Mike de Kock is hopeful that dirt form at Meydan can translate across the Atlantic when Mubtaahij takes his chance in the Kentucky Derby at Churchill Downs on May 2. The South African trainer, however, is going to have to do it the hard way.
The UAE Derby winner touched down in America last week and has been working at Arlington Park under assistant trainer Trevor Brown and regular work rider Lisa Moncrieff ahead of the “Run For The Roses”, the most important race in North America.
Mubtaahij, owned by Dubai’s Sheikh Mohammed bin Khalifa, faced a 24-hour journey from De Kock’s Blue Stables base in Dubai and had to endure bitterly cold weather when he had a breeze over 800 metres on the polytrack in Chicago on Tuesday.
His feed has been changed to meet US regulations and he will bid to become the first horse since Grindstone in 1996 to win the Kentucky Derby without Lasix, the anti-bleeding drug used in American racing but banned in Dubai.
“No trainer or athlete would like to change their regular diet going into any event,” De Kock said by teleconference from South Africa. “It is not what he is used to regularly. How much bearing that will have on his performance, quite frankly, I am not that sure. For a trainer’s psyche is it not ideal.”
Mubtaahij will be the first horse to run in the Kentucky Derby without Lasix since Don’t Get Mad a decade ago.
“Lasix is there to assist known bleeders,” De Kock said. “This horse has never had a suspicion of bleeding. I am not sure what he will do, having been given Lasix. He has never had it in training.
“Those horses had bled before in training and had been administered Lasix in training. It is purely the bleeding factor. I am not prepared to gamble on his form being altered.”
On World Cup night Mubtaahij defeated a trio of Japanese raiders, two from Saudi Arabia, a horse from England, one from America in addition to a Uruguayan Triple Crown winner in Godolphin’s Sir Fever. Along with Tamarkuz, who won the Godolphin Mile, and Prince Bishop, who downed the much-heralded California Chrome in the World Cup, it showed that horses conditioned on the Meydan dirt surface could vie with the best in the world.
No UAE Derby runner has finished in the top three places in the Kentucky Derby from the 10 who have made the trip, but De Kock believes Mubtaahij’s improving form and will to win should stand him in good stead.
“I can take a lot from what we saw in Dubai,” he said. “There was a fair amount of kickback in Dubai and if he can deal with that he can probably deal with anything.”
De Kock has had more than 100 Group or Grade 1 winners during his career, but only one win on dirt in North America. That came courtesy of the remarkable Horse Chestnut, perhaps South Africa’s greatest horse, who won what is now the Skip Away Stakes at Gulfstream Park in 2000. That success would pale into comparison should Mubtaahij secure a landmark win next week in Louisville, Kentucky.
“Since a young man I have looked at the Kentucky Derby in awe,” he said. “There are great race meetings around the world and everybody likes to think theirs is the greatest.
“If it isn’t the greatest, show me which one is. To be part of that is something special. It is mind-boggling. It will settle in when I get there and see the real spirit around it all. I don’t think I’ll be disappointed. It has been an ambition and dream and I am very honoured and privileged to realise that.”
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Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
The specs
Engine: 3.0-litre six-cylinder MHEV
Power: 360bhp
Torque: 500Nm
Transmission: eight-speed automatic
Price: from Dh282,870
On sale: now
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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Company%20Profile
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Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Mission%3A%20Impossible%20-%20Dead%20Reckoning%20Part%20One
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Avatar%20(2009)
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EJames%20Cameron%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ESam%20Worthington%2C%20Zoe%20Saldana%2C%20Sigourney%20Weaver%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5