The feeling that this year’s Volvo Ocean Race (VOR) could be among the most tightly contested in years has been growing from the very start of preparations.
That notion was reinforced this week in Alicante, when the seven teams took part in Leg Zero, a dry run before the official race begins with an in-port race on October 4 and the first leg a week later.
Five of the seven boats finished within 20 minutes of each other in the two-day sail from Alicante to Mallorca and back.
Indeed, just 10 seconds separated the winner, Team Vestas, from Team Brunel, effectively a photo finish for sailing. Abu Dhabi Ocean Racing’s (ADOR) Azzam continued its strong build-up, finishing 12 minutes behind, in third place.
The biggest reason for the parity, of course, has been the levelling of the playing field with the introduction of the one-design Volvo 65, which for the first time in event history gives each team the same vessel. The impact was underscored by the winner of Leg Zero, Denmark’s Team Vestas.
The boat, skippered by the Australian Chris Nicholson, only officially entered the VOR last month. It is believed to be the latest any team has entered a race that can require up to a year’s preparation beforehand. But the one-design philosophy not only allowed for a late entry, but an immediate ability to compete. The dry run was Team Vestas’ first competitive sail.
Azzam remain firmly among the favourites, not least because the one-design plays into the strengths of skipper Ian Walker.
“He is one of the world’s best one-design sailors and this boat being one-design fills right into an area I know he is very, very strong in,” said Neal McDonald, the team’s performance director.
McDonald’s recruitment to the team last year in an off-shore role is seen as a pivotal one in Azzam’s quest.
He is a veteran, having sailed in six VORs before retiring after the 2011/12 edition. Though his teams have never won, he is confident he could be part of a winning race this time.
“Obviously, I’m biased, but I do look at all teams very closely, I know almost everybody in the race, having sailed against just about everybody on every boat,” he said. “I know where we stand on ability. I think Ian has picked a very, very strong team. I feel comfortable we’ve got as good a chance as anybody, I really do. It’s a very strong team, with good attitude and a great training programme. The general feel in the camp is positive, a very get-up-and-go type. The whole thing feels, at the moment to me, very strong, very settled and I’ve got strong expectations.”
Leg Zero does not count for any points toward the actual race, but it is viewed as necessary preparation to ensure there are no major chinks in the boats and that crews are familiar with emergency procedures when the race does start.
There was some drama in the event, however, when one of the sailors for the sixth-place Team Dongfeng fell off the boat in the middle of the night.
Jin Hao Chen was swiftly rescued, however, escaping only with a hand injury.
osamiuddin@thenational.ae
COMPANY%20PROFILE
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SPECS
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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
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Kesari
Rating: 2.5/5 stars
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Pieces of Her
Stars: Toni Collette, Bella Heathcote, David Wenham, Omari Hardwick
Director: Minkie Spiro
Rating:2/5
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
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The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
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Dr Mohamed El-Erian, economist
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Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
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