of the Royal Commission for AlUla’s commitment to reinforce Saudi Arabia’s cultural relationship with art and its horsemanship heritage.
Twelve players from four teams faced off over the two-day event, a mixture of professionals and invitees.
There is a long-standing connection between equine culture and AlUla’s heritage, the Director of Special Initiatives at the Royal Commission for AlUla, AbdulRahman Alsuwaidan tells The National. The commission is working on “connecting and preserving” this legacy.
Last month, AlUla hosted two major equestrian events — The Custodian of the Two Holy Mosques Endurance Cup 2022 and the Richard Mille AlUla Desert Polo. Mr Alsuwaidan said these world class events are part of a larger, long-term commitment to develop the equestrian sector to the highest global standards with the view to making AlUla an international destination for equestrian sport and tourism.
Polo is a new sport in the kingdom, but the kingdom has experience of bringing in big international sporting events, such as F1, boxing, football games, among other events. Known as the “sport of kings” the Richard Mille AlUla Desert Polo invited 18-year-old Saudi Prince Salman bin Mansour Al Saud to participate at the event. The award winning “Polo Prince” won the Most Promising Talent award.
Mr Alsuwaidan said the Royal Commission of AlUla plans to work closely with authorities and sports federations in relation to the equine industry.
“Our aim is to create a sustainable economic sector covering three main pillars which are develop human capabilities and partner with key organisations and industry players, introducing and applying the best policies and standards for equine facilities and activities and developing priority equine facilities and infrastructure,” he said.
In line with this ambition, he said, the kingdom hopes to host the FEI Endurance World Championships.
“With that, there would be a great opportunity across many areas for the local economy in AlUla. It’s a new era for sport in the kingdom, and to stage such an event would require a stellar infrastructure.
"That is why a lot of our core objectives at present are focused on best practice in terms of animal welfare and all-round competition organisation. With our infrastructure, the sports and leisure experiences for horse lovers, we are focusing on delivering opportunities to the local communities, creating skilled jobs for people which no doubt will be at the centre of developing AlUla as a must-visit destination.”
The equestrian sector is a key pillar of the RCU's longer-term strategy, highlighting the monumental beauty of AlUla as a place that is unique in the Arabian Peninsula.
He said polo has undergone a major transformation globally as participation among women in polo has increased and “women have taken on more active and prominent positions in the sport".
“There is so much talent in the kingdom, and our aim is to increase participation and inspire the next generation of athletes,” he added.
The Saudi Polo Federation intends to continue to work to increase the profile and interest in desert polo and in the AlUla Desert Polo event, he said.
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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From Europe to the Middle East, economic success brings wealth - and lifestyle diseases
A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.
One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait, Qatar and Oman – and second on the list in Bahrain.
In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.
The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.
And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.
