The spotlight will once again fall on Godolphin's horses when they make their appearance at the Dubai Carnival this weekend. The Dubai operation has 11 runners challenging for four of the eight prizes that are up for grabs in Friday’s meeting at Meydan.
Godolphin trainer Charlie Appleby has Arabian Light and First Conquest, while Saeed bin Suroor sends out Ghaly in the Lord North Handicap, the official feature of the card for horses rated 90-110 run over the 1,800-metre trip on the turf.
Arabian Light, making his debut at Meydan, is the choice of Appleby’s stable jockey William Buick and should be taken as a serious challenger for the Dh350,000 prize.
The four-year-old Kingman gelding arrives on the back of two victories after being placed second on his racecourse debut in the UK last summer.
Mickael Barzalona rides First Conquest, who made a winning debut and then bounced back to his second success in his last start after finishing fourth and fifth respectively in his other two starts.
Ghaly returned to action after more than a year to finish seventh at Doncaster last September and the nine-year-old gelding by Charm Spirit with seven career victories under his belt merits consideration.
Among the challenges for the Godolphin trio is the defending champion Ouzo, who finished ahead of Ghaly, also in his last start.
“It’s great to have him back here in an attempt to retain his Lord North crown,” trainer Jamie Osborne said of Ghaly, piloted by Adrie de Vries.
“He’s been training well, and on all known evidence, this course, distance and the Dubai air brings out the best in him.”
Osborne also runs a new recruit in See Hector, who has been purchased by leading Emirati owner Malih Al Basti specifically for the Carnival.
A Group 3 winner in Germany when trained by Henk Grewe, See Hector will be ridden by Pat Dobbs.
“He hasn’t been with us very long,” Osborne added. “Friday will show us where we are with him.”
Ouzo’s rivals include last year’s second Silent Film, back for a fourth Carnival for trainer Ian Williams, and Galen, gelded since finishing eighth in a Group 2 at Leopardstown in September. He lines up for multiple Group 1-winning trainer Joseph O’Brien, who is yet to have a Dubai winner in five attempts.
Trainer Dylan Cunha runs Silver Sword, who makes a quick return having finished eighth of 15 in his first run at Meydan.
“Silver Sword was disappointing last week but got boxed in twice when he was in a good rhythm and needed to make a run, which I feel cost him,” his trainer said of the five year old.
“He’s a thinker and that was too much for him. I do feel we could have been third or fourth there.
“Friday is a lot tougher and he’s going to have to up his game to run well. He’s taken the race well and I’ve freshened him up into this week and he looks great. Ray [Dawson, jockey] has sat on him a few times over the past five weeks so knows him fairly well.”
Godolphin’s runners spread across the other races are the Appleby-trained Symbol Of Honour and Bin Suroor’s Midnight Thunder in the Al Wasl Stakes.
“Dropping back to six furlongs isn’t a concern for Symbol Of Honour, and you can put a line through his last run as he didn’t enjoy the soft ground,” Appleby said of the Havana Grey gelding.
“He put up a good performance at Doncaster and goes into this with the highest rating in the field. His preparation has gone well and he looks to hold a live chance.”
Bin Suroor added: “This is a good opportunity to see how much Midnight Thunder has improved since last year. It’s a nice race for him and I’m looking forward to a good run.”
Creative Story Olympic Candle and Emperor’s Star in the second race, and Regal Connection and Kalidasa in the eighth and final race complete Godolphin’s campaign on the night.
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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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