Few occasions bring people together the way sporting events do. For a world experiencing the painful burden of distance under the weight of a pandemic, it can be said without a doubt that a coming together of sorts – perhaps not physically, but in spirit – is sorely needed.
International sporting action returns to the UAE this weekend when "UFC Fight Island", a two-week-long mixed martial arts competition, begins in Abu Dhabi on Sunday. It marks the first time a high-profile athletic event is to be held in the Emirates since March, when the coronavirus outbreak forced almost all of the major tournaments and leagues around the world to be called off or postponed. It also serves as a timely reminder that, in these immensely difficult times when normal life has been upended by Covid-19, the show can go on.
This is not the first event to be held globally since the pandemic forced a time-out in sport. Most football leagues across Europe returned to action in June and a cricket match between England and the West Indies is currently under way in the English city of Southampton.
Fight Island, however, is receiving an enormous amount of global attention for a variety of reasons.
A UFC Fight Island sign at Yas Island in Abu Dhabi. Courtesy DCT-Abu Dhabi
An octagon on the beach for UFC Fight Island. Courtesy DCT-Abu Dhabi
UFC Fight Island branding can be seen outside Yas Links golf club. Courtesy DCT-Abu Dhabi
A UFC Fight Island sign on Yas Island. Courtesy DCT-Abu Dhabi
The setup outside Flash Forum for UFC Fight Island. Courtesy DCT-Abu Dhabi
UFC Fight Island branding can be seen outside Yas Links golf club. Courtesy DCT-Abu Dhabi
An octagon on the beach for UFC Fight Island. Courtesy DCT-Abu Dhabi
A UFC Fight Island board on Yas Island with Ferrari World in the background. Courtesy DCT-Abu Dhabi
A UFC sign lights up outside the W Hotel on Yas Island. Courtesy DCT-Abu Dhabi
A sign for UFC Fight Island placed outside W Hotel on Yas Island. Courtesy DCT-Abu Dhabi
A social distancing sign inside the W Hotel on Yas Island. Courtesy DCT-Abu Dhabi
A social distancing sign is placed on a table inside W Hotel. Courtesy DCT-Abu Dhabi
A view outside the W Hotel on Yas Island where UFC fighters will stay. Courtesy DCT-Abu Dhabi
An In Abu Dhabi sign has been placed on Yas Beach. Courtesy DCT-Abu Dhabi
A UFC sign has been placed outside the W Hotel on Yas Island. Courtesy DCT-Abu Dhabi
A view outside the W Hotel and Yas Marina Circuit on Yas Island. Courtesy DCT-Abu Dhabi
Outside seating area at the W Hotel on Yas Island. Courtesy DCT-Abu Dhabi
Outside seating area at the W Hotel on Yas Island. Courtesy DCT-Abu Dhabi
First, it has taken the Department of Culture and Tourism – Abu Dhabi and the Ultimate Fighting Championship (UFC), the world's leading MMA production, a matter of mere weeks to put it together, at relatively short notice, and at a time when the pandemic continues to be a part of daily life.
The event also serves as a statement of intent, for the organisers and the host nation: despite the adverse impact of Covid-19 on lives and livelihoods, humankind should still be able to enjoy what life has to offer, not least one of its most soul-nourishing pastimes. This intention was reflected in the fact that the UFC announced the concept for this competition as early as April, when other sports were still grappling with the difficult question of when, or even whether, to return to action.
Furthermore, with one of the UAE’s biggest strengths being its ability to host high-profile sporting events, Fight Island serves as a signal to the world that the country is once again open for business, with appropriate planning and care. Over the past three decades, the Emirates has built its reputation as the pre-eminent destination for a wide variety of international competitions, including Formula One racing, Dubai Rugby Sevens, Test cricket and the Special Olympics.
Few countries can match the UAE's profile as a hub for sports tourism. That the UFC was able to swiftly replace its original headline act Gilbert Burns, who pulled out after testing positive for coronavirus, with Jorge Masvidal, another fighter of global repute, less than a week before UFC 251, is testament to this fact.
The reasons for the country's attractiveness in this regard are many – including a strong middle class, an advantageous geographic location and the ease of doing business. The third factor was particularly crucial for the UAE last month when it secured the right to host Fight Island. In the weeks since, Abu Dhabi has pulled out all the stops, involving government agencies, the Abu Dhabi Sports Council and Etihad Airways in putting together the event to be held on Yas Island, the home of the annual Abu Dhabi Grand Prix F1 race.
Four months ago, the pandemic delivered a knockdown blow against the world of sport. Which is to say that the global sports industry, valued at $471 billion by the World Economic Forum in 2018, sustained injuries that were so debilitating that it could not fight the good fight, at least temporarily.
We should welcome the fact that, even as it gingerly returns to action, sport is ready to fight again.
Moment of the day Pakistan’s effort in the field had hints of shambles about it. The wheels were officially off when Wahab Riaz lost his run up and aborted the delivery four times in a row. He re-measured his run, jogged in for two practice goes. Then, when he was finally ready to go, he bailed out again. It was a total cringefest.
Stat of the day – 139.5 Yasir Shah has bowled 139.5 overs in three innings so far in this Test series. Judged by his returns, the workload has not withered him. He has 14 wickets so far, and became history’s first spinner to take five-wickets in an innings in five consecutive Tests. Not bad for someone whose fitness was in question before the series.
The verdict Stranger things have happened, but it is going to take something extraordinary for Pakistan to keep their undefeated record in Test series in the UAE in tact from this position. At least Shan Masood and Sami Aslam have made a positive start to the salvage effort.
1. Lewis Hamilton, Mercedes 306
2. Sebastian Vettel, Ferrari 247
3. Valtteri Bottas, Mercedes 234
4. Daniel Ricciardo, Red Bull 192
5. Kimi Raikkonen, Ferrari 148
6. Max Verstappen, Red Bull 111
7. Sergio Perez, Force India 82
8. Esteban Ocon, Force India 65
9. Carlos Sainz Jr, Toro Rosso 48
10. Nico Hulkenberg, Renault 34
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
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.”
Our family matters legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
