In this handout image provided by the Volvo Ocean Race, Abu Dhabi Ocean Racing's new Volvo Ocean 65 skippered by Ian Walker approaches the entrance to the Solent at the end of the Round Britain and Ireland Race on August 15, 2014, off Cowes, Isle of Wight, England. Ian Roman / Abu Dhabi Ocean Racing
In this handout image provided by the Volvo Ocean Race, Abu Dhabi Ocean Racing's new Volvo Ocean 65 skippered by Ian Walker approaches the entrance to the Solent at the end of the Round Britain and Ireland Race on August 15, 2014, off Cowes, Isle of Wight, England. Ian Roman / Abu Dhabi Ocean Racing
In this handout image provided by the Volvo Ocean Race, Abu Dhabi Ocean Racing's new Volvo Ocean 65 skippered by Ian Walker approaches the entrance to the Solent at the end of the Round Britain and Ireland Race on August 15, 2014, off Cowes, Isle of Wight, England. Ian Roman / Abu Dhabi Ocean Racing
In this handout image provided by the Volvo Ocean Race, Abu Dhabi Ocean Racing's new Volvo Ocean 65 skippered by Ian Walker approaches the entrance to the Solent at the end of the Round Britain and Ir

Signs point to happy sailing for Azzam crew in Volvo Ocean Race


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Ian Walker paused a little before he answered the key question: “You have been in the Volvo Ocean Race [VOR] and not won, but this time could it be different?”

Walker, skipper of the Abu Dhabi Ocean Racing (ADOR) team’s Azzam, is a rooted man.

He is pragmatic, as he must be. He is not given to whimsy, bombastic statements, or unrealistic targets. He sees it, he calls it. So his response may raise an eyebrow or two.

“The big difference is the boat,” he said. “We’ve got a chance. Last time around, we arrived in Alicante not knowing if we had a chance or not.

“Now, with the same boat for everyone, I know that if we sail well, you will do well. If we make mistakes, we will do badly.

“One-design makes me more relaxed. It was actually the first time I was looking at the position reports when racing in a Volvo fleet and not losing miles all the time.”

Walker was talking after what may come to be a seminal moment in Azzam’s story.

He had just led his crew to first place in the Round Britain and Ireland race. It was an emphatic and historic triumph: Azzam came through the 2,900-kilometre course in a time of four days, 13 hours, 10 minutes and 28 seconds.

That was more than 30 hours faster than the previous course record.

Preparations through August have been ideal, with Azzam's record Round Britain and Ireland win coming a few weeks after the debut triumph in the Artemis Challenge at Cowes Week.

The crew now have some administrative catching up to do. Then they have a week off before they sail to Alicante. On October 4, the race officially kicks off with the in-port races a week before the first leg starts.

If Walker thinks Azzam has a chance in the 2014/15 VOR, then it may even be a good one – and it is not about how the boat performs.

In February at the unveiling of the crew he said: “Now it’s about us, the sailors, not the boat. I welcome that. No excuses.”

For years, Whitbread’s Round the World Race (as VOR was previously known) had boats of all shapes, sizes and colours participating.

It was great in a quaint, spirit-of-the-amateur kind of way and did wonders for the quantity of competitors and exposure.

But it has cried out for standardisation for years – mostly for economic reasons.

The one-design has lowered costs of participation and also, as with the Denmark-based Team Vestas, allowed entrants to come in late. Crucially, it levels the playing field.

In the 2011/12 VOR, Walker and crew had been hamstrung by the basic slowness of the Azzam Volvo Open 70 design.

This year’s Volvo Open 65 design is the same for everyone and, although Walker’s initial assessment was that it feels sturdier but a bit slower, the speed of their latest win suggests that it can still reach a fair pace.

An even better reason to feel Azzam has a chance to accomplish something special is the crew’s experience.

In sailing, experience is king and Azzam is the only boat that competed in the last race. Added to that is the fact that half of the eight-man crew – Walker, Adil Khalid, Justin Slattery and Simon Fisher – have been through this intense adventure, the Everest of ocean sailing, together before.

The accumulated experience of the crew gives Azzam 21 VORs worth of experience.

Only the Dutch boat Team Brunel, skippered by six-race veteran Bouwe Bekking, comes close to that kind of knowledge: it has 18 VORs between their crew.

Otherwise, the competition is either too fresh – such as the Chinese entry Team Dongfeng (three VORs), Team SCA (three VORs) and Team Alvimedica (one VOR) – or it is not yet fully formed, such as with the Spanish team, which is still has not yeto announce its full crew, although it has eight VORs between the ones already in.

The last team to join, Team Vestas, has also not announced its entire crew. Last week, the skipper, Australian Chris Nicholson, said he expected his crew to have 12 to 14 VORs worth of experience. Nicholson will be starting his fifth race.

These late entrants also will be short of preparation time, with just seven weeks available to Team Vestas before the race starts. Teams such as Azzam, on the other hand, have been preparing for a year.

A sailing race around the world is not football, or tennis, or any other conventional sport. It is not dependent on form.

This is a purer challenge, pitting humans – and technology – against Mother Nature and, for all of Azzam’s promise, there is just no forecasting how that will go.

osamiuddin@thenational.ae

Follow us on Twitter at @SprtNationalUAE

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MATCH INFO

Uefa Champions League final:

Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports

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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Fixtures

Opening day Premier League fixtures for August 9-11

August 9

Liverpool v Norwich 11pm

August 10

West Ham v Man City 3.30pm

Bournemouth v Sheffield Utd 6pm

Burnley v Southampton 6pm

C Palace v Everton 6pm

Leicester v Wolves 6pm

Watford v Brighton 6pm

Tottenham v Aston Villa 8.30pm

August 11

Newcastle v Arsenal 5pm

Man United v Chelsea 7.30pm

 

Western Clubs Champions League:

  • Friday, Sep 8 - Abu Dhabi Harlequins v Bahrain
  • Friday, Sep 15 – Kandy v Abu Dhabi Harlequins
  • Friday, Sep 22 – Kandy v Bahrain
How to get there

Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
 

Indoor cricket World Cup:
Insportz, Dubai, September 16-23

UAE fixtures:
Men

Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final

Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final

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FFP EXPLAINED

What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.

What the rules dictate? 
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

What are the penalties? 
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.

SCORES IN BRIEF

New Zealand 153 and 56 for 1 in 22.4 overs at close
Pakistan 227
(Babar 62, Asad 43, Boult 4-54, De Grandhomme 2-30, Patel 2-64)

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.”

GIANT REVIEW

Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

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'Peninsula'

Stars: Gang Dong-won, Lee Jung-hyun, Lee Ra

Director: ​Yeon Sang-ho

Rating: 2/5

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059