The Al Hamra village area , as seen from Al Hamra Marina in RAK, will be the site the America's Cup race village.
The Al Hamra village area , as seen from Al Hamra Marina in RAK, will be the site the America's Cup race village.
The Al Hamra village area , as seen from Al Hamra Marina in RAK, will be the site the America's Cup race village.
The Al Hamra village area , as seen from Al Hamra Marina in RAK, will be the site the America's Cup race village.

The race begins now for RAK


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There are 178 days precisely until the first gun is fired to mark the start of the 33rd America's Cup in Ras al Khaimah, but the race is now on to create a venue that can sit proudly in the Cup's rich but rocky heritage. It came as a surprise to the sailing community when RAK was chosen as the venue for the February 2010 regatta. Most expected the best-of-three head-to-head contest between two vast and fast multihulls Alinghi and BMW Oracle to take place in the Spanish port of Valencia where Alinghi triumphed in a multi-challenger event in 2007.

The UAE, though mentioned in dispatches, had no connection with yacht racing and none of the features associated traditionally with America's Cup venues such as lively, but steady breezes, big expanses of marinas and boatyards and endless rows of glitzy waterfront hotels. But as a result of personal ties with members of the Alinghi team headed up by Swiss billionaire Ernesto Bertarelli, RAK became one of three venue "possibles" with Oman and Abu Dhabi also in contention, all of them driven by a desire to host big sporting events and increase tourist traffic.

Each was presented with a list of Alinghi's requirements with the weather and sailing conditions dominating not just the early agenda, but all subsequent conversations. Of secondary importance were the levels of support by the regional governments and the marina facilities including hard standing, cranes and access plus hospitality provision, to accommodate sponsors, VIPs and media. Feasibility papers had to be submitted by the end of June, but Oman dropped out because they could not guarantee construction in time.

Alinghi announced their decision two weeks ago. It was an intense process, according to those involved, but it was the wind range of between seven and 15 knots plus government backing that swung it for the once sleepy emirate of RAK. "The weather in Ras al Khaimah gives suitable sailing conditions in February, but we can't be too precise about what we were looking for - we don't want to give any advantage to BMW Oracle," said Alinghi spokesman PacoLatorre.

"The wind range needed to be acceptable for these boats to sail in. Alinghi is not like the catamarans that do ocean courses - it is high tech and light - so we needed to be certain about the wind ranges and the stability of the weather not just in the three days of racing, but throughout the whole training period. That was not possible in Valencia in February." Work to complete the infrastructure at the 22 hectare Al Hamra resort island, where the race village will be based, must be completed by September when training commences under an agreement signed between the RAK governSheikh Saqr bin Mohammed and Alinghi, led by Grant Simmer, design team coordinator.

No venue fee changed hands, but the hosts agreed to fund the creation of the infrastructure, which is likely to cost more than US$50million (Dh183.7m) though with the largest cement factory in the UAE housed within its boundaries, capable of producing one million tonnes of concrete each year, there will be no problems sourcing raw materials. The 33rd America's Cup will not be like your average America's Cup. This one is purely about a sporting contest not any commercial gain which is regrettable say Alinghi but necessary due to the two years of court hearings and appeals which started when BMW Oracle contested Alinghi's acceptance of Club Nautico Español de Vela as official challenger and disputed their set of rules for the Cup.

"It is important to understand that the model for this America's Cup has nothing to do with the previous one," says Latorre. "This is about the sailing. We will try as hard as possible to get sponsors and to attract media coverage, but the priorities this time are different and opportunities are reduced. It is difficult to predict how many spectators they'll be because there is no precedent in the UAE for a sailing event."

It might only be two boats, three races and light winds, but the 33rd America's Cup is likely to go down as one of the most spectacular in history. sports@thenational.ae

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

RESULT

Fifth ODI, at Headingley

England 351/9
Pakistan 297
England win by 54 runs (win series 4-0)

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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. 

The biog

Name: Salem Alkarbi

Age: 32

Favourite Al Wasl player: Alexandre Oliveira

First started supporting Al Wasl: 7

Biggest rival: Al Nasr

Company Profile
Company name: OneOrder

Started: October 2021

Founders: Tamer Amer and Karim Maurice

Based: Cairo, Egypt

Industry: technology, logistics

Investors: A15 and self-funded 

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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.”

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

New process leads to panic among jobseekers

As a UAE-based travel agent who processes tourist visas from the Philippines, Jennifer Pacia Gado is fielding a lot of calls from concerned travellers just now. And they are all asking the same question.  

“My clients are mostly Filipinos, and they [all want to know] about good conduct certificates,” says the 34-year-old Filipina, who has lived in the UAE for five years.

Ms Gado contacted the Philippines Embassy to get more information on the certificate so she can share it with her clients. She says many are worried about the process and associated costs – which could be as high as Dh500 to obtain and attest a good conduct certificate from the Philippines for jobseekers already living in the UAE. 

“They are worried about this because when they arrive here without the NBI [National Bureau of Investigation] clearance, it is a hassle because it takes time,” she says.

“They need to go first to the embassy to apply for the application of the NBI clearance. After that they have go to the police station [in the UAE] for the fingerprints. And then they will apply for the special power of attorney so that someone can finish the process in the Philippines. So it is a long process and more expensive if you are doing it from here.”

Why seagrass matters
  • Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
  • Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
  • Biodiversity: Support species like sea turtles, dugongs, and seabirds
  • Coastal protection: Reduce erosion and improve water quality

Turkish Ladies

Various artists, Sony Music Turkey 

Naga
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Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

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