Jockey Fernando Jara has moved his base from the United States to race for trainer Musabah Al Muhairi. Antonie Robertson / The National
Jockey Fernando Jara has moved his base from the United States to race for trainer Musabah Al Muhairi. Antonie Robertson / The National

Panamanian Fernando Jara wants chance to add another title to his 2007 World Cup win



ABU DHABI // Fernando Jara, the Panamanian jockey, made quite an impression on his two previous visits to the Emirates.

He rode the Kiaran McLaughlin-trained Invasor to victory in the 2007 Dubai World Cup in the silks of Sheikh Hamdan bin Rashid in his only ride of the meeting.

Jara returned in the 2008/09 season as stable jockey for the Dubai-based trainer Doug Watson and was crowned the UAE champion jockey.

Now he is now back as stable jockey for the UAE champion trainer Musabah Al Muhairi and kicked off his campaign with a winner from his first ride, on the Purebred Arabian AF Al Sally in Abu Dhabi’s opening meeting last Sunday.

“It is nice to be back to a place I love and to be on-board a winner from my first ride on the new job,” said two days after his arrival.

Jara, who turns 28 on December 18, was to join the Oasis Stables last season but some confusion on his paperwork delayed his arrival by a year.

“The important thing is now I’m back and looking ahead, particularly to ride at Meydan, which is similar to the tracks in the US where I have been riding for most of my time,” he said.

Jara rode Invasor to victory at the old Nad Al Sheba racecourse, which was replaced by Meydan in 2010.

The jockey rose to fame after winning the Belmont Stakes on Jazil in 2006, followed by his success on-board Invasor at both the Breeder’s Cup Classic and the Dubai World Cup.

The horses were both trained by McLaughlin for Sheikh Hamdan.

However, the success Jara enjoyed as a teenager also led to his downfall as he became complacent and was taken out from riding McLaughlin’s horses.

His riding career took another blow when he suffered a broken collarbone at Hollywood Park in November 2007. Jara spent the following year riding in Panama.

It was McLaughlin, who spent a decade in Dubai from 1993 and is a three-time UAE champion trainer, who helped Jara to move to Dubai.

The jockey acknowledged his mistakes later in media interviews.

“When I was a little kid, I used to dream all the time of being a jockey and winning those kind of races, but I told myself ‘Maybe when I’m 30 or 40, I might have a chance to ride in one of those races’,” he said. “For all that to happen so quick, it was like it wasn’t real. I think it affected me a little, because sometimes you get kind of big.

“You make a lot of money and get a lot of attention, and you start thinking ‘I don’t need them, I’m the man.’ But it’s not like that.

“I stopped working hard in the mornings; sometimes my agent would get me horses to work and I’d call and say I was sick.”

Jara says all that is behind him and his current focus is on earning the respect of his trainers.

“I took it a bit easy after the success I enjoyed early in my riding career but that was in the past,” he said when asked of his fallout with McLaughlin.

“I rehabilitated myself and that’s when I really enjoyed my time in Dubai.

“I loved the environment and the quality of life.

“Now I’m back in the UAE. It is still very early to think I will be able to ride in the Dubai World Cup, but I’m yearning for that opportunity.

“I hope I get to ride horses like Jazil and Invasor.

“I want to prove that I can do it again.”

That will be a hard proposition because some of the best horses Al Muhairi has in training are Sheikh Hamdan’s and they will be the choices of the owner’s retained jockeys Paul Hanagan and Dane O’Neill, who rode one of them to a win at Jebel Ali on Friday.

“I am aware of that situation but Musabah has a lot of good horses in training and I will have a fair share,” Jara said.

TWO FEATURES WILL SERVE AS PREVIEWS

The prep races for both the National Day Cup for Thoroughbreds and the Sheikh Zayed bin Sultan Al Nahyan Cup for Purebred Arabians are the highlights of Sunday night’s meeting at Abu Dhabi.

The Dhruba Selvaratnam-trained Forjatt, winner of the Group 3 Jebel Ali Mile in 2013, heads the 14-strong field for thoroughbreds. He was first past the post in the same race last year but was then disqualified. Chris Hayes will ride Forjatt, who will concede weight.

“He is fit and well,” Selvaratnam said. “His penalty will make it difficult, but he will certainly benefit from the run.”

Trainer Musabah Al Muhairi has two entries, with Mustahdaf and Modern History.

Stable jockey Fernando Jara will ride the former in the colours of Sheikh Hamdan bin Rashid.

The owner’s retained jockey, Dane O’Neill, will ride Mundahesh, trained by Ali Rashid Al Raihe.

O’Neill and Al Muhairi team up on Sivit Al Maury, a Group 1 winner in Turkey in September, for the featured Arabians race.

Sivit Al Maury was among the reserves in last week’s Sheikh Zayed bin Sultan Al Nahyan Jewel Crown, the world’s richest race for Purebred Arabians.

The Nacer Samiri-trained pair Areem and Sha’Red are the main dangers to O’Neill’s mount.

Areem is a multiple Group 1 winner, including the National Day Cup in 2012 and 2013. He was also second last year in the same race.

“On his day, he is a very good horse,” said Wayne Smith, who rides the front-running seven-year-old son of Mahabb.

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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.”

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