The Strait of Hormuz is one of the most politically sensitive waterways in the world.Pictured, British sailors who were on their way to compete in the race last year were detained in Iran.
The Strait of Hormuz is one of the most politically sensitive waterways in the world.Pictured, British sailors who were on their way to compete in the race last year were detained in Iran.
The Strait of Hormuz is one of the most politically sensitive waterways in the world.Pictured, British sailors who were on their way to compete in the race last year were detained in Iran.
The Strait of Hormuz is one of the most politically sensitive waterways in the world.Pictured, British sailors who were on their way to compete in the race last year were detained in Iran.

'Dubai to Muscat' race yachts banned from Omani waters


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DUBAI // For the first time in its 17-year history, the Dubai to Muscat sailing race has become an Emirates-only affair after Oman mysteriously banned racers from entering its waters at the last minute.

Sailors were forced to take an alternative route after being warned that no boat should enter Omani waters in the course of the race, which will take about four days.

The race was scheduled to start at the Dubai Offshore Sailing Club (DOSC) and pass through the Strait of Hormuz before reaching Muscat.

Keith Mutch, from the DOSC, which organised the event, said the race began as scheduled, but with an alternative route. "It was completely last minute," Mr Mutch said. "We were told that we would find out why it was cancelled in due course. They said that no boat should enter Omani waters."

The announcement was made on the DOSC's website on Thursday, immediately after the club was informed of the changes by Muscat's Marina Bander Al Rowdha, where the boats were scheduled to finish.

Bob Looker, the manager of the marina, said that he had not been given the reason for the cancellation from officials from Oman's ministry of sports affairs.

"We were only told that it wouldn't happen," Mr Looker said. "It's hugely disappointing for DOSC and for us as well," he said. "There's nothing we can do about it."

The Strait of Hormuz, through which the competitors were to have passed, is one of the most politically sensitive waterways in the world.

In July, a group calling itself the Abdullah Azzam Brigades claimed responsibility for an attack on a Japanese-owned tanker in the strait.

UAE experts examined the 333-metre MV M.Star and found traces of what they said were home-made explosives" on the hull, according to the government news agency WAM.

Last year, five Britons on their way to compete in the race were arrested when their yacht, the Kingdom of Bahrain, drifted into Iranian waters.

Their ordeal began when the 18-metre yacht developed propeller problems en route from Bahrain to Dubai. Without power, they drifted into Iranian waters, where they were seized by the elite Revolutionary Guard. A week later, Iranian officials released them, agreeing the crew had made an innocent mistake.

Under the new arrangement, the race will end at Al Hamra, rather than in the Marina Bander al Rowdha in Muscat.

The race will cover 370km, considerable shorter than the original 667km.

However, only 12 boats are taking part, against up to 20 scheduled before the cancellation, Mr Mutch said.

The boats left the DOSC on Saturday and headed for a point in Abu Dhabi by passing through the Jebel Ali approach off the Palm Jebel Ali.

The race will follow a route as far as the Abu Dhabi approach, which is about 20km off the Abu Dhabi coastline.

The boats will then head north for Sir Abu Nu'Air, an island 65km off the northern coast of the UAE. They will then race Neptune Point, off the coast of Dubai, before the Al Jazeera approach off Al Hamra Marina in Ras al Khaimah. The race ends at the entrance to Al Hamra.

The boats are expected to reach the Royal Yacht Club in Ras al Khaimah tomorrow.

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.”

Arrogate's winning run

1. Maiden Special Weight, Santa Anita Park, June 5, 2016

2. Allowance Optional Claiming, Santa Anita Park, June 24, 2016

3. Allowance Optional Claiming, Del Mar, August 4, 2016

4. Travers Stakes, Saratoga, August 27, 2016

5. Breeders' Cup Classic, Santa Anita Park, November 5, 2016

6. Pegasus World Cup, Gulfstream Park, January 28, 2017

7. Dubai World Cup, Meydan Racecourse, March 25, 2017

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The biog

Favourite food: Tabbouleh, greek salad and sushi

Favourite TV show: That 70s Show

Favourite animal: Ferrets, they are smart, sensitive, playful and loving

Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can

Name of first pet: Eddy, a Persian cat that showed up at our home

Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big

Profile of Foodics

Founders: Ahmad AlZaini and Mosab AlOthmani

Based: Riyadh

Sector: Software

Employees: 150

Amount raised: $8m through seed and Series A - Series B raise ongoing

Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.

Gulf Under 19s

Pools

A – Dubai College, Deira International School, Al Ain Amblers, Warriors
B – Dubai English Speaking College, Repton Royals, Jumeirah College, Gems World Academy
C – British School Al Khubairat, Abu Dhabi Harlequins, Dubai Hurricanes, Al Yasmina Academy
D – Dubai Exiles, Jumeirah English Speaking School, English College, Bahrain Colts

Recent winners

2018 – Dubai College
2017 – British School Al Khubairat
2016 – Dubai English Speaking School
2015 – Al Ain Amblers
2014 – Dubai College

Wicked: For Good

Director: Jon M Chu

Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

Rating: 4/5

If you go

Flying

Despite the extreme distance, flying to Fairbanks is relatively simple, requiring just one transfer in Seattle, which can be reached directly from Dubai with Emirates for Dh6,800 return.

 

Touring

Gondwana Ecotours’ seven-day Polar Bear Adventure starts in Fairbanks in central Alaska before visiting Kaktovik and Utqiarvik on the North Slope. Polar bear viewing is highly likely in Kaktovik, with up to five two-hour boat tours included. Prices start from Dh11,500 per person, with all local flights, meals and accommodation included; gondwanaecotours.com 

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

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