TriYAS 2015 is set to woelcome a record number of participants to the race at Yas Marina Circuit. Photo courtesy TriYAS
TriYAS 2015 is set to woelcome a record number of participants to the race at Yas Marina Circuit. Photo courtesy TriYAS
TriYAS 2015 is set to woelcome a record number of participants to the race at Yas Marina Circuit. Photo courtesy TriYAS
TriYAS 2015 is set to woelcome a record number of participants to the race at Yas Marina Circuit. Photo courtesy TriYAS

Sport

TriYAS 2015 a sell-out as record number of Emiratis sign up for fitness event

It has been announced that more than 100 UAE nationals will be taking part in this weekend’s sold out TriYAS by Daman’s ActiveLife, the largest ever turnout of Emirati participants in the event’s history.

The National staff

February 18, 2015

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It has been announced that more than 100 Emiratis will be taking part in this weekend’s sold out TriYAS by Daman’s ActiveLife, the largest ever turnout of Emirati participants in the event’s history.

Of the 100 UAE triathletes, 54 are women – yet another record for the popular community triathlon – and the Emiratis join an already cosmopolitan mix of runners, cyclist and swimmers of the 1,500 who will compete this weekend.

Al Tareq Al Ameri, CEO of Yas Marina Circuit, said: “We are delighted that this fantastic and challenging event is engaging record numbers of Emiratis. Yas Marina hosts a wide array of sporting and fitness initiatives to inspire and engage the people of the UAE to get more active, and it’s very rewarding to see that our own nationals are setting a fine example to others.”

On Tuesday, some of the Emirati team from the Awazen Wellness Centre & Abu Dhabi Tri Club were at the circuit to take part in a tailor-made training session coached by reigning TriYAS Champion and pro-triathlete Olivier Godart. They were also joined by pro-triathlete Balazs Csoken from Hungary, in town for Friday’s race.

Aysha Ali Bin Khalfan Al Dhahry from the Awazen female team, said: “We wanted to be a part of something that helped the UAE to become a fitter, more active place and to fight obesity, and TriYAS is the perfect event to bring us together as colleagues and friends and to train together. We have been training for the last couple of months and are confident that we will put in a good performance on Friday”.

Also new for this year is the addition of an elite wave of 12 pro-triathletes, who will be flying into the capital this week from around the world, a new KidsTRI with a 150 children aged between 12-16 as well as a female only category.

Dr. Michael Bitzer, CEO of National Health Insurance Company, Daman, said: “The fact that this year’s race is able to attract Emiratis in such large numbers is a great testament to how Daman is actively making a difference in people’s lives in the UAE. Supporting events that encourage people to get active to improve their lifestyles and health is very important to us and we are very pleased that so many are engaging from our own community.

“Supporting events that mobilise the UAE community as a whole to lead a healthy, active lifestyle is one of our key objectives and we are very pleased that so many are engaging with these events.”

TriYAS 2015 is sold out with 1,500 triathletes swim, run and cycle the Yas Marina Circuit, the home of the Formula One Abu Dhabi Grand Prix.

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%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Alaan%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Parthi%20Duraisamy%20and%20Karun%20Kurien%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%247%20million%20raised%20in%20total%20%E2%80%94%20%242.5%20million%20in%20a%20seed%20round%20and%20%244.5%20million%20in%20a%20pre-series%20A%20round%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
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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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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. 

What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

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