The World Skate Tour has landed in the UAE for the second consecutive year with back-to-back events happening until March 10.
The adrenaline-filled Street and Park Pro Tour is underway at a new skate park arena built by Arada - a leading real estate company and UAE-based master developer, it is hosting the sporting spectacle with World Skate in partnership with Shamal Holding, owner of Dubai Harbour, in collaboration with Dubai Sports Council and Dubai Department of Economy and Tourism.
First heats commenced yesterday (February 25), further underlining the sport’s place in the UAE after Sharjah’s successful hosting of the World Skate Tour in 2023, and Arada’s role in the evolving skating community.
In a limited time, the developer built a world-class venue for the Street Pro Tour Stop, which runs until March 3, followed by the Park Pro Tour Stop, on until March 10.
Held under the patronage of His Highness Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum, chairman of DSC, the 2024 Tour events hold unparalleled significance for the world’s greatest male and female skateboarders; not only are they competing for the title of world’s best, each competition will serve as a pivotal qualifier for the Olympic Games, in Paris this summer.
Dr Ray Tinston, Arada’s events director, says spectators will witness exiting and future Olympic medallists in action at its “top-notch” C-Class (Championship Class) Park and Street venues.
“We strive to deliver events that not only showcase the prowess of the UAE but also become a source of pride for the nation,” he tells The National.
“With a live broadcast reaching audiences worldwide, we aim to spotlight the beauty of the destination while emphasising Dubai and the UAE’s prowess in organising world-class events.”
For residents and visitors, this marks a fantastic opportunity to witness some of the best in one of the world’s fastest-growing sports.
Sabatino Aracu, World Skate president, describes the “great sporting city of Dubai” as the perfect backdrop for two weeks of “truly world-class competition”.
“Local fans will have a unique opportunity to see the planet’s top professionals up close,” he says. “As the Road to Paris 2024 draws to a close, these two events provide the last opportunity to secure ranking points to qualify for the Olympics, so we expect competition will be intense.”
As well as the 500-plus elite athletes from various countries, organisers expect more than 3,500 people from outside the UAE representing competitors, their
coaches, families, and organisers from World Skate, as well as international media representatives covering and broadcasting the event globally.
Dr Ray says the competition includes participation from more nations than ever.
“We’ve meticulously crafted a world-class park in one of Dubai’s most exciting destinations and the best men and women skateboarders in the world are here, including medallists from the first Olympic Games in Tokyo.
“It is certain that we will be watching the Paris Olympic medal winners in action and what a privilege to see them live in the UAE while the rest of the world watches online.
“These two events hold a special significance within the World Skateboarding Tour, serving as a defining benchmark for the entire tour.”
Dr Ray’s career has taken him across the world, organising events across various verticals, and landing him in the UAE in 2008.
He says skateboarding and its community “radiate a unique energy and camaraderie”, ranking it among the top three fastest-growing sports globally. “Having rarely witnessed such passion in my career, I am captivated by the athleticism, skill, and electric atmosphere that skateboarding brings…whether witnessed live or through broadcast, the experience is truly mesmerising.”
And this latest fortnight of competition further cements Arada’s growing role in that skating community, having first secured the 2023 World Skate World Championships for Park and Street for its Aljada Skate Park, in Sharjah.
“The resounding feedback from the entire skateboarding community was nothing short of remarkable,” says Dr Ray of that iteration.
“We were told that our hosting efforts not only elevated the sport but also marked those events as the pinnacle of skateboarding history - a monumental compliment from both the community and our esteemed partners, World Skate and their Skateboarding Tour.
“At the Dubai Harbour Skate Park, we have once again set a new standard. What we’ve accomplished transcends the boundaries of the World Skateboarding Tour, propelling the UAE to the forefront of one of the fastest-growing sports on the planet.
“Our commitment to excellence and the relentless pursuit of pushing the limits have solidified our position as a key player in the global skateboarding landscape.”
Arada was founded in 2017 by HH Sheikh Sultan bin Ahmed Al Qasimi, chairman of Basma Group, and HRH Prince Khaled bin Alwaleed bin Talal, founding chairman of KBW Investments, with the intention of delivering superior properties to the UAE real estate segment.
It has swiftly become renowned for a commitment to excellence, based on a vision to redefine urban living with vibrant and inclusive communities “offering amenities and facilities that foster social interaction, wellness, and a sense of belonging among residents”.
Arada says it incorporates innovative design concepts and architectural elements into its developments, while being committed to sustainability, implementing green building practices and environmentally-friendly features in its projects, beside quality craftsmanship.
World Skate, meanwhile, serves as the premier authority and youth-orientated international governing body on all aspects of roller sports, including governance, competition, and development.
Formerly known as the International Roller Sports Federation (FIRS), it was rebranded in 2017 to reflect its progressive broader focus and remains committed to promoting inclusivity and diversity within roller sports, welcoming athletes of all ages, genders, backgrounds, and abilities to participate and compete.
In embracing innovation and adaptability to keep pace with the evolving landscape of sports and entertainment, World Skate places strong emphasis on youth engagement, recognising the importance of nurturing the next generation of athletes and enthusiasts and maintaining a presence in numerous regions around the world.
Arada’s staging of World Skate’s premium competition fits well with Dubai’s role as a dynamic destination “where the spirit of competition comes alive” and ensures the city takes “centre stage in the grand performance of sports” while delivering a vision for a healthy and inspired country.
So where does Arada’s role in the skate community, a key part of youth culture and a sport driven by creativity, freedom and expression, manifest beyond these events?
Dr Ray says it is “elevating the journey to the podium” as the final destination before the Olympics, but is also a “legacy driver” for the UAE’s fastest growing sport.
“We believe in long-term partnerships and we invest in our communities, not just the built environment but the people who live, work and play there,” he says.
“We have some of the best facilities for skateboarding in the world and our long-term partnership with World Skate is beginning to yield benefits for our communities and the wider UAE. We look forward to a long and healthy partnership with athletes, families, federations, and partners in the skateboarding family.”
He continues: “In this Olympic year, our qualifying events have successfully drawn the participation of the finest athletes in the sport... the eyes of the world will be on us, and we are poised to demonstrate Dubai and the UAE’s capacity to host events of the highest calibre.
“These events have the potential to redefine how the world views a place, its people, and its ability to host events on an unprecedented scale. I firmly believe the standards set at the events in Dubai will mark the inception of a new chapter, not only for the UAE but for the wider GCC.
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Profile of Hala Insurance
Date Started: September 2018
Founders: Walid and Karim Dib
Based: Abu Dhabi
Employees: Nine
Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
Company%20profile
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The bio:
Favourite film:
Declan: It was The Commitments but now it’s Bohemian Rhapsody.
Heidi: The Long Kiss Goodnight.
Favourite holiday destination:
Declan: Las Vegas but I also love getting home to Ireland and seeing everyone back home.
Heidi: Australia but my dream destination would be to go to Cuba.
Favourite pastime:
Declan: I love brunching and socializing. Just basically having the craic.
Heidi: Paddleboarding and swimming.
Personal motto:
Declan: Take chances.
Heidi: Live, love, laugh and have no regrets.
Tenet
Director: Christopher Nolan
Stars: John David Washington, Robert Pattinson, Elizabeth Debicki, Dimple Kapadia, Michael Caine, Kenneth Branagh
Rating: 5/5
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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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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.
