The new Azzam, a 65-foot carbon racing yacht with which Abu Dhabi Ocean Racing (ADOR) will contest the Volvo Ocean Race 2014/15, has sailed for the first time with the crew, led by British double Olympic silver medallist Ian Walker, in sea trials off England’s south coast.
Backed by the Abu Dhabi Tourism & Culture Authority, the Volvo Ocean 65, whose name means "determination" in Arabic, was launched at the Williams Shipping facility in Southampton Docks after being transferred by barge from builders Green Marine in Hythe.
Before sailing, Azzam underwent a mandatory safety test on the complex hydraulic system that controls her 4.7-metre long canting keel. The test required Azzam to be hauled over by her mast to an angle of about 45 degrees before the hydraulic pumps lifted the keel and its 3,500-kilogram lead bulb clear of the water.
The ADOR crew strained to wind the winches and to pull Azzam on to her side while listening carefully for any untoward noises.
“She’s as strong as she is beautiful; those are gargantuan loads and she shrugged them off with ease,” Walker said.
Having passed the pull-down test, Azzam was put through a day of careful sail testing in the confines of the Solent Straits before the experienced international crew were satisfied enough to embark on two days of more rigorous sailing in open water.
Azzam is one of seven identical Volvo Ocean 65 yachts being built for the Volvo Ocean Race and the fourth to take to the water ahead of the race start on October 4 in Alicante, Spain. The ADOR sailors were unanimous in their praise of the yacht they are relying on to get them quickly and safely around the 63,000-kilometre course that includes a stopover in Abu Dhabi over the 2014/15 Christmas and New Year festive season.
Abu Dhabi navigator Simon Fisher, who spent much of the first day’s sailing studying Azzam’s performance data, said he was impressed by the initial numbers.
“We were doing over 20 knots in around 15 knots of breeze today, and that’s without really trying too hard. It’s great to get the first sailing time under our belts and it gives me a chance to start gathering valuable data from the boat,” Fisher said. “Every time we go sailing from now until the start of the race, we will be monitoring, measuring and analysing every little detail about how the boat performs. For now, though, we’re off to a great start.”
“On first impressions, I would say this new design is quite a bit tippier than the Volvo Open 70s, which contested the last race, and we will have to learn new ways of sailing to get the best out of Azzam by race time,” bowman Justin Slattery said.
Azzam’s first sail saw Emirati Olympian under-30 sailor Adil Khalid return to action after recuperating from a hand injury.
Khalid, who took part in the last race, said: “It’s great to be back with the team. The new Azzam looks as good as she feels to sail.”
With Azzam under his command, Walker is keen to move the ADOR campaign into the next phase and has put his crew on standby to sail the 1,600km to the team’s training base in Cascais near Lisbon, Portugal.
“The sailing we’ve done this week has given us a great deal of faith in our new Azzam,” Walker said. “It’s fantastic to finally have her to ourselves and we can’t wait for a bit of open water sailing.”
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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.”
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
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Director: Jordan Peele
Starring: Lupita Nyong'o, Winston Duke, Shahadi Wright Joseqph, Evan Alex and Elisabeth Moss
Rating: 4/5
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
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Number of employees: 40
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