Final preparations were under way yesterday at Meydan Racecourse.
Final preparations were under way yesterday at Meydan Racecourse.
Final preparations were under way yesterday at Meydan Racecourse.
Final preparations were under way yesterday at Meydan Racecourse.

World's richest race? No worries


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DUBAI // You might expect Ahmed Ajtebi to be at least a little nervous. Today is going to be an eventful day for the jockey. The 27-year-old rider for the Godolphin stable will be on Allybar in the Dubai World Cup. Ajtebi, the only Emirati jockey in the race, is riding for a record US$10 million (Dh36.7m) purse. He has a demanding schedule earlier in the day, too, riding in five races before the main event at the new Meydan track.

However, as he sipped water at the Meydan Hotel this week, there was no hint of tension. Keeping his cool, he said, is simply the best way of ensuring that he and his horses get the job done when it counts. "The horse is in some respects like a human being," he said. "He knows everything about you the moment you sit on him. I like to be relaxed with the horses, so the horse is relaxed with me." Ajtebi ordered an orange juice and picked up an apple. He said he did not battle his weight the way other jockeys do - some were sweating it out in saunas and eating little but lettuce as they tried to get their weight as low as possible for the biggest race day of the year.

Ajtebi weighs around 50kg. "I try to always remain the same weight. There is no weight limit, but the [less] you weigh, the better it is for the race. I keep light so that I can eat a little bit for energy before a race and use bigger saddles." Because Ajtebi is relaxed about what he eats, he said he could shed pounds by simply cutting back. It was just a matter of maintaining his weight until race day, he said.

His career began late, by racing standards, at the age of 22. Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, suggested over dinner that the former camel jockey-turned-camel trainer should give horses a try. He did, travelling to Ireland in 2003 with two other Emiratis to gain experience. He returned that autumn for his first career ride at Nad al Sheba in Dubai while an apprentice to Ali al Raihe, a leading trainer in the UAE at the time. His first victory came the following year in Melbourne, Australia, before two successful summers in South Africa and Zimbabwe.

Ajtebi is no stranger to success in races on the Dubai Word Cup card. He won both the Dubai Free and Sheema Classic at last year's event, and finished third in the UAE Derby. He has high hopes for Allybar, winner in two of three starts this year. "He has been doing very well and is worthy of his place, but there are some very strong horses in the race." With another big racing day upon him, Ajtebi is changing nothing about his daily routine. He wakes at 5am and heads to private tracks in the desert for a four-hour riding session.

"I ride several horses every morning," he said. "I will ride on one, stay perhaps 20 minutes and then move on to the next." These sessions help the trainers enhance their horses' performances. "We tell the trainer if the horse is in good form or not, if his legs are sore at the front or back or to change the bridle," Ajtebi said. "I can sense if he has an injury. "It is like a driver with a car. The driver knows if the petrol tank is empty it cannot run, or if the engine needs oil, or if something is wrong with the front or back wheels."

After his morning session he goes home to relax and sleep before heading off for an afternoon at the gym. He regulates his training regimen to stay at his target weight of 50kg. "I don't build muscle because that gains weight, but I do cardiovascular work such as running on the treadmill." After a 90-minute workout, what is left of the day is his own to spend with his wife and four children or see friends. Dinner is eaten by 7pm and he is in bed by 10pm.

Today, he said, would be just another day at the office - albeit the richest "day at the office" in racing history. "I am not changing a thing, not my style, nothing," he said. "I keep my weight the same to not make any mistakes and I ride my races like I ride at any normal meeting. Whether it is a small race or a big race, for me there is no change." @Email:loatway@thenational.ae

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

RESULTS

Welterweight

Tohir Zhuraev (TJK) beat Mostafa Radi (PAL)

(Unanimous points decision)

Catchweight 75kg

Anas Siraj Mounir (MAR) beat Leandro Martins (BRA)

(Second round knockout)

Flyweight (female)

Manon Fiorot (FRA) beat Corinne Laframboise (CAN)

(RSC in third round)

Featherweight

Bogdan Kirilenko (UZB) beat Ahmed Al Darmaki

(Disqualification)

Lightweight

Izzedine Al Derabani (JOR) beat Rey Nacionales (PHI)

(Unanimous points)

Featherweight

Yousef Al Housani (UAE) beat Mohamed Fargan (IND)

(TKO first round)

Catchweight 69kg

Jung Han-gook (KOR) beat Max Lima (BRA)

(First round submission by foot-lock)

Catchweight 71kg

Usman Nurmogamedov (RUS) beat Jerry Kvarnstrom (FIN)

(TKO round 1).

Featherweight title (5 rounds)

Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)

(TKO round 1).

Lightweight title (5 rounds)

Bruno Machado (BRA) beat Mike Santiago (USA)

(RSC round 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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Omnibus  Press

The%20Iron%20Claw
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Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Trump v Khan

2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US

2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks

2019: Trump calls Khan a “stone cold loser” before first state visit

2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”

2022:  Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency

July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”

Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.

Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”

What is a Ponzi scheme?

A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.

'Falling%20for%20Christmas'
%3Cp%3EDirector%3A%20Janeen%20Damian%3Cbr%3E%3Cbr%3EStars%3A%20Lindsay%20Lohan%2C%20Chord%20Overstreet%2C%20Jack%20Wagner%2C%20Aliana%20Lohan%3Cbr%3E%3Cbr%3ERating%3A%201%2F5%3C%2Fp%3E%0A
Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

The specs

Engine: four-litre V6 and 3.5-litre V6 twin-turbo

Transmission: six-speed and 10-speed

Power: 271 and 409 horsepower

Torque: 385 and 650Nm

Price: from Dh229,900 to Dh355,000

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE