Dubai World Cup notebook: Surfer suffers poor draw but Dubday could make hay


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Godolphin Mile

Satish Seemar’s Surfer had a strong chance of winning the Godolphin Mile before Wednesday’s post-position draw. One of Meydan’s favourite runners, Surfer was then drawn in Gate 16, the widest and least likely position for the winner. This will be Surfer’s 17th race at Dubai’s flagship racecourse and the seventh time he will break from a double-figure starting stall. “Surfer could not be drawn any worse,” Seemar said. “He would be very competitive from a decent draw but it would be just short of a miracle to win from that wide.” Also, 30 members of the Royal Ascot Racing Club have arrived in Dubai to cheer on their recent Wolverhampton winner, Graphic, as he faces his toughest assignment. Club representative Alex Smith said: “He did all his work last week and cantered over the grass track on Thursday, so he was just led out in the stable area on Friday morning. He’s done all the right things and is very relaxed.” Graphic will be tackling dirt for the first time. Smith said: “Although he’s a versatile horse, the surface is the unknown quantity, but we’ve got the best jockey in the world in Ryan Moore, so that’s a huge bonus.”

Dubai Gold Cup

Qatar has strong representation in the Dubai Kahayla Classic, but in the possible absence of Mshawish it is Dubday who could carry their thoroughbred standard today. Dubday was trounced in last season’s Dubai Sheema Classic but normal service has resumed back in Doha where he has racked up three wins, all under Frankie Dettori. “He recently won the Emir’s Trophy again,” said Harry Herbert, Al Shaqab’s racing manager. “He is the horse of the year there, but it is hard to know how that form stacks up.” Premier League football fans will take note that former England striker Michael Owen’s Brown Panther lines up as the highest-rated horse to take part in the marathon event’s history.

UAE Derby

Godolphin’s Maftool and Mike De Kock’s Mubtaahij continue on their road towards the Kentucky Derby when they face each other in the UAE Derby. Maftool drew first blood when he beat Mubtaahij in the UAE 2000 Guineas, but then missed the Al Bastakiya on Super Saturday when his rival held off Uruguayan Triple Crown winner Sir Fever. Both are entered for the Run For the Roses in Churchill Downs in May, and tonight’s race will go some way to deciding whether they make the trip. Sir Fever will have benefited from that run, but the Japanese could pose a major threat with the presence of Golden Barows.

Al Quoz Sprint

Amber Sky lowered the course record when he won the Al Quoz Sprint 12 months ago and the Hong Kong raider is back for more. Amber Sky is one of two horses, along with World Cup winner African Story, who are defending their crown. But whereas African Story has been brought to perfect pitch by Saeed bin Suroor, Amber Sky has had a troubled preparation. “He has had an ongoing problem with a cyst on his left hind leg,” trainer Ricky Yiu said. “When he comes out of his box in the morning he is a bit stiff at first but he loosens up quickly and he is fine.”

Dubai Golden Shaheen

Hong Kong is not known for its dirt sprinters but the Special Administrative Region appears to have a strong hand in the Dubai Golden Shaheen tonight. Last year’s runner-up, Rich Tapestry, the well-regarded Lucky Nine and Super Jockey will bid in a race that looks tailor-made for the Americans. Rich Tapestry had a difficult trip to the UAE, but trainer Michael Chang reports all is well. “He had a bit of a stomach problem, but everything is back to normal now,” he said yesterday. “This track is similar to Santa Anita, where he won a Grade 1 late last year. My level of confidence right now out of 10 would be a seven or eight.” Also, Krypton Factor, the 2013 winner, galloped at Meydan on Monday and trainer Fawzi Nass said yesterday: “He has had a quiet week since then, walking and trotting. He is fit, well and on course for tomorrow.”

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HUNGARIAN GRAND PRIX RESULT

1. Sebastian Vettel, Ferrari 1:39:46.713
2. Kimi Raikkonen, Ferrari 00:00.908
3. Valtteri Bottas, Mercedes-GP 00:12.462
4. Lewis Hamilton, Mercedes-GP 00:12.885
5. Max Verstappen, Red Bull Racing 00:13.276
6. Fernando Alonso, McLaren 01:11.223
7. Carlos Sainz Jr, Toro Rosso 1 lap
8. Sergio Perez, Force India 1 lap
9. Esteban Ocon, Force India  1 lap
10. Stoffel Vandoorne, McLaren 1 lap
11. Daniil Kvyat, Toro Rosso 1 lap
12. Jolyon Palmer, Renault 1 lap
13. Kevin Magnussen, Haas 1 lap
14. Lance Stroll, Williams 1 lap
15. Pascal Wehrlein, Sauber 2 laps
16. Marcus Ericsson, Sauber 2 laps
17r. Nico Huelkenberg, Renault 3 laps
r. Paul Di Resta, Williams 10 laps
r. Romain Grosjean, Haas 50 laps
r. Daniel Ricciardo, Red Bull Racing 70 laps

TICKETS

For tickets for the two-day Maharlika Pilipinas Basketball League (MPBL) event, entitled Dubai Invasion 2019, on September 27 and 28 go to www.meraticket.com.

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Directors: Anthony Russo, Joe Russo

Starring: Robert Downey Jr, Chris Evans, Scarlett Johansson, Chris Hemsworth, Josh Brolin

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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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First Person
Richard Flanagan
Chatto & Windus 

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Directed by: Todd Haynes

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COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

THE BIO

Favourite book: ‘Purpose Driven Life’ by Rick Warren

Favourite travel destination: Switzerland

Hobbies: Travelling and following motivational speeches and speakers

Favourite place in UAE: Dubai Museum