The spectacle that is the Dubai World Cup at Meydan Racecourse in Dubai may be joining the Breeders' Cup Challenge Series. Sarah Dea / The National
The spectacle that is the Dubai World Cup at Meydan Racecourse in Dubai may be joining the Breeders' Cup Challenge Series. Sarah Dea / The National
The spectacle that is the Dubai World Cup at Meydan Racecourse in Dubai may be joining the Breeders' Cup Challenge Series. Sarah Dea / The National
The spectacle that is the Dubai World Cup at Meydan Racecourse in Dubai may be joining the Breeders' Cup Challenge Series. Sarah Dea / The National

Dubai World Cup may join Breeders’ Cup Challenge Series


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The Dubai World Cup could be included in a revamped Breeders' Cup Challenge Series next year after organisers of the self-styled world championships conceded they have struggled to deal with the issue of African Horse Sickness.

The Breeders’ Cup two-day meeting was brought to a close on Sunday when the formerly retired jockey Gary Stevens sealed an extraordinary comeback year by guiding Mucho Macho Man to victory in the Classic at Santa Anita.

Stevens also won the Distaff on Saturday morning with Beholder, and both horses gained entry into their respective races by winning one of 67 qualifying races known as “Win And You’re In” contests.

In 2012, the Breeders’ Cup announced 73 such races, which spanned 10 countries, but the series, now in its seventh year, was scaled back this season to focus more on extra travel allowances, which stand at US$40,000 (Dh147,000) for challengers from outside North America.

One of the extra 13 races added last year was the L'Ormarins Queen's Plate, a Group 1 race staged at Kenilworth in South Africa in January. Variety Club was this year's winner and was pencilled in to arrive at Mike De Kock's Newmarket stables yesterday after a tortuous quarantine that started in August. Variety Club, the South African Horse of the Year trained by Joey Ramsden, is to head to Dubai for the World Cup Carnival starting in January.

It is clear that next year’s winner of the L’Ormarins Queen’s Plate would struggle to get to Santa Anita next November in a fit state to take part in the two-day Breeders’ Cup event, a fact not lost on the Breeders’ Cup president and chief executive.

Craig Fravel said the Breeders’ Cup has “been trying to work with the US Department of Agriculture to get a little leeway in terms of African Horse Sickness and the quarantine requirement,” he said. “We don’t see any relief on the horizon.”

Executives from Meydan Racecourse and the Emirates Equestrian Federation were at Santa Anita over the weekend to discuss the matter, and Fravel said international racecourses had applied to be part of the Challenge Series for next year.

“We’re very pleased with the way horsemen have responded to the Breeders’ Cup Challenge, and in particular, the number of race tracks around the world that have basically come to us, asking to be part of the series,” he said.

“We’re going to continue to evaluate where we can be most effective, where we can work more closely with not only foreign but domestic race tracks and hopefully expand the programme.”

The Dubai World Cup has historically been a race considered for US horses after they have won the Classic.

However, non-US horses would become the main beneficiaries from such a move.

The inaugural Dubai World Cup in 1996 was won by Cigar, the previous year’s Classic winner, and Invasor augmented his 2006 Classic victory the following season with a win at Nad Al Sheba for Sheikh Hamdan bin Rashid. Steve Asmussen’s Curlin was the last horse to complete the double, in 2008.

John Velazquez, the 2005 Dubai World Cup winner, remained in hospital last night after reports said surgery to remove his spleen was required following his fall in the Breeders’ Cup Juvenile Fillies on Saturday.

The rider, 41, who rode Roses In May to victory at Nad Al Sheba, fell from Secret Compass, who fractured her leg and was later put down on the track.

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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.”

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Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
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The killing of 51 people in Christchurch and wounding of more than 40 others shocked the world. Brenton Tarrant, a suspected white supremacist, was accused of the killings. His trial is ongoing and he denies the charges.

Mike Bush, commissioner of New Zealand Police, said officers looked closely at how they monitored social media in the wake of the tragedy to see if lessons could be learned.

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There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at. 
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.   

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