A dog trainer holds a Saluki after a race. One hundred and fifty purebreds are participanting in the festival.
A dog trainer holds a Saluki after a race. One hundred and fifty purebreds are participanting in the festival.

'Bold and daring, like a Bedouin'



WESTERN REGION // Animal lovers travelled to Madinat Zayed yesterday - but it was not the camels they had come to see.

They were looking forward to the first Arab Heritage Saluki Race Festival with its 150 purebred entrants.

Ten races, with 15 dogs in each of them, were held, with only 30 advancing to tomorrow's final round where they will race for a total prize fund of about Dh500,000.

Deirdre Hyde, from Scotland, drove from Abu Dhabi to support her South African friend, Jaci Wickham, who was the only woman owner among all the men who had dogs running in the races.

Obaid Khalfan al Mazrouei, the race manager, says that the event seeks to preserve an important heritage and to revive deep-rooted customs and traditions.

The Saluki is a clever and intelligent hunting breed which is directly descended from the wolf. A strong dog with stamina, the Saluki learns quickly and gets bored easily. It does not have to be trained to race since the concept is similar to hunting.

The dogs believed they were chasing a live gazelle. They are shown a blindfolded gazelle and are tricked into chasing a dummy gazelle which is tied to a car that stays 100 metres ahead of the leading dog. At the end of the 2km race, men rescue the gazelle that is often surrounded by the muzzled dogs.

"If they know that they are running behind a dummy they take shortcuts to catch it," says Mr al Mazrouei.

"I think it's fascinating," says Ms Hyde. "Not that they [Salukis] are becoming extinct, but they were a unappreciated breed for years, and it's wonderful to have a revival."

Her friend, Heather Dalglish, an English woman living in Abu Dhabi, was equally entranced.

"I am planning on how to train my two dogs," she says, laughing. "I was gifted Salukis; they are not supposed to be purchased."

Ms Wickham's dog, an 18-month-old called Savannah, did not finish its race. But she praised all the other owners. "They were very welcoming to a western woman. I am definitely coming back after some training," she says.

"I am telling you," adds Ms Wickham who is also an Arabian racehorse trainer, "it's the next big sport here."

Saif Mohammed, a trader from Al Ain, was typical of the cheering onlookers.

"I am happy to see this race and would like to see racing events in every emirate," he says. "Salukis remind me of my forefathers, who went hunting with falcons and Salukis."

The low-maintenance dogs run gracefully at a speed of about 65kph. They can chase a gazelle for 5km or more. "There is no special food, like special canned food," says Mr al Mazrouei, who is also a breeder. "They eat rice, dates, meat - whatever the owner eats."

They are also quite sensitive, he adds. "When you shout at them, they get upset if they haven't done anything wrong."

Though Salukis were an integral part of the Bedouin culture - they were used mainly for guarding and hunting - their use in recent years is minimal.

Hunting with a Saluki is banned in the UAE, so some owners take the dogs to Pakistan.

Efforts are being made to keep the Arabian Salukis pure by maintaining a breeding record.

"The name Saluki originates from the Yemeni tribe called Bani Saluk," says Hamad al Ghanaim, the director of the Arabian Saluki Centre.

"The tribe was known for loving and respecting this animal for its central position in the daily life, being a hunter who helped bring their food.

"Salukis are bold and daring like a Bedouin."

How to keep control of your emotions

If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.

Greed

Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.

Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.

Fear

The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.

Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.

Hope

While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.

Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.

Frustration

Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.

Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.

Boredom

Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.

Tip: Open an online demo account and get your thrills without risking real money.

If you go...

Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.

Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50

ROUTE TO TITLE

Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

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.”

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