Editor’s note: The Englishman Ian Walker again will be the skipper of Abu Dhabi Ocean Racing’s boat, Azzam, in the Volvo Ocean Race, which begins in October. He will write a monthly message leading up to the race.
It hardly seems possible that in 12 months we will be lapping up Abu Dhabi’s fantastic hospitality after having completed 12,000 miles of the next Volvo Ocean Race. We might be only two legs into the race by the time we get to Abu Dhabi but we will have sailed nearly one-third of the total miles and no doubt the pecking order will be well established.
I suspect 2014 will pass in a blur. A new boat, some new team members, fresh rivalries and, of course, new friendships, too. One of the things I like about the Volvo Ocean Race is the bond that links the sailors. Yes, we desperately want to beat each other, but you never know who might be the ones to help you out in a time of need, far out at sea.
It is the start of a new era with the much-talked-about one-design Volvo Ocean 65. I’ve always been a big fan of one-design and there is no doubt the race would have died without major change. But it will be sad to see the end of boat and sail development and the intrigue of which team will have an edge in which conditions. I am sure there will be frustrations at the inability to change things that do not work as well as planned on the boats, and for sure the boats will be limited in performance by the quest for reliability and simpler handling, but the up sides of a level playing field and more teams in the race are too great to ignore.
For each and every race sponsor there will be the knowledge that their team technically has the same chance of winning as everyone else, and for the sailors, there will be nowhere to hide.
I am really looking forward to sailing the new boats although I am not sure February’s sea trials will be that appealing. Certainly a long way from Abu Dhabi’s warm, clear blue waters at that time of year. I’ve eagerly listened to comments from anybody who has sailed the new boats. Rumour has it the 65s are well put together and fun to sail, but they are considerably down on sail area from the Volvo 70s we are used to. All of this, and the shorter waterline length, adds up to more time at sea but if it means better racing and less chance of gear failure then again it is a price worth paying.
I’m most excited about early February when our team assembles for the first time since 2012. We will have a nice mix of familiar faces from previous races and some fresh new blood. I not only want to win the next VOR but I also want to have a great time doing it. That starts with getting the right people involved. Neal McDonald and I have worked hard to get the balance right and with Guy Barron assembling a fantastic shore team, Abu Dhabi Ocean Racing should be in a very good place. Watch this space for new crew announcements in the coming weeks.
One unusual thing for only nine months before the race, is not knowing much detail about our opposition. The one-design rule has meant teams have had more time to raise their money and there has been no need to rush to enter the race. As of now we know of only four entries. Other than us, we have SCA, which will be crewed by women; Dongfeng and Brunel. I’m confident more teams will be announced soon.
I am going to be racing in the Rolex Sydney-Hobart Race this Christmas with the excellent team on-board the Ragamuffin 100. It will be my third Great Race and it is always a good chance to remind the Aussies how much better the Fastnet Race is. Sadly, it looks like I will be getting some stick thanks to our cricketers, but we have had a good run for the past few years.
I am not a huge fan of New Year resolutions, but if I were to name three for 2014, they would look like this:
• To delegate more to the excellent team I now have around me
• To get fitter and stronger than ever before
• Don’t break the mast on the first night
Merry Christmas and a Happy New Year to all Abu Dhabi Ocean Racing fans. I hope to see you in Abu Dhabi for Christmas and New Year 2014/15.
sports@thenational.ae
Follow us on twitter at @SprtNationalUAE
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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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
Leaderboard
15 under: Paul Casey (ENG)
-14: Robert MacIntyre (SCO)
-13 Brandon Stone (SA)
-10 Laurie Canter (ENG) , Sergio Garcia (ESP)
-9 Kalle Samooja (FIN)
-8 Thomas Detry (BEL), Justin Harding (SA), Justin Rose (ENG)
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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.”
MATCH INFO
Uefa Champions League last 16, second leg
Liverpool (0) v Atletico Madrid (1)
Venue: Anfield
Kick-off: Thursday, March 12, midnight
Live: On beIN Sports HD
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The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
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