ABU DHABI // The world's best wakeboard riders were yesterday forced to delay their competitive Abu Dhabi debuts after strong winds produced an unsafe environment at the Corniche. Wakestock Abu Dhabi officially got under way with a local qualifying round on Thursday, but yesterday was supposed to see the introduction of riders such as Dallas Friday, considered the world's most successful female wakeboarder, and Aaron Rathy, the 2009 Rider of the Year.
But with rough, choppy waters brought on by high winds, organisers were obliged to reschedule the quarter-finals of the World Series event to 10am today. They will be followed immediately by the latter stages. "Wakeboarding requires flat water and there is a certain point where the wind is too strong and the water chops up, making it dangerous to host an event. It was definitely past that point," said Mark Durston, the Wakestock founder.
In a bid to appease the strong crowd that had made their way to the beach for the UAE capital's first international wakeboard competition, the organisers held an alternative cable-based event that rewarded the three best tricks of the day. The professionals, Padiwat Jaemjan of Thailand and the American duo JD Webb and Adam Errington, shared the US$750 (Dh2,754) prize purse. "We wanted to ride properly," said Jaemjan, who has competed in the US and at previous Wakestock events in the UK. "But in the afternoon we went for a couple of rides and it was just so dangerous."
Durston said if the poor weather continues he will speak to the city's municipality and Flash Entertainment, the event's production company, to check the potential of rolling the final over to tomorrow. "Unless you put a roof over the water, you can't do much else," he said. gmeenaghan@thenational.ae
Manchester United v Liverpool
Premier League, kick off 7.30pm (UAE)
The%20specs%20
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S24%20ULTRA
TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%209
Company%20profile
COMPANY PROFILE
The%C2%A0specs%20
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: 2018 Honda City
Price, base: From Dh57,000
Engine: 1.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 118hp @ 6,600rpm
Torque: 146Nm @ 4,600rpm
Fuel economy, combined: 5.8L / 100km
Changing visa rules
For decades the UAE has granted two and three year visas to foreign workers, tied to their current employer. Now that's changing.
Last year, the UAE cabinet also approved providing 10-year visas to foreigners with investments in the UAE of at least Dh10 million, if non-real estate assets account for at least 60 per cent of the total. Investors can bring their spouses and children into the country.
It also approved five-year residency to owners of UAE real estate worth at least 5 million dirhams.
The government also said that leading academics, medical doctors, scientists, engineers and star students would be eligible for similar long-term visas, without the need for financial investments in the country.
The first batch - 20 finalists for the Mohammed bin Rashid Medal for Scientific Distinction.- were awarded in January and more are expected to follow.