Bahrain is dreaming big when it comes to the future of sport in the country.
Investment in the sector is a key part of its economic and social development strategy with the pace of change phenomenal – and the kingdom is barely at the start of its journey.
Bahrain is actively positioning itself as a top destination for sports tourism by hosting international events such as the opening Grand Prix on the Formula One calendar.
The sovereign wealth fund of Bahrain, Mumtalakat Holdings Company, is the majority shareholder in McLaren who have now won back-to-back constructors’ championships, and one of their drivers, either Lando Norris or Oscar Piastri, will seemingly take this season's drivers’ title.
In 2004, Bahrain was the first country in the Middle East to host an F1 race, and its pioneering efforts have gone on to include staging the Asian Youth Games earlier this year, as well as developing supporting infrastructure such as Bahrain Sports City which will include a 50,000-seat stadium and the Bahrain Surf Park, designed to provide elite surfing experiences.
Football academies from three world renowned clubs, Juventus, Real Madrid and AC Milan, have also been established, while it is an increasingly big player in e-sports and enjoyed its best performance at the 2024 Olympic Games in Paris with four medals. Bahrain also hosts a DP World Tour event in January while a Sergio Garcia-designed course is in the pipeline.
As Sheikh Salman bin Rashed Al Khalifa, High Committee’s Representative for International Racing, said: “Sport does so much in terms of positioning and promoting the kingdom globally. There are lots of advantages linked to sport.
“This is mainly from the tourist side and from attracting foreign investment. There are a lot of benefits. It positions the kingdom of Bahrain internationally. Sport has a lot of angles which add value in different ways.”
This week another kind of horsepower, racing, takes centre stage at the $1 million Bahrain International Trophy at the Rashid Equestrian and Horseracing Club.
Friday night's race is now recognised as a Group 2, and for the past two years has been won by Sir Alex Ferguson, the former Manchester United manager, with his horse Spirit Dancer.
Racing is in the DNA of the Middle East. The UAE, Qatar and Saudi Arabia have shown the way with its big Festivals and massive prize money. Bahrain has ambitions to be part of that, as Ed Veale, the Director of Racing and International Relations at the Bahrain Turf Club, attests.
“The International Trophy is our showcase race where you have the eyes of the racing world on us,” he said. “This week is very important because it's a chance for us to show what we're building beyond just this one race and connecting with the rest of the world in showcasing what the country has to offer.
“The club is rapidly becoming part of a broader national vision of how we transform a country that has deep equestrian heritage into a world-class sporting and social institution. I really like the idea of the club here being described as a national institution of which people here are proud.”
A 12-race Turf Series between December and March has prize money of in excess of $1m which is open to international as well as domestic challengers, is now in its fifth year.
“Owners come from very different walks of life, whether it be Sir Alex Ferguson, or Anthony Oppenheimer both of whom are guests this weekend. Racing builds bridges and if that bridge brings people here, it's fantastic for the country,” Veale continued.
Bahrain is keen to play its part in the powerhouse that is Middle East racing and is an active participant in the Gulf Co-operation Council which fosters relations between regional racing jurisdictions.
“There's a collective effort to help each other grow,” Veale explained. “And I really believe the region is an extremely exciting place to be for racing over the next few years.
“Where Bahrain fits into the jigsaw is the fact that we have a very welcoming racing jurisdiction in terms of the events that we put on, the hospitality we can give our guests, while at the same time we're building a competitive racing product.”
The GCC has a meeting in Bahrain this week with members staying on to watch the International Trophy race.
The driving force behind the racing initiative is Sheikh Isa Salman Al Khalifa, the chairman of the Bahrain Turf Club and who is a grandson of the King, Hamad bin Isa Al Khalifa. Two sons of the King, Sheikh Nasser and Sheikh Khalid are partners in Victorious Forever, a flourishing.
The sport is very much a passion for Sheikh Isa. He is a formidable owner in his own right both in Bahrain and in Britain and Ireland. In September his horse, Economics, won the prestigious Group 1 Irish Champion Stakes at Leopardstown.
Ralph Beckett, whose horse Pride of Arras is competing in the International Trophy, said: “I train for Sheikh Isa and Victorious Forever, and their enthusiasm is palpable.
“It is terrific that they are emerging as a force. Bahrain is on the front foot in every sense.”
War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
Score
Third Test, Day 2
New Zealand 274
Pakistan 139-3 (61 ov)
Pakistan trail by 135 runs with 7 wickets remaining in the innings
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The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
The biog
Age: 46
Number of Children: Four
Hobby: Reading history books
Loves: Sports
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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