ALICANTE, SPAIN // As the Volvo Ocean Race week started barrelling toward its momentous Saturday, Abu Dhabi Ocean Racing awaited a Monday off.
Ian Walker, the skipper, planned to play golf with Ken Read, the Puma skipper. Butti Al Muhairi, the reserve Emirati sailor and a man of exemplary curiosity, thought he might hop on a train to see a bit more of Spain. Mike Danks, the technical manager of the impossibly industrious shore team, said he planned to sleep.
Monday, the path toward this coming Saturday would begin heating up, even as Walker said the yacht, Azzam, would go out for "final checks" and then, if all goes well, "it means we might not sail again" until Saturday, when the six contestants nudge off the shore toward the 6,500-nautical-mile trek toward Cape Town, South Africa.
While Walker often gives days off in staggered form - one sailor one day, another the next - this one went for the whole team.
"Sailors need to be fresh," he said, and then corrected himself and said, "They're not going to be fresh, but fresher" than they are after a torrid weekend.
Abu Dhabi won the first in-port race of the 10-stopover marathon this past Saturday, and wise voices immediately had to stem the surge of conclusion-jumping over that.
Patrick Shaughnessy, the Farr Yacht Design president, whose Maryland-based company concocted Azzam, reported having fielded a reporter's question about whether it made Abu Dhabi Ocean Racing "the favourites". Shaughnessy, rather startled, said: "No, I don't think we are the race favourites. Instead, I think we should be viewed as a team that's overachieved, given the circumstances," by which he meant mostly time constraints.
Some of the chatter the past Saturday evening around the marina centred on the decisiveness of Azzam's 14-minute win in the in-port, but Danks ladled some caution on that.
"It's great to win," he said, "but don't read too much into it. Sure, the boat's got some pace. But I wouldn't read too much into it."
For one thing, "Once in front, you can defend" the lead, and for another, "We got on the right side of the hole" in the wind. "It could have gone the other way".
Read, the American Puma skipper, said: "It's the fun of participating in a development class. If there were all one design, it wouldn't be nearly as much fun.
"The Farr office obviously did their homework. You look at that old boat" - the Farr design Team Sanya will use in this race after Telefonica used it previously - "compared to this one, and you really can't go much more extreme. They obviously thought they had some changes to make and made them well."
Shaughnessy does not go quite that far with the "extreme" theme, saying he did not find the design as radical as that of the Camper, Team New Zealand's boat.
"I am proud of it," he said of Azzam, "and, in any case, I think it's a boat that clearly demonstrates innovation.
"There's a lot of little innovative things about it. I think you can look at the boat and see that we gave a lot of thought."
When people look at the boat nowadays in the marina at Alicante, they see it has moved over to the far right of the six-yacht row.
That is the position for the boat that will begin the meaty offshore portion in first place.
cculpepper@thenational.ae
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
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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Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
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Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
The specs
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Company%20profile
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
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