After a school term on monarchy, Dunnottar Castle offers the real deal



Dunnottar Castle is on the windy, chilly north-eastern coast of Scotland. It's so far north I glimpsed my first Atlantic puffins there while exploring the castle ruins with my wife and our daughter, Georgia. This was June 2009, so she was 13.

If a vacation involves scampering around ruins, we can pretty much expect Georgia will be game. (I know I've written about expecting the unexpected when travelling with a teenager, but I think ruins fall outside the rule.) We drove to Dunnottar from a lobster pot of a village called Johnshaven, where we'd had a mid-afternoon pub lunch at the Anchor. Dunnottar came recommended to us as a "must-see" as much for the stunning coastal scenery as for the fact that Mel Gibson shot his Hamlet there. Whoop-de-doo.

For thinking about history and passage of time, there's no beating a set of ruins. The rocks and stones themselves cry out: "I was there."

The timing couldn't have been better for Georgia. We hadn't intended to make our holiday an extension to the school term - after all, it was the last week of June and Georgia had just finished a brutal set of exams - but the visit, as my wife and Georgia were headed home to Canada, turned into an exciting history lesson.

Georgia is in a British curriculum school in Abu Dhabi. I'm a fan of the way history and geography are taught there. History isn't just a recitation of dates; geography isn't a list of rivers and lakes. History includes historiography, source material, alternative points of view. Geography includes tourism, development, poverty, global warming.

Georgia had just finished studying the English and Scottish kings, yet the holiday didn't seem like extra learning to her. She was keen on the castles, sufficiently enthralled by an Edinburgh ghost walk, fascinated by the tales of the six wives when she visited the Tower of London later in the holiday. Earlier, at Edinburgh Castle, we'd seen a portrait of Macbeth, though Georgia wasn't interested. Dagger or not. Still, she did buy a couple of comic books while in Edinburgh; one's on Macbeth, the other's about Mary Queen of Scots. She read Macbeth this year in the Shakespeare component of her English class; now that she's read the original, I don't know if she'll ever read the comic. And, when you've seen the places the thane-cum-king and his gold-digger wife inhabited, comics don't seem to dramatise as well as your own imagination.

Dunnottar had had its share of drama over the years, too. Late in the afternoon of our visit, the sun not even thinking about retiring for the day, we walked on wet green lawns, through stone buildings that once held a kitchen, parlours, arms storage room, a dungeon and a brewery, even a chapel, where a young married couple was having photos taken. Fresh from battle, William Wallace walked along the same wall, peered out of the same window over the same North Sea. Then he threw the English in the chapel and burnt it.

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

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

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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heading

Iran has sent five planeloads of food to Qatar, which is suffering shortages amid a regional blockade.

A number of nations, including Iran's major rival Saudi Arabia, last week cut ties with Qatar, accusing it of funding terrorism, charges it denies.

The land border with Saudi Arabia, through which 40% of Qatar's food comes, has been closed.

Meanwhile, mediators Kuwait said that Qatar was ready to listen to the "qualms" of its neighbours.

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ICC Women's T20 World Cup Asia Qualifier 2025, Thailand

UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final

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: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

'The Ice Road'

Director: Jonathan Hensleigh
Stars: Liam Neeson, Amber Midthunder, Laurence Fishburne

2/5

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

A Long Way Home by Peter Carey
Faber & Faber

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Brief scoreline:

Toss: South Africa, elected to bowl first

England (311-8): Stokes 89, Morgan 57, Roy 54, Root 51; Ngidi 3-66

South Africa (207): De Kock 68, Van der Dussen 50; Archer 3-27, Stokes 2-12

FFP EXPLAINED

What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.

What the rules dictate? 
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

What are the penalties? 
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.

BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

The Settlers

Director: Louis Theroux

Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

House-hunting

Top 10 locations for inquiries from US house hunters, according to Rightmove

  1. Edinburgh, Scotland 
  2. Westminster, London 
  3. Camden, London 
  4. Glasgow, Scotland 
  5. Islington, London 
  6. Kensington and Chelsea, London 
  7. Highlands, Scotland 
  8. Argyll and Bute, Scotland 
  9. Fife, Scotland 
  10. Tower Hamlets, London 

 

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