With one triumph stashed in the sail loft and a yacht verified as a contender, the Abu Dhabi Ocean Racing team heads south from England to Portugal accompanied by two other desirable properties.
It has relief, and it has realism.
The relief has quelled the natural sense of uncertainty that hung over the crew and its not-yet-raced Azzam in the Portuguese yacht harbour of Cascais in late July. It came on Tuesday morning in Plymouth, in the south-west of England. The 70-foot Azzam not only won the monohull division as the first Arab entry in the Fastnet race, but smashed a record and proved viable.
"Overall it's a relief to know we're competitive," the double Olympic silver medallist and skipper Ian Walker said. "We didn't blow Groupama out of the water, but it's a relief to know that we're at the party."
The "party" means the Volvo Ocean Race, which begins on October 29 in Spain, which stops in Abu Dhabi at the new year, which spans nine months and six continents and which Abu Dhabi Tourism Authority has chosen as a bugler for the emirate as a sailing destination.
The realism has come, well, from the skipper.
"For us, I guess our job now is to not get carried away because this is not the Volvo Ocean Race and that's the ultimate goal," he said. "We've just got to learn from this race and it sounds a bit boring but, we're really not going to get carried away, and we're going to focus on all the things we can do better."
That thought will fuel the gruelling toil at the tent complex by the angry sea in Cascais, joining a confidence born of winning the "race within the race", as they termed it at the Fastnet. Azzam not only finished in a monohull record one day, 20 hours and 18 minutes in her debut race since her unveiling in Italy on July 5, but it bested two of the foes it will race in three of the world's four oceans plus a sea here and there in the Volvo.
It finished ahead of the French entry Groupama 4, considered a prime contender, and the Chinese entry Team Sanya, considered a latecomer, respectively by almost five minutes and by just about one hour.
Azzam thrived in a race with its share of vagaries, epitomised when Rambler 100 capsized off Co Cork on Monday night. A lifeboat pulled 16 crew from the upturned hull, but skipper George David and five others were swept into the sea, and had to be rescued by a diving boat.
Through the stages from the Isle of Wight, around Ireland's Fastnet Rock, back past the Scilly Isles and into Plymouth, the three Volvo-bound boats jockeyed for position. The Volvo website praised Walker for "the most aggressive starting technique, throwing Azzam around like a dinghy" and "a short, sharp manoeuvre just before the gun" that ensured "a near-flawless start".
Blogging on Monday during the race, the Azzam media man Nick Dana wrote: "It's a very different tempo on board now that there are other Volvo Ocean Race 70s on the horizon", with "each watch" upholding "the intensity as the race remains tough between the three teams". He said there was considerable pressure on the navigator, Jules Salter, the Isle of Wight-born sailor who has already won a Volvo Ocean Race and a Fastnet among other laurels. All of that funnelled into considerable intrigue throughout Monday night, as both Groupama navigator Jean-Luc Nelias and Walker described.
Said Nelias: "The night was violent and the route was straight and when the dawn broke, they were half a mile ahead of us. We could see the colour of their weather gear on deck when we crossed the finish line, so it was pretty close."
Said Walker: "Ah, the whole race to be honest, we were changing places. And I thought they had enough at the Scilly Isles to beat us, but their tracker wasn't working so we didn't really know where they were so we just pushed as hard as we could and then fortunately at daybreak, first time we saw them, they were about a mile behind us, so we just defended to the finish. So we took the lead just in time."
With that in its young dossier, Azzam is expected back in Cascais on Saturday, followed by refitting from the shore team for about 10 days before a relaunch on August 31 for training in the demanding waters near by.
cculpepper@thenational.ae
What to watch out for:
Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways
The hulls of three ships will be used for the roof
The hulls will painted to make the largest Italian tricolour in the country’s history
Several pillars more than 20 metres high will support the structure
Roughly 15 tonnes of steel will be used
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3ESingle%20front-axle%20electric%20motor%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E218hp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E330Nm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20automatic%3Cbr%3E%3Cstrong%3EMax%20touring%20range%3A%20%3C%2Fstrong%3E402km%20(claimed)%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh215%2C000%20(estimate)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ESeptember%3C%2Fp%3E%0A
MIDWAY
Produced: Lionsgate Films, Shanghai Ryui Entertainment, Street Light Entertainment
Directed: Roland Emmerich
Cast: Ed Skrein, Woody Harrelson, Dennis Quaid, Aaron Eckhart, Luke Evans, Nick Jonas, Mandy Moore, Darren Criss
Rating: 3.5/5 stars
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
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.”
Match info
Manchester United 4
(Pogba 5', 33', Rashford 45', Lukaku 72')
Bournemouth 1
(Ake 45 2')
Red card: Eric Bailly (Manchester United)
AL%20BOOM
%3Cp%20style%3D%22text-align%3Ajustify%3B%22%3E%26nbsp%3B%26nbsp%3B%26nbsp%3BDirector%3AAssad%20Al%20Waslati%26nbsp%3B%3C%2Fp%3E%0A%3Cp%20style%3D%22text-align%3Ajustify%3B%22%3E%0DStarring%3A%20Omar%20Al%20Mulla%2C%20Badr%20Hakami%20and%20Rehab%20Al%20Attar%0D%3Cbr%3E%0D%3Cbr%3EStreaming%20on%3A%20ADtv%0D%3Cbr%3E%0D%3Cbr%3ERating%3A%203.5%2F5%0D%3Cbr%3E%0D%3Cbr%3E%3C%2Fp%3E%0A
CHATGPT%20ENTERPRISE%20FEATURES
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Company%20profile
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UAE currency: the story behind the money in your pockets
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Infobox
Western Region Asia Cup Qualifier, Al Amerat, Oman
The two finalists advance to the next stage of qualifying, in Malaysia in August
Results
UAE beat Iran by 10 wickets
Kuwait beat Saudi Arabia by eight wickets
Oman beat Bahrain by nine wickets
Qatar beat Maldives by 106 runs
Monday fixtures
UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain
Diriyah%20project%20at%20a%20glance
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Results
Stage Two:
1. Mark Cavendish (GBR) QuickStep-AlphaVinyl 04:20:45
2. Jasper Philipsen (BEL) Alpecin-Fenix
3. Pascal Ackermann (GER) UAE Team Emirates
4. Olav Kooij (NED) Jumbo-Visma
5. Arnaud Demare (FRA) Groupama-FDJ
General Classification:
1. Jasper Philipsen (BEL) Alpecin-Fenix 09:03:03
2. Dmitry Strakhov (RUS) Gazprom-Rusvelo 00:00:04
3. Mark Cavendish (GBR) QuickStep-AlphaVinyl 00:00:06
4. Sam Bennett (IRL) Bora-Hansgrohe 00:00:10
5. Pascal Ackermann (GER) UAE Team Emirates 00:00:12
The Year Earth Changed
Directed by:Tom Beard
Narrated by: Sir David Attenborough
Stars: 4
The biog
Mission to Seafarers is one of the largest port-based welfare operators in the world.
It provided services to around 200 ports across 50 countries.
They also provide port chaplains to help them deliver professional welfare services.
Semi-final fixtures
Portugal v Chile, 7pm, today
Germany v Mexico, 7pm, tomorrow