'My presence gave us a fat chance to win'



DUBAI // Taking part in a professional yacht race with absolutely no experience of sailing is a thrill-seeking ride that has so far been available only to the privileged few. Thanks to an initiative by a European-based group it is expected to become the next big thing to satisfy the Gulf Region's desire for imaginative corporate entertainment packages.

I was invited to be the "Sixth Man" on a catamaran skippered by Shirley Robertson, the brilliant Scottish yachtswoman who won successive gold medals at the Sydney and Athens Olympics in two different classes. It was an irresistible offer, even though it meant adding 15 stones of prime British beef to the weight load which turned out to be an insurmountable handicap in our battle around Dubai Marina against three other deceptively quick vessels.

Our race, a 10-minute sprint around a course between two marks about 800 metres apart was part of the Arabian Extreme 40 Challenge which began with a three-day meet at Mina Seyahi in Dubai and concludes with Act II in Muscat today and tomorrow. At the end of all that, one lucky Omani sailor out of more than 200 contenders will be rewarded with a place on Dame Ellen McArthur's former boat, renamed Musandam after the Omani peninsular, to complete a crew of five on a round-the-world challenge.

If the rookie sailor completes that circumnavigation, he will become the first from his country to achieve the demanding feat. And if, as is the plan, the voyage is completed non-stop, the Omani will be the first from an Arab nation to join an illustrious maritime band who have done so. Two who got within tantalising reach of claiming that exciting prize helped to guide me around our two-lap journey in Robertson's "Oman Air" boat.

Khamis al Anbouri and Ali Ambusandy enthusiastically carried out the instructions of our blonde skipper and two other more experienced crew mates in Fraser Brown and David Carr. The "Sixth Man" was offered the chance to skip back and forth along the netting which forms what many would regard as a disturbing see-through base to the boat. I took the view, however, that it would probably do more harm than good and opted to just sit as still as possible avoiding the swinging sail and the rapidly moving limbs of those doing the hard work.

Some of the other so-called VIPs who made up the numbers in the five races which took place that afternoon were more willing helpers and were transferred off the racing boats into the supporting vessel clearly invigorated by their efforts. So was I, despite making no contribution to our third place finish behind "Oman Sail", a craft that proved the dominant force over the three days, benefiting from a sustained period of training of the crew under the leadership of skipper Chris Draper.

Draper takes a commanding lead of 15 points into today's second phase in Muscat. Robertson, who admitted to having a "bad day at the office" when sailed with her, is in third place behind "iShares" but ahead of the other competitor "Teamaqua". "Let's hope we have better fortunes in Muscat," said Robertson. "But in these short races you can't afford to make any mistakes because there is no time to rectify them. We made a couple of errors today and they proved costly.

"But this type of racing is great fun and I'm sure it is going to catch on with the public in this area. We've just completed our second year of five events in Europe and that has been a tremendous success." wjohnson@thenational.ae

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
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The specs: 2019 Cadillac XT4

Price, base: Dh145,000

Engine: 2.0-litre turbocharged in-line four-cylinder engine

Transmission: Nine-speed automatic

Power: 237hp @ 5,000rpm

Torque: 350Nm @ 1,500rpm

Fuel economy, combined: 8.7L / 100km

De De Pyaar De

Produced: Luv Films, YRF Films
Directed: Akiv Ali
Cast: Ajay Devgn, Tabu, Rakul Preet Singh, Jimmy Sheirgill, Jaaved Jaffrey
Rating: 3.5/5 stars

THE SPECS

Engine: Four-cylinder 2.5-litre

Transmission: Seven-speed auto

Power: 165hp

Torque: 241Nm

Price: Dh99,900 to Dh134,000

On sale: now

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

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Zakat definitions

Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.

Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.

Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.

Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.

THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now

Studying addiction

This month, Dubai Medical College launched the Middle East’s first master's programme in addiction science.

Together with the Erada Centre for Treatment and Rehabilitation, the college offers a two-year master’s course as well as a one-year diploma in the same subject.

The move was announced earlier this year and is part of a new drive to combat drug abuse and increase the region’s capacity for treating drug addiction.

PRESIDENTS CUP

Draw for Presidents Cup fourball matches on Thursday (Internationals first mention). All times UAE:

02.32am (Thursday): Marc Leishman/Joaquin Niemann v Tiger Woods/Justin Thomas
02.47am (Thursday): Adam Hadwin/Im Sung-jae v Xander Schauffele/Patrick Cantlay
03.02am (Thursday): Adam Scott/An Byeong-hun v Bryson DeChambeau/Tony Finau
03.17am (Thursday): Hideki Matsuyama/CT Pan v Webb Simpson/Patrick Reed
03.32am (Thursday): Abraham Ancer/Louis Oosthuizen v Dustin Johnson/Gary Woodland

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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.”

Recipe: Spirulina Coconut Brothie

Ingredients
1 tbsp Spirulina powder
1 banana
1 cup unsweetened coconut milk (full fat preferable)
1 tbsp fresh turmeric or turmeric powder
½ cup fresh spinach leaves
½ cup vegan broth
2 crushed ice cubes (optional)

Method
Blend all the ingredients together on high in a high-speed blender until smooth and creamy.