Yachtsmen and sailors in the UAE can be excused for failing to celebrate the remarkable victory by Oracle Team USA in the America's Cup. It was Oracle, and the team's owner, Larry Ellison, who took away the 2010 America's Cup from Ras Al Khaimah.
The software magnate, thought to be the third-wealthiest man in America, successfully blocked the plan by the Swiss team Alinghi, who held the Cup at that time, to base the event at RAK in February 2010.
The northern emirate was thought to have spent in excess of Dh440 million on infrastructure, ahead of the expected competition, secure in the knowledge that all previous holders of the Cup had been able to choose where they would defend and basking in Alinghi’s glowing assessment that RAK in February had “perfect” weather and wind conditions.
However, Ellison’s lawyers argued that the America’s Cup Deed of Gift did not allow for a February race in the northern hemisphere and a New York judge agreed, in December 2009, barring RAK from hosting the world’s oldest international sports competition.
The Spanish port of Valencia was, curiously, exempted from the ruling, apparently because it had hosted the previous competition, and Alinghi and Oracle put to sea in the western Mediterranean rather than the eastern Arabian Gulf.
Ellison’s team won and the Cup went to the Golden Gate Yacht Club in San Francisco.
Thus, it is safe to assume that Oracle was not a popular preference, here, especially with the challenger yacht carrying the name Emirates Team New Zealand. And for quite some time, it looked like the team backed by Dubai’s airline and New Zealand’s government would easily take the Cup down under; the Kiwi yacht raced to an 8-1 lead in a best-of-17 competition.
But in a remarkable turnaround, no matter rooting preferences, Oracle fine-tuned their yacht in the middle of the competition, eventually finding a more felicitous distribution of weight and sail, and ran off eight consecutive victories to retain the Cup.
Observers were left straining for a sports parallel to such a dramatic reversal of fortune; British writers tended to cite the 2012 Ryder Cup “Miracle at Medinah”; Americans gravitated towards the Boston Red Sox return from a three-game deficit to defeat the New York Yankees in a best-of-seven baseball playoff series in 2004.
By the end, Oracle was simply faster, especially upwind, and the addition to Oracle’s crew of the British tactician Ben Ainslie made for an unstoppable force and a riveting conclusion to an event that, 10 days earlier, had looked noncompetitive as well as expensive and obscure.
The competition Ellison created called for 72-foot catamarans that could rise up on hydrofoils and attain speeds of up to 50 knots. However, the technology and materials needed for the boats were so expensive that only three challengers arrived at San Francisco Bay.
The America’s Cup has always been about the latest technology, but boats running on water, rather than through it, like exotic insects, seemed unnatural and more than a little dangerous; the well-known British sailor Andrew Simpson drowned when the Swedish yacht overturned during a training session, in May.
The start of the competition was marred, too, by a cheating scandal involving Oracle during testing, and an unprecedented two-race penalty was levelled against Ellison's team.
Given New Zealand’s early dominance, which came with the two-race head start, a limp conclusion (for anyone outside of New Zealand) seemed assured when the Kiwis’ lead reached 8-1, one shy of victory.
Then came the turnaround, and Oracle’s remarkable run of eight victories and boisterous celebration by the boat’s 11-man international crew that came from seven countries, with four from Australia, including the skipper, James Spithill. Where do Oracle and Ellison go from here?
All things considered, a race involving traditional monohulls — in the water, not on it — would be preferable. It would make for cheaper, safer and easier-to-understand racing, almost certainly including more competitors.
And where should the defence be staged? Ellison refused to say if he has chosen a site, but he recently purchased 98 per cent of the Hawaiian island of Lanai, and a competition in the deep Pacific is possible.
Or it could return to San Francisco Bay, where spectators watched the races from land.
Or perhaps Ellison could shock everyone and settle old accounts by bringing the America’s Cup to Ras Al Khaimah.
And the Emirates’ sailors might even forgive him for 2010.
poberjuerge@thenational.ae
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
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.”
Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
UAE currency: the story behind the money in your pockets
The flights: South African Airways flies from Dubai International Airport with a stop in Johannesburg, with prices starting from around Dh4,000 return. Emirates can get you there with a stop in Lusaka from around Dh4,600 return.
The details: Visas are available for 247 Zambian kwacha or US$20 (Dh73) per person on arrival at Livingstone Airport. Single entry into Victoria Falls for international visitors costs 371 kwacha or $30 (Dh110). Microlight flights are available through Batoka Sky, with 15-minute flights costing 2,265 kwacha (Dh680).
Accommodation: The Royal Livingstone Victoria Falls Hotel by Anantara is an ideal place to stay, within walking distance of the falls and right on the Zambezi River. Rooms here start from 6,635 kwacha (Dh2,398) per night, including breakfast, taxes and Wi-Fi. Water arrivals cost from 587 kwacha (Dh212) per person.
The biog
Favourite book: Homegoing by Yaa Gyasi
Favourite holiday destination: Spain
Favourite film: Bohemian Rhapsody
Favourite place to visit in the UAE: The beach or Satwa
Children: Stepdaughter Tyler 27, daughter Quito 22 and son Dali 19
Five%20calorie-packed%20Ramadan%20drinks
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
THE%20JERSEYS
%3Cp%3E%3Cstrong%3ERed%20Jersey%3C%2Fstrong%3E%0D%3Cbr%3EGeneral%20Classification%2C%20sponsored%20by%20Fatima%20bint%20Mubarak%20Ladies%20Academy%3A%20Worn%20daily%2C%20starting%20from%20Stage%202%2C%20by%20the%20leader%20of%20the%20General%20Classification.%0D%3Cbr%3E%3Cstrong%3EGreen%20Jersey%3C%2Fstrong%3E%0D%3Cbr%3EPoints%20Classification%2C%20sponsored%20by%20Bike%20Abu%20Dhabi%3A%20Worn%20daily%2C%20starting%20from%20Stage%202%2C%20by%20the%20fastest%20sprinter.%0D%3Cbr%3E%3Cstrong%3EWhite%20Jersey%3C%2Fstrong%3E%0D%3Cbr%3EYoung%20Rider%20Classification%2C%20sponsored%20by%20Abu%20Dhabi%20360%3A%20Worn%20daily%2C%20starting%20from%20Stage%202%2C%20by%20the%20best%20young%20rider%20(U25).%0D%3Cbr%3E%3Cstrong%3EBlack%20Jersey%3C%2Fstrong%3E%0D%3Cbr%3EIntermediate%20Sprint%20Classification%2C%20sponsored%20by%20Experience%20Abu%20Dhabi%3A%20Worn%20daily%2C%20starting%20from%20Stage%202%2C%20by%20the%20rider%20who%20has%20gained%20most%20Intermediate%20sprint%20points.%3C%2Fp%3E%0A
The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
The Vines - In Miracle Land
Two stars
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
Signs%20of%20%20%20%20%20%20%20heat%20stroke
%3Cul%3E%0A%3Cli%3EThe%20loss%20of%20sodium%20chloride%20in%20our%20sweat%20can%20lead%20to%20confusion%20and%20an%20altered%20mental%20status%20and%20slurred%20speech%3C%2Fli%3E%0A%3Cli%3EBody%20temperature%20above%2039%C2%B0C%3C%2Fli%3E%0A%3Cli%3EHot%2C%20dry%20and%20red%20or%20damp%20skin%20can%20indicate%20heatstroke%3C%2Fli%3E%0A%3Cli%3EA%20faster%20pulse%20than%20usual%3C%2Fli%3E%0A%3Cli%3EDizziness%2C%20nausea%20and%20headaches%20are%20also%20signs%20of%20overheating%3C%2Fli%3E%0A%3Cli%3EIn%20extreme%20cases%2C%20victims%20can%20lose%20consciousness%20and%20require%20immediate%20medical%20attention%3C%2Fli%3E%0A%3C%2Ful%3E%0A
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
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
Turning%20waste%20into%20fuel
%3Cp%3EAverage%20amount%20of%20biofuel%20produced%20at%20DIC%20factory%20every%20month%3A%20%3Cstrong%3EApproximately%20106%2C000%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EAmount%20of%20biofuel%20produced%20from%201%20litre%20of%20used%20cooking%20oil%3A%20%3Cstrong%3E920ml%20(92%25)%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ETime%20required%20for%20one%20full%20cycle%20of%20production%20from%20used%20cooking%20oil%20to%20biofuel%3A%20%3Cstrong%3EOne%20day%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EEnergy%20requirements%20for%20one%20cycle%20of%20production%20from%201%2C000%20litres%20of%20used%20cooking%20oil%3A%3Cbr%3E%3Cstrong%3E%E2%96%AA%20Electricity%20-%201.1904%20units%3Cbr%3E%E2%96%AA%20Water-%2031%20litres%3Cbr%3E%E2%96%AA%20Diesel%20%E2%80%93%2026.275%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Sideup%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202019%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Waleed%20Rashed%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Cairo%2C%20Egypt%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20technology%2C%20e-commerce%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%241.2%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Launch%20Africa%20VC%2C%20500%20Global%2C%20Riyadh%20Angels%2C%20Alex%20Angels%2C%20Al%20Tuwaijri%20Fund%20and%20Saudi%20angel%20investor%20Faisal%20Al%20Abdulsalam%3C%2Fp%3E%0A
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
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%3Cp%3EAuthor%3A%20S%20Frederick%20Starr%3Cbr%3EPublisher%3A%20Oxford%20University%20Press%3Cbr%3EPages%3A%20290%3Cbr%3EAvailable%3A%20January%2024%3C%2Fp%3E%0A
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
RESULT
Valencia 3
Kevin Gameiro 21', 51'
Ferran Torres 67'
Atlanta 4
Josip Llicic 3' (P), 43' (P), 71', 82'
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