Wimbledon fortnight can be a nightmare for those who live in the London postal district of SW19. They are prevented from going about their normal daily business by the arrival of thousands of slow-moving vehicles driven by those who make the annual trek to the All England Club either to work or to watch the tennis.
For those in a position to capitalise on their assets, however, the championships can be a cash cow that can be milked for all it is worth. Whether it be a spare room, an entire property, a place to park or an outlet selling food, drink and memorabilia, the residents of this semi-rural suburb of England's capital city are by no means short of enterprise.
Patrick Shanahan is the general manager of Wimbledon Park Golf Club which becomes the biggest car park in town for a fortnight, accommodating around a thousand vehicles a day at £25 (Dh137) per visit.
"It is our policy not to divulge what income we make during the tennis championships," he said. "But as you can see there are a lot of cars here.
"The daily numbers depend on the weather. Our principal concern is protecting our course.
"There is no damage to the fairways when the ground is firm but wet weather can change that so we have the overall call on how much land we make available. The tees and greens, of course, are completely off limits."
Shanahan said that the 900 members of his club, 300 of whom are active playing members, "embrace" the annual situation, mindful that their subscriptions are considerably reduced by the funds that are generated during the three weeks of closure.
"Most of our members just settle for not playing at this time of the year, but if any of them are really keen to have a game we have arrangements with neighbouring clubs for visitors' passes," he said.
The adjacent "Wimbledon Club" - a cricket-led institution which also has thriving hockey, squash and tennis sections - made no secret of what the tennis event means to them financially.
"I think our finances are a matter of public record," said Roger Stevens, a director of the club and the man who runs their commercial activities during the big fortnight.
"We made something in the region of £500,000 last year, which is split between parking and corporate hospitality.
"There is disruption for our membership, mainly to the cricket at a key part of the season, but the other side of the coin is that we make a lot of money out of being disrupted.
" If we didn't make that money we wouldn't have our wonderful clubhouse or be able to employ the 14 staff we have to run the place.
"The members are happy to go along with the situation because it benefits them. The cricket square is always extremely well-protected and always will be."
St Mary's Church, an imposing building at the top of the hill between the All England Club and Wimbledon Village, is perfectly situated for parking and it undercuts the official car parks by £5 in an attempt to put welcome revenue into the parish coffers.
Mary Bide is the Team Rector but she was unwilling to discuss the facility which benefits three local charities each year.
That reticence was due to a controversy last year when some cars were directed into the cemetery and needed to cross over old gravestones to get to their parking positions.
David Thirtell and his wife, Janet, operate a thriving letting business during the championships. Fifty-five properties were made available to them by local residents and they managed to find tenants for more than half of those clients.
Four of those houses are occupied by players, although Thirtell did not identify them due to confidentiality agreements. "Two of them are seeded", was as far as he would go.
The Thirtells, who run the small nine-bedroom Worcester House Hotel which is about a 15-minute walk away from the All England Club and has a regular clientele of tennis officials during the Championships, are delighted with the way the venture has taken off and they expect to pick up a handsome bonus when the Olympics come to London in 2012.
"We have been told to expect to accommodate the South African Olympic team and possibly a couple of other teams," said Thirtell. "So 2012 promises to be an exceptional year for us."
Thirtell said that about half of the residents who hand over their homes for the Wimbledon fortnight leave the country for a foreign holiday which is comfortably funded by proceeds from the letting arrangement.
The bigger the house, the more exotic the holiday.
The other half prefer to stay in their properties as two-week hosts for their lodgers, many of whom have become annual visitors.
"We have wide range of accommodation to offer," he said. "The cheapest is a room in somebody's house at £50 per night for bed and breakfast; the most expensive is to take over a five-bedroom place for £3,000 a week."
The main pedestrian thoroughfare to the All England Club is the one-mile stretch of Wimbledon Park Road from Southfields underground station to the main gates four and five.
Not too long ago the thousands of spectators who emerged on each of the 13 playing days would be presented with countless opportunities to part with their money.
There are fewer entrepreneurs down that stretch nowadays, principally because of the tighter regulations regarding the sale of cut-price imitation merchandise.
One still-present fixture are the touts that line the road. It is illegal to deal with them but their shady business goes on. One of them was keen to off-load a single seat for Court Two for £350 - an outrageous mark up on the face value of £41. Another demanded £250 for a £20 ground ticket. "Everybody wants to see The Queen," he said, justifying his price.
By the time of his attempted sale, Queen Elizabeth II had arrived and was dining before taking her seat in the Royal Box. It was her first time at the All England Club since Virginia Wade became the last British player to win a main draw singles event 33 years ago.
@Email:wjohnson@thenational.ae
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A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
THE SPECS
Jaguar F-Pace SVR
Engine: 5-litre supercharged V8
Transmission: 8-speed automatic
Power: 542bhp
Torque: 680Nm
Price: Dh465,071
THE APPRENTICE
Director: Ali Abbasi
Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong
Rating: 3/5
JAPANESE GRAND PRIX INFO
Schedule (All times UAE)
First practice: Friday, 5-6.30am
Second practice: Friday, 9-10.30am
Third practice: Saturday, 7-8am
Qualifying: Saturday, 10-11am
Race: Sunday, 9am-midday
Race venue: Suzuka International Racing Course
Circuit Length: 5.807km
Number of Laps: 53
Watch live: beIN Sports HD
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
Fixtures
Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs
Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms
Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles
Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon
Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
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UAE%20SQUAD
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More on animal trafficking
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Engine: 80 kWh four-wheel-drive
Transmission: eight-speed automatic
Power: 402bhp
Torque: 760Nm
Price: From Dh280,000
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
Indika
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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.”
How it works
1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground
2) Instead of water draining straight through the sand, it apparently helps the soil retain water
3) One application is said to last five years
4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare
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Race card
1.45pm: Maiden Dh75,000 1,200m.
2.15pm: Maiden Dh75,000 1,200m.
2.45pm: Handicap Dh95,000 1,200m.
3.15pm: Handicap Dh120,000 1,400m.
3.45pm: Handicap Dh80,000 1,400m.
4.15pm: Handicap Dh90,000 1,800m.
4.45pm: Handicap Dh80,000 1,950m.
The National selections:
1.45pm: Galaxy Road – So Hi Speed
2.15pm: Majestic Thunder – Daltrey
2.45pm: Call To War – Taamol
3.15pm: Eqtiraan - Bochart
3.45pm: Kidd Malibu – Initial
4.15pm: Arroway – Arch Gold
4.35pm: Compliance - Muqaatil
The specs
Engine: 2.4-litre 4-cylinder
Transmission: CVT auto
Power: 181bhp
Torque: 244Nm
Price: Dh122,900
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now