ALICANTE, SPAIN // Now comes the routine that doubles as a crescendo.
Six voguish sailboats will edge off the dock Saturday, no big deal there, except that they embark on the global circumnavigation of the Volvo Ocean Race, big hubbub there.
Two years of planning, budgeting, designing, boat-building, launching, testing, deciding, customising, customising and customising will find a finish line at a starting line.
Abu Dhabi Ocean Racing's Azzam and five rivals will aim for the Mediterranean Sea, the Atlantic Ocean, the meaty winds of yonder out towards Brazil and 6,500 nautical miles of Leg 1 hassle towards Cape Town.
The forecast calls for a "brutal" first overnight, according to the race meteorologist Gonzalo Infante, while the start at 2pm in Spain - 5pm UAE - calls for esoteric emotions ranging from wistfulness (families) to eagerness (sailors) to tension (shore team members who maintain the boats).
"It's a bit like exams, your school exams," said Ian Walker, the Abu Dhabi captain. "You study for so long, you actually just want to go ahead and do them."
"We've done this so many times now," said Brad Jackson, the Puma watch captain, whose five previous Volvo Ocean Races tie him with Camper's Stu Bannatyne for most experienced among the 66 total crew members.
"You know what you're in for."
The boat-smart Shore Team members have been in for untold toil across recent months, so they are in for a milestone as they stand watching the vessel that has governed their lives stream away toward the oceans for which she was built. Already there has been the in-port race last Saturday, which gave Abu Dhabi the early lead, but this Atlantic-bound moment proves much weightier, dredging up the word "apprehension".
"You get nervous," said Mike Danks, the technical manager of a bustling Abu Dhabi Shore Team that from time to time has 10 or 11 mainstays. "What's going to break down, and what haven't you done."
He paused and said: "Apprehensive."
"You look after it - it's your little baby, isn't it," said Tim Sellars, the engineer. "You're probably a little bit relieved, relieved that the actual boat is actually starting the leg and doing the race."
"Their DNA is in this boat," said Jamie Boat, the Abu Dhabi team director. "Literally."
So they worry, as do the sailors, but more fleetingly.
Said the seasoned Jackson: "You know, I guess you have a bit of anxiety leading up to the starting, because of obviously everything you're doing for the previous 18 months or nearly two years.
"Hopefully, you've gone down the right road and made the right steps so when you do sail, you're racing a good package."
His Volvos and Whitbreads (the race's previous sponsor) stretch clear back into last century, to the 1993-94 race when, at 25, he said, "I didn't really know what I was up for, really." Nowadays he knows. "You worry about it for a while and then you start racing and get into it, and it all goes away."
It goes away and then the shore team men keep worrying.
For one thing, they remain on call as the boat zooms toward the unpredictable. Sellars, for one, has lived recent months under the demanding reign of the Azzam keel system, at times even dreaming while asleep about the keel system, which probably does beat dreaming about snakes or sharks.
He has met daily with Danks about the keel system, then taken on the task of fine-tuning.
"All that hard work and all those endless days and nights," said Sellars, who has followed the race since he was a 10-year-old Sydneysider and is now in its midst. "This is it. It's really paying off … It does take over your life, but that's part of it. It's a lifetime experience."
He noted that during the past three months, Azzam has logged about 6,000 miles in testing, which lends some reassurance.
For this unsure nascence, though, those left behind hope the phone stays hushed. As Sellars said of the sailors: "We taught them a lot, and they'll assess the problems themselves." And as they do, the commendable shore team will turn around and, said Sellars, as "We have to pack up the base."
ROUGH SEAS AHEAD
The first Volvo Ocean Race weather briefing brimmed with savagery.
Race meteorologist Gonzalo Infante used terminology such as “a harsh first night”, “brutal”, “lots of energy-sapping tacks”, “really unpleasant steep waves” and “the priority will be to ensure they don’t break the boats”.
The culprit: a “secondary weather front spawned by a 1,500-mile-wide low-pressure system” hovering in the Spanish northwest. Upshots included 30-knot headwinds around the Strait of Gibraltar exiting the Mediterranean Sea.
“It’s really going to be a pretty tough first 24 hours,” the Puma skipper Ken Read said. “I guarantee there’s not going to be a whole lot of sleep on these six boats. I think this is what we signed up for. This is what we do. We take what Mother Nature can throw at us.”
THE SCHEDULE
October 29 In-port race at Alicante, Spain (winner: Azzam)
Saturday, November 5 Alicante to Cape Town, South Africa
December 11 Cape Town to Abu Dhabi
January 14, 2012 Abu Dhabi to Sanya, China
February 19 Sanya to Auckland, New Zealand
March 18 Auckland to Itajai, Brazil
April 22 Itajai to Miami, United States
May 20 Miami to Lisbon, Portugal
June 10 Lisbon to Lorient, France
July 1 Lorient to Galway, Ireland
cculpepper@thenational.ae
In numbers
1,000 tonnes of waste collected daily:
- 800 tonnes converted into alternative fuel
- 150 tonnes to landfill
- 50 tonnes sold as scrap metal
800 tonnes of RDF replaces 500 tonnes of coal
Two conveyor lines treat more than 350,000 tonnes of waste per year
25 staff on site
Abu Dhabi Sustainability Week
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
Global state-owned investor ranking by size
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The five pillars of Islam
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 specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
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Spec%20sheet
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Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
Dunki
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The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 258hp from 5,000-6,500rpm
Torque: 400Nm from 1,550-4,000rpm
Transmission: Eight-speed auto
Fuel consumption: 6.1L/100km
Price: from Dh362,500
On sale: now
EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law