After 15 days and more than 4,000 nautical miles of sailing, the Volvo Ocean Race fleet on Monday seemed headed for one of the closest finishes so far in the 2014/15 edition, with the six boats waiting to break through a 40 nautical mile zone of light air and conclude the charge to the Leg 4 finish line in Auckland.
“When Ian ran the models for all six teams a little while ago, all of us are predicted to finish in Auckland within an hour and a half of each other,” wrote Matt Knighton, the on-board reporter for Abu Dhabi Ocean Racing’s Azzam, referring to skipper Ian Walker.
“What’s more, the top three teams – Dongfeng, Mapfre and ourselves – are only 10 minutes apart.
“Five days out, these numbers are purely speculative, but one thing is for sure: this could be one of the closest and most unpredictable legs in this edition of the race.”
As dawn broke today in the western Pacific Ocean, the fleet was south of the Micronesian island nation of Vanuatu, a few degrees below the equator, north and slightly west of Auckland, the capital of New Zealand, struggling forward through very light air.
“Satellite photos show the total span of this transition zone to be about 40 miles wide, north to south,” wrote Amory Ross of Alvimedica.
“We felt it would take us 36 hours to break free entirely but, as we’re discovering, the models for these sorts of complex weather features are impossible to trust. Progress comes down to active cloud-dodging, luck and a whole lot of patience …
“We’re well aware the efforts over the next 12 hours can make or break our chances in the sprint to the finish.”
The leg began in the Chinese port of Sanya.
After several brutal days of high seas, Team Brunel, the Dutch boat, and SCA, the all-woman boat, broke away from the trailing half of the fleet and drove north towards Taiwan, eventually picking up strong winds which enabled them to power south-east. Brunel caught and passed the other four boats and led for a week until tacking to the east, setting up Azzam for a stretch in the lead.
But in the past few days, what once was a gap of 100nm from first to last condensed into a fleet running abreast on parallel southern tracks, fanned out west to east.
“Who’d have thought? Fifteen days after the start, the six boats are less than 10 nautical miles apart,” wrote Francisco Vignale, the on-board reporter on Mapfre, who were two miles behind leaders Dongfeng and a few hundred yards ahead of Azzam.
“This couldn’t be more exciting. We can feel the rivalry and there’s no time for distractions. The fact is that just one gust can get you out of the doldrums and can solve the race itself.
“The leg is on fire.”
Before sailing into light air, the fleet had been bounding south at up to 30 knots.
“Blasting downwind through the bright blue water of the South Pacific is exactly what you’d imagine it would be,” Knighton wrote.
“Really, really fun. The spray is as warm as the air and it is refreshing.”
A podium finish is the target of the leaders, Dongfeng and Azzam, who are one point behind the Chinese team in the overall standings.
Brunel is another three points back with about 1,000nm yet to sail.
“It’s turning into a fantastic race and, with light winds forecast for the end, it will surely be a nail-biter,” Azzam’s Walker wrote.
The fleet will sail 38,739nm over nine months, visiting 11 ports and every continent save Antarctica before the race concludes in Gothenburg, Sweden, on June 27.
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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.”
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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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.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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
Founders: Ines Mena, Claudia Ribas, Simona Agolini, Nourhan Hassan and Therese Hundt
Date started: January 2017, app launched November 2017
Based: Dubai, UAE
Sector: Private/Retail/Leisure
Number of Employees: 18 employees, including full-time and flexible workers
Funding stage and size: Seed round completed Q4 2019 - $1m raised
Funders: Oman Technology Fund, 500 Startups, Vision Ventures, Seedstars, Mindshift Capital, Delta Partners Ventures, with support from the OQAL Angel Investor Network and UAE Business Angels
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5