On Sunday night at Stansted airport, about 65 kilometres north of London, the silhouette of the giant Saudi Arabian-owned jumbo jet penetrates the gloom on an evening of driving wind and rain.
The perimeter arc lights reflect off the white and green livery of the aircraft as it sits on the tarmac ready for its cargo to enter the cavernous hold.
The freight, however, is not a fleet of cars or consumer goods for export, but 17 of the world’s leading thoroughbred racehorses, among them the cream of British and Irish racing. The cargo is worth, if not quite its weight in gold, then not far off it; certainly tens of millions of dollars.
Their destination is Riyadh, a six and half hour flight away, and the destination of the world’s richest race, the Saudi Cup, which takes place on Saturday. The total prize money involved in the meet is $35 million, with the winner of the main event receiving $10m.
Among the passengers on this flight is the colt Mishriff, the reigning champion, owned and bred by Prince Abdul Rahman Al Faisal, grandson of the late King Faisal.
He is trained by John Gosden in Newmarket, the headquarters of British racing.
The two-day meeting is so prestigious that the Jockey Club of Saudi Arabia has financed the charter from Saudia Cargo, a subsidiary of Saudi Airlines.
The cost? $440,000.
The cargo area at Stansted, far away from the main terminal, is a hive of activity as handlers in their fluorescent yellow jackets and heads bowed to the elements undertake the complex loading operation.
Mobile jet stalls about one metre wide and by three metres long are towed slowly across the perimeter, ready to be hoisted skywards.
They have come 180 metres from what is called the boarder inspection post, a portal through the security fence. It is in effect a large shed with sliding doors at each end that separates the two sides of the airport.
The horses arrive from their respective stables, mainly transported in a fleet of red-liveried horse boxes belonging to the British Bloodstock Agency. The BBA is one of the world’s leading equine shipping agents.
Each trainer sends tailored feed, water and supplements for each horse. Contamination is an issue and with so much at stake, no chances can be taken.
Kevin Needham, the owner of the company, oversees the operation. Overall, he has been responsible for about 90 horses heading to the kingdom for this weekend’s event.
Apart from the flight from Stansted, others have left from Japan, the US and the UAE. It is a carefully choreographed operation with many potential pitfalls.
“All the horses are going in wide stalls,” he explains. “One to a box is first class, two is business and three, economy. These are all going in comfort.
“Horses are used to travelling in horse boxes and this is not much different; it’s just there are less roundabouts in the air!
“When you move a horse, there is a risk. It can put its foot down wrong, it can trip, it can slip, do any number of things. You cover as many of the angles you possibly can to minimise the risk. It is, however, a reasonably well-trodden path and, God willing, it goes well.”
The boxes are manoeuvred towards a livestock loading platform and the horses are led down individually. Each horse’s paperwork, including health certificate and equine passport, is handed to the head flying groom, Brian Taylor. He is a 40-year veteran of the industry and leads a team of three grooms who will travel to the kingdom in tandem with an experienced vet.
This is Mr Taylor’s fourth flight of the week. His body clock, he said with a laugh, is non-existent.
“I’m never anywhere long enough to get jet lag,” he added.
“I oversee how they are loaded and how they are on the aircraft during the flight. Airflow to the horses is the most important thing.
“The business has changed a lot. It is much better, easier and safer now. ”
As the horses — most of whom are used to flying — wait patiently to go through the holding area, the vet, Gordon Sidlow, casts his eye over them. Mr Sidlow is on the lookout for any sign that a horse is in potential distress.
“The main thing is a horse getting panicky normally when they are loading. The commonest cause for that is claustrophobia.
“The actual flying doesn’t bother them. Apart from that, we look for signs for them getting sick on the plane. As long as they are eating and drinking, there is not too much wrong with them. If they aren’t, we look more closely. It may well be a sign they are sick.
“Normally it is due to dehydration. I can treat them with sedatives and fluids. I have a wide range of drugs available. Horses lose at least about 15-20 kilograms during a flight depending upon how much they sweat. Some horses do get equine jet lag.”
As the jet stalls trundle across the tarmac, the wind speed rises to such a level that the loading doors have to be closed for safety reasons. The airport grinds to a halt — flights circle, unable to land, take offs are pushed back.
When it is safe to do so, the stalls are propelled on to a giant platform, 20 metres above ground level. From there, they slide into position on a powered roller system and locked down.
On board is Jeremy Instone, owner of Instone Air, the company that builds and leases a fleet of specialist horse stalls for air freight. He has 500 stalls, each worth about $55,000, dotted around the world in key locations such as Dubai, Riyadh, America, Australia, New Zealand, Hong Kong and Singapore.
“When we started in 1980 the stalls were just bits of wood joined together with screws, with no tops, open tops. It was fairly basic,” he explains.
The advent of wide-bodied jets such as the Boeing 747, regarded as the work horse of the skies, and the 777 led to significant change and the new design of enclosed stalls is now the size of a standard pallet.
Among the horses being loaded is Happy Power, a colt from the 230-strong stable of Andrew Balding at Kingsclere in Hampshire. Annalisa Balding, the trainer’s wife, oversaw his departure.
The 5-year-old has never flown before but is relaxed as Kevin Hunt, one of the head lads, puts protective tape around his hooves and pads around his lower legs.
He is then walked up to the waiting lorry and loaded. He will be met in Riyadh by Charlie Richards, his regular groom, who has flown ahead. Maddy O’Meara, the travelling head girl who is already in Qatar, will travel across to ride the horse out when he arrives.
“We have about 50 horses owned by Arab owners. They are so passionate about the sport and [are] important for it,” explains Mrs Balding.
An hour and a half later than expected, the plane takes off. At dawn, it lands safely in Riyadh in vastly better weather. In a seamless operation, the horses disembark, go straight through to a horse box and are soon at the racecourse stables. From wheels down to the stable is barely an hour.
Back in his office in Newmarket, Mr Needham receives the news that everyone is safe and well. It is a relief.
“Apart from the awful weather at Stansted, it all went smoothly. With such valuable cargo, it’s a real relief!”
UAE currency: the story behind the money in your pockets
The specs
Engine: 8.0-litre, quad-turbo 16-cylinder
Transmission: 7-speed auto
0-100kmh 2.3 seconds
0-200kmh 5.5 seconds
0-300kmh 11.6 seconds
Power: 1500hp
Torque: 1600Nm
Price: Dh13,400,000
On sale: now
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Profile of Tarabut Gateway
Founder: Abdulla Almoayed
Based: UAE
Founded: 2017
Number of employees: 35
Sector: FinTech
Raised: $13 million
Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.
The specs: Hyundai Ionic Hybrid
Price, base: Dh117,000 (estimate)
Engine: 1.6L four-cylinder, with 1.56kWh battery
Transmission: Six-speed automatic
Power: 105hp (engine), plus 43.5hp (battery)
Torque: 147Nm (engine), plus 170Nm (battery)
Fuel economy, combined: 3.4L / 100km
Defending champions
World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack
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.”
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
UAE currency: the story behind the money in your pockets
The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
Results
2.15pm: Maiden (PA) Dh40,000 1,200m
Winner: Maqam, Fabrice Veron (jockey), Eric Lemartinel (trainer).
2.45pm: Maiden (PA) Dh40,000 1,200m
Winner: Mamia Al Reef, Szczepan Mazur, Ibrahim Al Hadhrami.
3.15pm: Handicap (PA) Dh40,000 2,000m
Winner: Jaahiz, Fabrice Veron, Eric Lemartinel.
3.45pm: Handicap (PA) Dh40,000 1,000m
Winner: Qanoon, Szczepan Mazur, Irfan Ellahi.
4.15pm: Sheikh Hamdan bin Rashid Cup Handicap (TB) Dh200,000 1,700m.
Winner: Philosopher, Tadhg O’Shea, Salem bin Ghadayer.
54.45pm: Handicap (PA) Dh40,000 1,700m
Winner: Jap Al Yassoob, Fernando Jara, Irfan Ellahi.
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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