Thousands of runners from across the world took part in Abu Dhabi Marathon events on Friday, with organisers hailing the event as a “true celebration of the city’s diversity”.
Overall, around 16,500 people, from elite athletes to those completing their first organised run, registered to take part in the 2.5km, 5km, 10km and wheelchair events, as well as the full marathon.
Numbers were well up on last year, when around 10,000 registered, as the event becomes an established part of the UAE’s sporting calendar.
Among the runners who completed the full marathon were participants from Venezuela, Trinidad and Tobago, Russia, Kazakhstan and the Isle of Man, with the route taking them past landmarks such as Qasr Al Hosn and along the city’s Corniche.
“Some friends of mine took part last year and told me how much fun it was so I was determined to participate this time around,” said Marwa, a Palestinian executive assistant from Sharjah, who completed the 5km race.
“I’ve taken part in some obstacle course races in the past but this was my first road race and it was such a pleasant experience running next to the sea at the perfect time of year. For sure, I will be doing it again next year.”
More than 1,100 people completed the full marathon, according the official results, almost double the number of finishers last year.
Among them was Adel, an Emirati government worker who lives in Ras Al Khaimah and was running his first marathon. “I work in Abu Dhabi and so I often do training runs in the city,” he said. “Today, however, was very special and an honour to run a full marathon through our capital city.”
He was one of nearly 100 Emiratis who finished the marathon, along with almost 150 from the UK and almost 250 Filipinos.
Four finishers in the 42.2km race came from Hong Kong, three came from Nepal and one each came from Somalia and Macedonia.
Around 3,300 finished the 10km, with a further 3,797 completing the 5km. The totals do not include those who did not finish or did not start.
For the 5km, times ranged from 17 minutes and 21 seconds, achieved by Somali winner Mohamed Osman, to an Indian participant who finished the same course in one hour, 39 minutes and 57 seconds.
“With over 16,500 registered participants from all walks of life and with all kinds of capabilities, it has been a true celebration of the city’s excellence and diversity,” Aref Al Awani, General Secretary of Abu Dhabi Sports Council said.
“Abu Dhabi has further cemented its place at the top table of sporting cities with the second successful instalment of the Adnoc Abu Dhabi Marathon.”
The marathon will return next year, when it is hoped that even more people will sign up.
“The results of Adnoc Abu Dhabi Marathon have once again exceeded expectations, both in terms of the number of runners and the amazing times achieved today,” said Andrea Trabuio, the race director.
“It was a very fast and beautiful route through Abu Dhabi’s streets and the elite runners have rewarded us with a terrific race. We are already looking forward to making the 2020 Adnoc Marathon the best yet.”
The event would assist with the economic and social development of the UAE, Dr Sultan Al Jaber, chief executive of race sponsors Adnoc, said
"The huge number of participants from global and local community in this year's marathon not only reflects the growing popularity of this event, but also reinforces the UAE’s growing reputation as a world-class sporting destination,” he said.
“We are delighted with our successful partnership with Abu Dhabi Sports Council in organising the Marathon and supporting the growth of the wider sports sector in the UAE.”
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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.”
