Frankie Dettori aboard Daban wins The Lanwades Nell Gwyn Stakes at Newmarket Racecourse on April 19, 2017 in Newmarket, England. Alan Crowhurst / Getty Images
Frankie Dettori aboard Daban wins The Lanwades Nell Gwyn Stakes at Newmarket Racecourse on April 19, 2017 in Newmarket, England. Alan Crowhurst / Getty Images
Frankie Dettori aboard Daban wins The Lanwades Nell Gwyn Stakes at Newmarket Racecourse on April 19, 2017 in Newmarket, England. Alan Crowhurst / Getty Images
Frankie Dettori aboard Daban wins The Lanwades Nell Gwyn Stakes at Newmarket Racecourse on April 19, 2017 in Newmarket, England. Alan Crowhurst / Getty Images

Dabyah pulled from Poule d’Essai des Pouliche in France after UAE-owned horse ‘scoped quite dirty’


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Abdullah Saeed Al Naboodah is amassing a strong team to try to secure his second Royal Ascot winner next month after Dabyah was ruled out of Sunday’s Poule d’Essai des Pouliches at Deauville, France.

Al Naboodah must have experienced the thrill of his short career as an owner when Daban was third in the English 1,000 Guineas last Sunday.

However, stable companion Dabyah scoped dirty on Wednesday and will not travel to Deauville-La Touques Racecourse to participate in the Abu Dhabi-sponsored equivalent.

“Unfortunately, she scoped quite dirty this morning and she’s not going to be able to run on Saturday,” said Bruce Raymond, the owner’s racing manger.

Al Naboodah won the Listed Windsor Castle Stakes at Ascot last June with Ardad, who is also trained by John Gosden in Newmarket, and Raymond confirmed that the Coronation Stakes on June 23 was the new target for Dabyah.

Daban also is entered in the Group 1 race.

With Ardad entered both in the Commonwealth Cup and King’s Stand Stakes, and Nathra being aimed at the Duke Of Cambridge Stakes, the royal meeting looks a crucial five days for the UAE businessman.

Al Naboodah also has Ouja entered in the Group 2 Ribblesdale Stakes and Mister Trader entered in the Commonwealth Cup.

At Chester Racecourse in England on Thursday, Charlie Appleby will be looking for Godolphin’s Folkswood to finally land a Group race in the Huxley Stakes.

Folkswood put up a huge performance at Meydan Racecourse when second in the Group 1 Jebel Hatta in March.

He then returned to England to again run second to Steel Of Madrid in the Jockey Club Stakes at Newmarket last month.

Folkswood runs against Poet’s Word, owned by Saeed Suhail, Gosden’s highly regarded Royal Artillery and the favourite Deauville, owned by Fitri Hay.

Gabrial and Snoano are the only other runners.

“I think the track will suit him,” Appleby said.

“He showed at Meydan he can be very effective on the turn when he gets on the rail and, although it’s only a small field, it’s nice he’s got a good draw in Stall 2.”

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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.”

Gender pay parity on track in the UAE

The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.

"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."

Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.

"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.

As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general. 

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

UAE currency: the story behind the money in your pockets
The specs: 2018 Jaguar E-Pace First Edition

Price, base / as tested: Dh186,480 / Dh252,735

Engine: 2.0-litre four-cylinder

Power: 246hp @ 5,500rpm

Torque: 365Nm @ 1,200rpm

Transmission: Nine-speed automatic

Fuel consumption, combined: 7.7L / 100km

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Other acts on the Jazz Garden bill

Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.

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