Stepping back in time with Hydra Executives. I am staring down Richard Best in the lobby of the Crowne Plaza Hotel. After a strategically long pause I say: "Let's cut to the chase. Who wins?" Best, an architect from Los Angeles, is one of the two remaining contestants on Hydra Executives, an Apprentice-style reality show filmed last year in Abu Dhabi, whose final episode will air next Wednesday. But it's not going to be easy to extract this secret from Best. He stares back and says, in his laid-back California drawl: "I can't tell you that, but the one thing I will tell you is that one of us wants to discuss the final show a lot and one of us doesn't want to."
A mysterious grin crosses his face. As the series, which pitted a team of Americans against a team of Brits, nears its conclusion, Best and his English archrival, Stephen Rumney, have been brought back to Abu Dhabi to drum up some publicity for the finale. The two are staying in the same place - at the Rainbow Hotel Apartments - and have apparently been spending some uncomfortable time together.
"It's awkward," Best says. "I feel it more as the show comes to a terminal focus." It's a unique temporal predicament common to the world of reality shows: the entire competition is finished long before the first episode ever sees the light of day. Filming finished in early 2008, so both men have digested the outcome (still a closely guarded secret at press time) and moved on with their lives. But as the episodes appear on television, the contestants are thrust back into the frenzy of competition: old dramas resurface and they re-experience the "reality" of the show.
Abu Dhabi, as it happens, might view Hydra Executives in much the same way. The economy is now feeling the impact of the global financial crisis, but on television the boom is still raging and Hydra Executives feels like a relic of another time, one when you could sell a multimillion-dirham apartment on a street corner with nothing more than a printout. "Coming here at that time and experiencing the real estate and economy was like nothing I had seen before," Best says. "When I went back home last summer, it can be only described as the feeling when you get off a people mover at the airport. A sudden slowdown."
The less-exuberant mood at the moment of his perhaps-triumphant return to the Emirates has not escaped his notice. But Best, who once donned a dishdasha on the television show, says he plans to open an office here for his firm and "change the face of architecture in Abu Dhabi" with environmentally friendly designs and building technologies. "It's still a lot better off than the rest of the world," he says. "I believe the economy will turn around faster than any other economy."
His time on the show changed him from a publicity-shy thoughtful type into, well, a bit of a diva. At the photo session that followed our interview, he struck a number of self-confident poses that could only come from months of training in the world of TV celebrity. He's also gone in for a slight makover: since the show finished, he has cut his shoulder-length hair. "It's put me a little bit under the radar," he says. "I like the change."
He first heard about the show from an email sent to alumni of the school of architecture at the University of California Los Angeles, where he received his master's degree. It was at the audition at the Beverly Hilton that he first met Sulaiman al Fahim, whom Best calls "the doc" - because he has a PhD in real-estate finance from the American University in Washington, DC. Fahim, the CEO of Hydra Properties, plays the role taken on by Donald Trump in the original show and by Alan Sugar in the UK version (or, if you like, by Biodun Shobanjo on Nigerian television). Trump's abrasive (and briefly ubiquitous) catchphrase, "You're fired!" has been sculpted here into something a little more subtle: "Impress me!" is Fahim's demand.
"He has the face of a very friendly young man, but the instinct of a businessman who is 60 years old," Best says of Fahim, who he also calls a "maverick". He says the show opened his eyes to the value of publicity in business. "I plan to explore the intersection of entertainment and architecture," he says. His latest project in Los Angeles was the design of an environmentally friendly nail salon. For Abu Dhabi, he wants to challenge builders to construct buildings that combine "sustainability and sculpture".
"We need to make buildings more flexible," he says. "Why can't we create buildings that close and open like a flower. Or when the sun comes out, a building that turns away." He smiles again, considering the possibilities: "That is, if I win."
* Bradley Hope
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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UAE currency: the story behind the money in your pockets
The five pillars of Islam
The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
UAE currency: the story behind the money in your pockets
LAST-16 EUROPA LEAGUE FIXTURES
Wednesday (Kick-offs UAE)
FC Copenhagen (0) v Istanbul Basaksehir (1) 8.55pm
Shakhtar Donetsk (2) v Wolfsburg (1) 8.55pm
Inter Milan v Getafe (one leg only) 11pm
Manchester United (5) v LASK (0) 11pm
Thursday
Bayer Leverkusen (3) v Rangers (1) 8.55pm
Sevilla v Roma (one leg only) 8.55pm
FC Basel (3) v Eintracht Frankfurt (0) 11pm
Wolves (1) Olympiakos (1) 11pm
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
More from Rashmee Roshan Lall
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.”
Brief scores:
Toss: Kerala Knights, opted to fielf
Pakhtoons 109-5 (10 ov)
Fletcher 32; Lamichhane 3-17
Kerala Knights 110-2 (7.5 ov)
Morgan 46 not out, Stirling 40
Sholto Byrnes on Myanmar politics
The studios taking part (so far)
- Punch
- Vogue Fitness
- Sweat
- Bodytree Studio
- The Hot House
- The Room
- Inspire Sports (Ladies Only)
- Cryo