Team AISM were so far ahead of other boats their lead was not under threat on the final day. Courtesy EFG Bank Sailing Arabia
Team AISM were so far ahead of other boats their lead was not under threat on the final day. Courtesy EFG Bank Sailing Arabia
Team AISM were so far ahead of other boats their lead was not under threat on the final day. Courtesy EFG Bank Sailing Arabia
Team AISM were so far ahead of other boats their lead was not under threat on the final day. Courtesy EFG Bank Sailing Arabia

Skipper Bertrand Pace pays tribute to Team AISM after overall win in Sailing Arabia - The Tour


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The Dubai-based Team AISM sealed overall victory in Sailing Arabia – The Tour as they won the final stage of the event between Mussanah and Muscat.

The team, skippered by the America's Cup helmsman Bertrand Pace, won the title by 10.25 points, ahead of BAE Systems and EFG Bank Monaco following their latest success.

"We enjoyed this year's event a lot," said the Frenchman Pace. "We have a good crew – everyone was very focused on winning this race. It is much easier when the guys are working like that because we have good speed, good navigation and tactics."

Pace added that he and the crew had enjoyed a different schedule with more daytime racing in this year's event.

"This tour was much easier than the previous years because there was less night sailing and more downwind," he said.

"Conditions were similar to the Mediterranean this year with the thermal effect. But still it is two weeks of racing, so it is still hard."

Pace and his crew's overall lead was never in any danger as Cedric Pouligny and his BAE Systems crew concentrated on securing second spot, successfully defending their position from Sidney Gavignet's EFG Bank as they finished seventh and eighth.

"We had more to lose than to gain, so basically it was a bit of a match race," said Pouligny.

"We had a very good start and were first at the upwind mark and then Bertrand Pace managed to pass us, but he was not really important. Sidney gained on us and was trying to make us go higher until we got separated from the fleet. We were in a difficult position, but we managed to have good speed and stay low."

Gavignet, the EFG Bank skipper, had a few regrets about how the leg had panned out.

"We had a good race, but we should have gone and got them [BAE Systems] before the start line," he said. "But it was a nice race, a nice fight with everyone."

Nine teams had started the race and nine completed the event as Team Abu Dhabi, who were led by Adil Khaled, returned following their grounding and helicopter rescue on Leg 2.

Final standings

Team AISM – 17.25

BAE Systems – 27.50

EFG Bank – 29.25

Delft Challenge – 34.50

Team Messe Frankfurt – 39.00

Renaissance – 45.75

Al Thuraya Bank Muscat – 52.25

Royal Navy of Oman – 71.50

Team Abu Dhabi – 80.25

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Name: Dukkantek 

Started: January 2021 

Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani 

Based: UAE 

Number of employees: 140 

Sector: B2B Vertical SaaS(software as a service) 

Investment: $5.2 million 

Funding stage: Seed round 

Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office  

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Favourite sport: anything extreme

Favourite person: Muhammad Ali 

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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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Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.

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Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”