Caretaker Denesh Kumar lives at the RAK Sailing Club and is the host serving refreshments during club activities.
Caretaker Denesh Kumar lives at the RAK Sailing Club and is the host serving refreshments during club activities.
Caretaker Denesh Kumar lives at the RAK Sailing Club and is the host serving refreshments during club activities.
Caretaker Denesh Kumar lives at the RAK Sailing Club and is the host serving refreshments during club activities.

Sheikh steps in to save RAK sailing club


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??RAS AL KHAIMAH // A woman in a Laser dinghy leans backwards over the side of her boat until she is nearly submerged in water, catching the wind in her sails to win the first of the weekly Friday races.

Her young fans watch from the beach, awestruck.

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“Barbara,” sighs Alfredo Prodi, a Grade 4 student several decades her junior. He says her name like an incantation. “She’s the best.”

Alfredo is the favourite to win the children’s league of the Commodore’s Cup and Barbara Couldrey, who has sailed here since the 1980s, is favourite to take the cup.

The finals at the RAK Sailing Association (Raksa) will be held this Friday, the culmination of 20 weeks of racing.

Alfredo is not concerned about that. One day, he hopes to compete against Barbara.

Until recently, it looked like he would never get the chance. The club’s existence was threatened by a 1,230,503-square-metre residential development that will obliterate the pier Raksa has sat on since 1977.

But Raksa will live on, thanks to the generous donation of a RAK royal. Sheikh Faisal bin Saqr, the chair of the RAK Finance Department and RAK Free Trade Zone, has pledged Dh1 million to rebuild the club 500 metres away from its current location.

“This club carries old traditions and we want to preserve it for the people,” said Sheikh Faisal. “When the Europeans came to RAK, His Highness Sheikh Saqr wanted to give them a lifestyle they knew and a place they could call home. We want to keep it in a way that it continues to serve the wider community.”

No exact date has been given for the old Raksa’s demolition, but Sheikh Faisal plans to build the new facility before then beside the coastguard station, where stronger tides will bring fresher water.

Sheikh Faisal’s father, the late Sheikh Saqr bin Mohammed who ruled RAK for 62 years, opened Raksa and dubbed it the “Norwegian Club”. It was so named because of the Scandinavians who made up the bulk of the expat community at that time.

The original name is still used on official documentation and legend has it the concrete building once housed the sheikh’s own seaplane.

Like the harbour it overlooks, Raksa is modest but well loved.

On June’s hottest days, members take refuge inside its bamboo walls under fishnet-draped ceilings.

The walls are covered with club photos that date back to the 1970s, shelves are cluttered with tarnished trophies and broken oars that carry the names of victorious sailors.

“The attraction of this place is we are really under the radar,” says Daniel Zeytoun Millie, the Raksa commodore. “When other clubs come here, they see what their clubs used to look like. We’re actually a part of the place; we’re really a part of the harbour community.”

The club has 65 members but belongs to the whole community – sailors and landlubbers alike.

When Santa Claus and the Easter bunny visit RAK, the sailing club is their venue of choice. Thanksgiving turkeys, iftar soups and Saint Patrick’s Day stews have bubbled and brewed in the club kitchen.

Former members flew in from across the world to celebrate the club’s 33rd anniversary last year.

“This place is where families come,” said Christie Grieve, a teacher and member of nine years. “You just don’t realise the wonder of it when you live here.”

Sailing events at the club are not limited to strict competition. Next week there will be a whale shark search and on Friday there will be a sail-by of “anything that can float” before the club takes its annual summer recess until September.

Despite its low profile, the club is integrated into a neighbourhood famed in the Gulf for its mariners.

Laser and topper dinghies are repaired at a local boat yard and Zouzou, the club’s traditional UAE jelbut sailboat, was built across the harbour by the renowned shipbuilder Abdulla al Mansoori.

Memberships grows through word of mouth. Until a few years ago, the only landmark for finding Raksa was a large bush that hid the pier entrance.

New roads will make access easier and when they do, all will be welcomed.

azacharias@thenational.ae

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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.”

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Dubai Creek Open in numbers
  • The Dubai Creek Open is the 10th tournament on this year's Mena Tour
  • It is the first of five events before the season-concluding Mena Tour Championship
  • This week's field comprises 120 players, 21 of which are amateurs
  • 15 previous Mena Tour winners are competing at Dubai Creek Golf and Yacht Club  
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Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

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