Tiago Pereira rides Gloria de Campeao to victory by a nose in the Dubai World Cup.
Tiago Pereira rides Gloria de Campeao to victory by a nose in the Dubai World Cup.

It's glorious Gloria



DUBAI // Meydan's debut as venue for the Dubai World Cup will linger long in the memory after last night's breathtaking finish to the US$10m (Dh36.7m) classic saw a courageous Gloria de Campeao hold off the storming challenges of Lizard's Desire and Allybar in a three-way photo finish. The packed galleries at the new course, which has proved to be a wonderful replacement for the traditional home of Nad al Sheba, the host of the world's richest meeting for the previous 14 years, were convinced that they were witnessing a night of glory for locally based trainer Mike de Kock.

The South African handler, who had earlier saddled a stunning one-two in the UAE Derby, looked like he had finally earned an elusive first success in the main event when his Lizard's Desire came with a storming finish under the powerful driving of jockey Kevin Shea. Similarly Ahmad Ajtebi, the brilliant Emirati jockey who was the hero of last year's meeting by completing a rapid turf double in the Dubai Duty Free and Sheema Classic, thought he was on the verge of even greater glory as he coaxed Allybar into what seemed to be a decisive late burst for the finish line.

Photographic evidence ruled against both local hopes as the judge declared "Gloria" the winner by the margin of a nose and a short head from his two close pursuers. Stefan Friborg, owner of Gloria de Campeao, was mentally drained afterwards. "When he crossed the line he [Portuguese jockey Tiago Pereira] felt he had won but when he saw the replay he was not so sure. "He went from a feeling of elation to deflation and then elation again after hearing the judge's announcement.

"We are all so delighted. Gloria is a great fighter he has such a big heart. He certainly proved that onight. We all thought that it might be third time lucky for us in this race and that's how it has worked out for us." Pascal Bary, the winning trainer, was also ecstatic at securing the $6m payday to follow the $1.2m runner-up prize of last year. He said: "My horse has been in good shape all through the season and he arrived here in better condition than he was last year [when he was a distant second behind the record-breaking winner Well Armed]

"He won at the first meeting held at Meydan and was just touched off last time here by Red Desire so we had every confidence that things would go well for us tonight." It was a remarkable front-running feat by "Gloria" who simply refused to be headed as challenger after challenger tried in vain to go past her in what turned into one of the finest races in the 15-year history of this showpiece event.

Enthusiasm for one of the favourites Vision D'Etat dwindled a few hours before the big race when it was discovered that the French-trained five-year-old was forced to undergo a vet's examination before being cleared to take part. Concerns over stiffness in the 2008 French Derby winner's limbs led to his surrendering his place as favourite to Twice Over, whom he had defeated at Royal Ascot last year, and another of the British raiders Gitando Hernando.

The world's richest race, which finished 80 long minutes after the preceding Dubai Sheema Classic, brought down the curtain on another short but eventful UAE season and completed a smooth transition to the new venue of Meydan from Nad Al Sheba. First time visitors to the ultra-modern Meydan venue were surely impressed, despite frustrations in gaining access and entry to the course. The packed stands and terracing along the finishing straight looked a picture as "Gloria" gloriously completed another magnificent international sporting occasion in the UAE.

wjohnson@thenational.ae

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

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.”

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

UAE currency: the story behind the money in your pockets
Profile

Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari

Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.

Number of employees: Over 50

Financing stage: Series B currently being finalised

Investors: Series A - Audacia Capital 

Sector of operation: Transport