FUJAIRAH // Musclemen from across the region and beyond descended on the emirate on Friday night in an attempt to flex their way to a Dh10,000 bodybuilder prize.
More than 100 sculpted and bronzed bodies from seven countries – the UAE, Syria, Iran, Kuwait, Saudi Arabia, Nepal and the Philippines – were present for the 14th edition of the Fujairah Classic Bodybuilding Championships, where men were competing in three weight categories, under 75kg, under 85kg and over 85kg.
Judging by the sizeable crowd in the hundreds, the sport seems to be taking off in the UAE and many visitors were impressed by the balance, power and physiques shown by participants.
“It is the first time I have attended a live event for this kind of sport,” said 22-year-old Emirati Jihad Hamad.
“I used to watch it on TV but it is totally different, the atmosphere is very energetic. I feel like going to the gym right now and start building my muscles.”
Filipino Edwin Marcia, 25, is a bodybuilding fan. He said: “The event is well organised. I came all the way from Al Ain to attend this championship and I wish that one day I would become one of the participants.
“I work as a fitness instructor and by working so hard on myself, I could be able to make my dream come true.”
The championship began with an impressive bodybuilding show by 12-year-old Hussain Khalil.
After that it was down to business as competitors in each category vied for a winner’s cheque of Dh10,000, with runners up getting Dh7,000 and third-placed finishers earning Dh5,000. The overall winner also got an extra Dh3,000.
Filipino participant Romio Arnado, who took second place in the under 75kg category, said: “This is my third competition here in UAE. I am so excited and happy to participate in such a great event.
“I like what I do because it is challenging and needs serious dedication. I’m 14 years in practice and still improving.”
He was beaten by Syrian Firas Tahan, while third place went to Iranian Mohammed Ali.
In the under 85kg category the gold medal went to Syrian Zouher Kamel, with Filipino Kareland claiming second place. Iranian Ahmad Jafer earned the third spot.
Finally, in the heavyweight over 85kg category, which witnessed fierce competition, Abdulhadi Mohammed, from Kuwait, eventually walked away with the gold medal, along with the Champion of the Champs award. Emirati Sulaiman Abdulrahman had to settle for second place, while Sulaiman Abdullah, of Kuwait, finished third.
The tournament was organised by the Department of Industry and Economics in collaboration with the UAE Bodybuilding Federation and the Asia Bodybuilding and Physique Federation. It was held at the Fujairah Tennis & Country Club with 12 judges making up the judges’ panel.
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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.”
