The trainer Rashid Bouresly has his sights on England.
The trainer Rashid Bouresly has his sights on England.
The trainer Rashid Bouresly has his sights on England.
The trainer Rashid Bouresly has his sights on England.

Trainer Bouresly is in search for a mount


  • English
  • Arabic

DUBAI // The racehorse trainer Rashid Bouresly has targeted a full-time jockey for his Metro Stables this season. The Kuwaiti, who recently opened a second yard in Sharjah, has so far been engaging the services of jockeys looking to pick up spare rides but has nevertheless managed to rack up three winners since the season started on November 6.

"It is the most important thing for us," said Bouresly, who has his sights set on the German-based rider Pascal Vandekeere. "I have been lucky to use excellent jockeys like Wayne Smith, Royston Ffrench and Daragh O'Donohoe, but these jockeys are attached to other yards and can't ride for me full-time. "I am planning to bring Pascal over to be a full-time Metro Stables rider." Vandekeere rode four runners for Bouresly at Friday's Jebel Ali meeting and, though he has now headed back to Germany where he is contracted to ride, Bouresly is hopeful an agreement can be reached which will see the 47-year-old come to the Emirates for the remainder of the season.

The point, said Bouresly, is to have a jockey who can ride out in the mornings and get to know his horses and their individual styles. "The jockeys I have had are experts and they can ride any horse, but I am looking for someone who knows my horses and can ride for me at track work too," he said. And a resident jockey would no doubt help Bouresly achieve his ambition to take a string to England next summer.

"I have five to seven horses who I am hoping will shine in the Carnival, and I would like to take them to England," he said. "I want to train there myself in the summer. I have had runners in Qatar, Kuwait, Bahrain and Singapore in the past, but not Europe." One who is likely to make the trip is Bouresly's sprinter Star Crowned. Bought in a private deal for just £2,000 (Dh12,125), from the English yard of Brian Meehan, the son of Kingmambo earned the Bouresly Racing Syndicate nearly £40,000 in his first two winning outings for the stable in 2008.

Since then he has shone, claiming third in the 2008 Dubai Golden Shaheen, netting £100,502, and following up with a respectable fifth worth £3,482 in the Singapore Krisflyer Sprint. "He had a metal pin in his foot and had breathing problems when I brought him, that's why he was cheap," said Bouresly, who is in the UK at the moment on a horse-buying trip. "But if you have the time and patience sometimes you can bring these horses on.

"I liked him because he had excellent conformation and an honest look. He has been a very good horse for me who always tries his best." Watch out for Grand Hombre, second in the Carnival last season, who Bouresly reckons will perform even better this time. "We also have a two-year-old AP Indy filly called Surprise Result from the US who seems promising and another Kingmambo horse, Brave Mambo, who has only had a few runs so far but who I think has a good future in the UAE," said the handler.

Bouresly, whose horses run in the distinctive orange colours of the family-owned Bouresly Racing Syndicate, celebrated his most recent of three wins at Jebel Ali with unbeaten filly, Summer Games. The four-year-old claimed a maiden at Sharjah before taking the nine furlong Damas Handicap. His other win came from tough contender, Rawalbandie, who has earned his keep, running five times since November 6. He found his form three weeks ago, winning the five-furlong Bin Belaila Contracting at Jebel Ali under jockey Smith.

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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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