Competitors and crews gathered at sea yesterday to remember the two racers killed in Friday's crash.
Competitors and crews gathered at sea yesterday to remember the two racers killed in Friday's crash.

Powerboat's safety canopy investigated



DUBAI // An investigation into the horrific crash that killed two teammates at the World Powerboat Championships will focus on the canopy structure that was designed to protect the cockpit, organisers of the event said yesterday. Mohammed al Mehairi, 34, an Emirati, and Jean-Marc Sanchez, 48, a Frenchman, died on Friday after their powerful twin-engined craft flipped and crashed violently upside-down. The race was cancelled and all events were stalled after the accident.

The impact of the crash destroyed the canopy that was meant to protect the drivers, said Sid Bensalah, the general manager of Dubai International Marine Club, the event organiser. Even though the boat was travelling at 209kph, such damage was unusual, he said. "We have seen worse accidents during our six years of operation. Even if the boat is destroyed into pieces, the cockpit remains safe. "We are taking the responsibility to investigate on the weakest point of the canopy structure. We will deploy professionals to improve the safety of the canopy."

The results of the investigation will be handed over to the World Professional Powerboating Association for study, he said. Yesterday, participating teams and race officials gathered at the scene of the crash and performed an honour lap in memory of the men. Nearly two dozen powerboats and rescue craft circled the area. The boaters waved a chequered flag and tossed rose petals into the sea. Family, friends and colleagues of the two drivers gathered at the bay to watch.

Mr Bensalah said that on race day, the race management team went through the "normal procedures" and safety requirements. He dismissed claims that rescue units took too long to reach the wreckage. "There was absolutely no delay and we can prove this," he said. "The video recordings show the rescue teams reached the boat in one minute and 20 seconds." The boat was upside-down when the rescue teams arrived. The two drivers had been thrown from the boat and the cockpit was destroyed.

"No one can say how bad the situation is inside the cockpit when you see it from the outside," he said. "What happened this time has never happened before." Although the day was overcast and rainy, Mr Bensalah said racing conditions were considered normal. The Dubai marine club conducts 120 watersport events every year, he said, and maintained high standards in management and safety operations. He said the decision on whether a race should be stopped because of the weather was taken by experts.

The two drivers had lived in Dubai for decades and belonged to the Dubai-based Victory Team. Management of the team would not comment yesterday, but a statement on the team's website said members' thoughts were with the men's families. The statement expressed thanks for messages of condolence received from fans. Mr al Mehairi was laid to rest at the Al Quos cemetery yesterday. Hundreds of people, including Victory Team staff and race organisers, were present.

Mr Sanchez's family was still deciding whether to hold his funeral in Dubai, marine club officials said. There was no question, Mr Bensalah said, about the drivers' experience, capability to race or track record. He had been close to both men for years, and was mourning the loss of two good friends. Mr al Mehairi had won several championships, he said, and "knew well what it takes to tune and prepare a boat".

Mr Sanchez's focus was "constantly on driving the boat and how the speed is managed", he said. "Back on the dock, he is a gentleman, straightforward, and he was a fantastic father." Colleagues described him as "a man with a big heart". pmenon@thenational.ae

The specs: Lamborghini Aventador SVJ

Price, base: Dh1,731,672

Engine: 6.5-litre V12

Gearbox: Seven-speed automatic

Power: 770hp @ 8,500rpm

Torque: 720Nm @ 6,750rpm

Fuel economy: 19.6L / 100km

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.”

Best Foreign Language Film nominees

Capernaum (Lebanon)

Cold War (Poland)

Never Look Away (Germany)

Roma (Mexico)

Shoplifters (Japan)

The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
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Fuel economy, combined: 13.8L/100km
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Price: From Dh801,800
The specs

Engine: Four electric motors, one at each wheel

Power: 579hp

Torque: 859Nm

Transmission: Single-speed automatic

Price: From Dh825,900

On sale: Now

In numbers

Number of Chinese tourists coming to UAE in 2017 was... 1.3m

Alibaba’s new ‘Tech Town’  in Dubai is worth... $600m

China’s investment in the MIddle East in 2016 was... $29.5bn

The world’s most valuable start-up in 2018, TikTok, is valued at... $75bn

Boost to the UAE economy of 5G connectivity will be... $269bn 

Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

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The%20Little%20Mermaid%20
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Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

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COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Race card

5pm: Maiden (PA) Dh80,000 (Turf) 1,600m
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m
6pm: Arabian Triple Crown Round-1 Listed (PA) Dh230,000 (T) 1,600m
6.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m
7pm: Maiden (PA) Dh80,000 (T) 1,200m
7.30pm: Handicap (TB) Dh100,000 (T) 2,400m

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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions