Abu Dhabi Ocean Racing boat Azzam on its way to Newport on May 6, 2015. Courtesy Volvo Ocean Race
Abu Dhabi Ocean Racing boat Azzam on its way to Newport on May 6, 2015. Courtesy Volvo Ocean Race
Abu Dhabi Ocean Racing boat Azzam on its way to Newport on May 6, 2015. Courtesy Volvo Ocean Race
Abu Dhabi Ocean Racing boat Azzam on its way to Newport on May 6, 2015. Courtesy Volvo Ocean Race

Volvo Ocean Race withdrawal marks end to a great chapter in Abu Dhabi’s maritime story


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Seven years ago this month, a delegation from the Abu Dhabi Tourism and Culture Authority (TCA) travelled to Stockholm to meet Knut Frostad, then the chief executive of the Volvo Ocean Race.

That year’s race was coming to an end, but TCA’s plans were just starting. They wanted a platform from which to build on an already deep maritime heritage and further tourism figures in the emirate.

The delegation met with race officials and several teams, including one led by Ian Walker and Jamie Boag. A year later, TCA had put together a team – Abu Dhabi Ocean Racing (Ador), led by Walker and Boag – as well as a bid for a stopover.

Almost exactly six years after that first trip, now a year ago, there came a remarkable culmination. Azzam, Ador's boat, won the VOR, the toughest ocean sailing race in the world bar none.

Mostly it was remarkable because it was only the second time Azzam had taken part and the first race, in 2011-12, had been a small-scale disaster. But it was also because of how tough the race was this time: one-design boats meant the field was level and the racing closer than ever before.

See also:

• Ali Khaled: Emirati sailing champion Adil Khalid intent on flying the UAE flag at Olympics once again

• Osman Samiuddin: Hard part for Abu Dhabi was winning Volvo Ocean Race – hardest part will be building on it

• Osman Samiuddin: Volvo Ocean Race won, Abu Dhabi now celebrate – and assess future of Azzam project

Azzam were ruthless, finishing on the podium in almost each of the nine legs, as well as the in-port races. For most of the legs, they had Adil Khalid as a key member, an Emirati Olympian and a quiet, shy hero in the Emirati sailing community. Frostad was not wrong when he said the achievement was one of the "biggest" in the UAE's sporting history.

The final culmination of that journey, however, came this Tuesday. VOR announced on its website that the five-year association with Ador and Abu Dhabi had finally come to an end – Abu Dhabi will not have a team or a stopover in the next edition of the race in 2017-18.

One way to look at it is to acknowledge it as a natural end. The original agreement was as a two-race deal. And with the win last year, it is safe to assume that the main objectives of the project were achieved.

But it is only natural to feel a tinge of sadness at the end of what has turned out to be an immense journey. A single VOR creates such a narrative of human adventure and endeavour, of a battle between man and the elements he was born to, but Azzam's ride, over two races, has been a different scale of epic.

Right from the very first night of the first race, in October 2011, when they broke their mast hours into the start and pulled out of the leg, it was clear that this would be no humdrum participation.

"Of course it wasn't without its ups and downs," Azzam's skipper Ian Walker said in a statement, with some understatement. "None of those involved will fail to remember the gut-wrenching disappointment of the mast breaking on the first night leaving Alicante in 2011, or the desperate bid to stay in the race after damaging the boat in the Southern Ocean and retiring from Leg 5."

The highs were incredible, not least winning the treacherous Auckland-Itajai leg, the leg across the Southern Ocean they had not completed in the first year, but the winning of which second time round eventually set them on their way to triumph. Only the very best survive that leg, let alone win it, and in further setting a 24-hour speed record during the course of it.

There was the in-port race triumph in Abu Dhabi in the first edition, but there was also Khaled’s celebration of the UAE’s National Day out at sea, between Cape Town and Abu Dhabi on the Indian Ocean.

He decided to shed normal sailing kit and instead wore the kandura for a few days (making for a memorable photograph). He did it partly because of the heat but mostly as a nod to the UAE’s sailing heritage, to those predecessors who used to go pearl diving on their dhows for days.

Walker’s sweat and blood was evident through every minute of this journey though.

He looked tired and haggard after the first leg win in Cape Town in November 2014, but that was just bluff. He looked like that through the entire race but he was anything but.

He ground his way through both races, overseeing every little decision, every big one, involving everyone on the boat and off it. As he always said, he was running a mid-size company, except he was doing it out of the ocean, battling crazy storms, dangerous waves and freeze-dried food.

“Sailing has grown markedly in Abu Dhabi in the time that I have been going there, and I hope the region will continue to attract more sailing projects in the future,” Walker said. “Abu Dhabi’s maritime heritage is long and the Volvo Ocean Race is a new chapter that has now been written.”

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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.”

UAE tour of the Netherlands

UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match

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THE SPECS

Engine: 2.0-litre 4-cylinder turbo

Power: 275hp at 6,600rpm

Torque: 353Nm from 1,450-4,700rpm

Transmission: 8-speed dual-clutch auto

Top speed: 250kph

Fuel consumption: 6.8L/100km

On sale: Now

Price: Dh146,999

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Company%20profile
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The specs

Engine: 1.6-litre 4-cyl turbo

Power: 217hp at 5,750rpm

Torque: 300Nm at 1,900rpm

Transmission: eight-speed auto

Price: from Dh130,000

On sale: now

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Day 1 results:

Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)

Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)

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SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FLIP%204
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The specs

Engine: 3.5-litre twin-turbo V6

Power: 380hp at 5,800rpm

Torque: 530Nm at 1,300-4,500rpm

Transmission: Eight-speed auto

Price: From Dh299,000 ($81,415)

On sale: Now

COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed 

Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5

The specs

Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder

Power: 220 and 280 horsepower

Torque: 350 and 360Nm

Transmission: eight-speed automatic

Price: from Dh136,521 VAT and Dh166,464 VAT 

On sale: now

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Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
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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
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  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

THE SPECS

Range Rover Sport Autobiography Dynamic

Engine: 5.0-litre supercharged V8

Transmission: six-speed manual

Power: 518bhp

Torque: 625Nm

Speed: 0-100kmh 5.3 seconds

Price: Dh633,435

On sale: now

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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.”