Azzam crew expect the unexpected



One of the attractions of the Volvo Ocean Race is that it never ceases to throw out the unexpected, but this can be both good and bad.

Leg 5 was no different and it started full of expectation. We were keen to put on a good showing, experience some close racing in conditions that we had hoped would put us on a par with the fleet and finally to enjoy some downwind sailing, something that has been rather scarce this race.

Sadly however, this was not to be and less than 24 hours into the race we found ourselves back in Auckland. Two weeks later, rather than rounding Cape Horn we found ourselves quietly motoring up the river into Puerto Montt, Chile. I had always had wanted to visit Patagonia but certainly hadn't expected to be doing it under these circumstances.

The Southern Ocean hadn't been kind to us. It was disappointing not being able to round Cape Horn for a third time, and no doubt more disappointing for Adil, Paul, Bubs and Nick who had hoped to round the mythical cape for the their first time but I don't think anyone would argue with the decision we had made.

Despite having made an impressive repair from what we could muster on board the time, our luck was well and truly over. Pounding through the ocean 2,000 miles from land is high tariff at the best of times, but with a bad forecast and a broken boat the stakes seemed a little too high. I think we all gave a collective sigh of relief when we got to the safety of shore of South America albeit on the opposite coast.

And so another unexpected experience started to unfold, beginning with getting the boat ready for shipping to Brazil. Our shore crew took all this in their stride. It would have been easy to moan about the long transfers and the multiple flights to get over the Andes to Itajai but it really has nothing on Cape Horn.

Looking on the bright side rarely had I enjoyed looking out the window of the airplane as much as I did as we flew from Santiago to Montevideo with the Andes and the impressive estuary of the River Plate to take in as the hardship of the Southern Ocean slowly slipped from my mind.

Time off in Itajai has been great fun. For the past week rather than thinking about boats, sails and performance I have been able to enjoy the beaches of Santa Catarina. Rather than surfing through the ocean wearing thermals, waterproofs, gloves and hats I have been surfing the waves off the beaches wearing board shorts and a rash vest. Leg 6 is now fast approaching though and my thoughts are now getting back on the job in hand. This coming week is going to be a busy one for everyone, especially the shore team which has plenty of work to do in a very short time.

Everyone will have to pull together to get the repair done and the boat back on the water in time for the in-port race but it will be a challenge that everyone will relish and can look back on with pride when the job is done. I for one will be very happy to be heading out onto the water again with another opportunity to put some more points on the board.

Hopefully we can get a good result and enjoy some good racing too. I have no doubt though that there will be some more unexpected stuff the crops up, I just hope this time it's of the good kind.

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

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

Final round

25 under -  Antoine Rozner (FRA)

23 - Francesco Laporta (ITA), Mike Lorenzo-Vera (FRA), Andy Sullivan (ENG), Matt Wallace (ENG)

21 - Grant Forrest (SCO)

20 - Ross Fisher (ENG)

19 - Steven Brown (ENG), Joakim Lagergren (SWE), Niklas Lemke (SWE), Marc Warren (SCO), Bernd Wiesberger (AUT)

The bio

Favourite book: The Alchemist by Paulo Coelho

Favourite travel destination: Maldives and south of France

Favourite pastime: Family and friends, meditation, discovering new cuisines

Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.

Favourite Author: My father for sure

Favourite Artist: Damien Hurst

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
MISSION: IMPOSSIBLE – FINAL RECKONING

Director: Christopher McQuarrie

Starring: Tom Cruise, Hayley Atwell, Simon Pegg

Rating: 4/5

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.”