'18th man' on being aboard sailing's F1 racer


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The noise is almost indescribable: a deep-throated ripping, tearing, groaning – like a giant tree being felled in the forest. It’s loud, very loud and I don’t just hear it, I feel it in every cell of my body as the boat settles onto its new tack and the crew squeezes every gram of power out of its rig.

It’s a gusty and grey late summer day during the Auckland edition of the Louis Vuitton Trophy (held in March this year) and I have been given the rare privilege of sailing as the crew's “18th man” during a race; I’m with the Franco-German team All4One, racing against the Swedish-flagged Artemis.

The boats being used in this match-racing series are an almost identical pair of 2007 America’s Cup yachts, on loan from Emirates Team New Zealand – the same yachts being used in Dubai for this coming fortnight’s regatta.

It’s no exaggeration to call them the Formula One vehicles of sailing – not for extreme G-Force of an accelerating F1 MacLaren or Renault, but for their sheer power (and their agility in extremely close-quarters racing – as I’m about to discover). The power is not something you can see as a spectator but for me, perched on the stern of the boat – it’s a physical sensation.

We had sped out from the docks to the race course on an official chase boat to await the end of the previous match, between Aleph of France and Synergy Russian Sailing Team. As soon as the shore crew has checked the race boat for handover, we swoop alongside. Our sails are heaved on board the race boat, Mascalzone's are heaved onto the chase boat; our crew leaps aboard; the Italians jump off. Thirty-four men in all, plus half a dozen huge sail bags, all swapping places in a matter
of seconds.

Standing in the scooped-out transom of the yacht, I’m separated from the water behind me by only a metal bar at mid-thigh height. I have been warned not to hold onto the most obvious means of support – the sheet [ropes] for the main boom, which is anchored to the hull right beside me. To do so risks having my fingers literally turned to mincemeat by the pulleys. So it’s a crash course in learning to balance while crouching – and my plans of taking in-amongst-it photos have been reduced to grabbing snapshots with my one-handed point-and-shoot.

One of the special things about being 18th man is to be among world-class sportsmen in the thick of competition (imagine, for instance standing on Wimbledon's Centre Court when Nadal or Federer is playing a match). From my perch I’m close enough to reach forward and touch the shoulder of helmsman, Sebastien Col – a former Match-Racing World Champion – and skipper, Jochen Schümann, a triple Olympic gold medalist and former crewman of two America’s Cup winners. Both are focused with laser-like intensity on the shape of the sails, the work of their crew, the constantly changing statistics being fed through their hand-held computer and displayed on half a dozen digital screens attached to the mast.

Ahead of them are the 15 other crew members: the grinders on the winches, the sail trimmers, the bowmen, each concentrating his own, highly precise job yet all acutely aware of each other, so that they can co-ordinate their actions to split-second accuracy. It’s like an intricate – albeit exceptionally muscular – ballet.

Curiously, there’s no shouting, no barking of orders; WiFi has taken care of that, networking all key crew members with earpieces and microphones – but, in fact, the crewmen know their jobs so well that they work almost by instinct.

Yachtsmen use the term “getting the boat quiet” to describe the perfectly balanced state when it is settled on a tack, while drawing maximum power from the sails. As we head upwind on starboard, all of us now crouched with our heads below the side rails to increase aerodynamic efficiency, hardly a word being spoken, I understand the term in a way that I never could have otherwise. There’s a strange stillness to it – almost like a lion stalking its prey.

Suddenly, there's a flurry of activity. Artemis, on port tack is bearing straight down on us, hoping to cross just in front of our bow, it seems. We have right of way but still they keep coming. With all 26
metres and 26 tons of their yacht now only a boat-length away, my adrenaline is rushing off the scale. We can almost see the whites of the bowman's eyes. Is this a bluff? Not exactly – there's too much at stake with these multi-million dollar boats for that, and huge penalties for putting anyone else in danger during racing – but it is white-knuckle competitiveness.

Now there’s shouting, yelling, waving of arms and, at what seems like the last nanosecond, Artemis bears away, turning with the apparent ease of a Laser dinghy. With all wind blocked from the water between the two boats, it goes eerily calm for a few seconds. That’s when I realise that I had forgotten to breathe.

And that’s when I know that I’m not just watching the race, I’m IN the race. Physically present and now, emotionally too – willing “my” team to win; praying that they can find the crucial split-second edge in reading the most subtle wind shifts, calling tactics and reacting to that call.

At the final mark Artemis sneaks past us and, despite All4One sailing an exemplary downwind leg, with 200m to go it’s clear that we can’t catch them. The crew’s body language says it all; having been so intimately involved in the race, I’m as disappointed as they are.

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.

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Fixtures

Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs

Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms

Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles

Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon

Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon

MATCH INFO

Euro 2020 qualifier

Fixture: Liechtenstein v Italy, Tuesday, 10.45pm (UAE)

TV: Match is shown on BeIN Sports

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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.”

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Innotech Profile

Date started: 2013

Founder/CEO: Othman Al Mandhari

Based: Muscat, Oman

Sector: Additive manufacturing, 3D printing technologies

Size: 15 full-time employees

Stage: Seed stage and seeking Series A round of financing 

Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now. 

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