ABU DHABI // For the next three weeks the Abu Dhabi Tourism Authority (ADTA) will be assessing Emirati applicants looking to join the Volvo Ocean Race, one of the world's toughest sailing challenges. And one champion is already considering it, against the advice of his coach. "Why not? I am up to trying any challenge," said Adil Khalid, 22. Mr Khalid is the first UAE sailor to qualify for the Olympics, travelling to Beijing in 2008, and is training for November's 2010 Asian Games in Guangzhou, China.
Speaking from a training camp in Italy, Mr Khalid said he is excited about this latest announcement. "It is one of the toughest sailing races out there, so I would love the opportunity to join it representing my country," he said. "Sailing is my life, and with every challenge you learn something new." ADTA launched its nationwide search yesterday for an Emirati sailor to join the 11-member Abu Dhabi Ocean Racing team and fly the flag in "the Everest of Sailing".
The round-the-world, 39,000-nautical-mile race is to start in Alicante, Spain on October 29, 2011 and end Galway, Ireland the following summer. Abu Dhabi will be the first Middle East stopover in the event's 37-year history. "We are searching for a compatriot with steely determination, enduring physicality, strength of mind, quick intelligence and dynamic personality to be part of our multinational crew who will aim to win honours for the emirate," said the ADTA chairman, Sheikh Sultan bin Tahnoon Al Nahyan, in a press release.
"Whoever is selected will take on the considerable responsibility of working towards, and sharing, the aspirations of their homeland," Sheikh Sultan said. Applicants 30 or younger and proficient in English can apply at www.abudhabioceanracing.ae. Candidates must be willing to commit full-time to the project, which runs from January 2011 to August 2012. The deadline for applications is October 24.
The plan is to have one Emirati as part of the crew and a minimum of two on the support team. "Living up to our aim will demand a level of courage displayed by our forefathers as they put themselves at the mercy of the ocean during the testing times when our economy depended on deep-sea sailing and pearling skills," Sheikh Sultan said. The best 12 candidates will undergo fitness and endurance tests before a winner is chosen, with the runners-up being offered positions with the team's shore crew that encompass the maintenance, development and reliability of the race yacht.
"The next four months will be fascinating for all involved. Applicants will need to demonstrate decisive physical and mental attributes and we need to know that they can make the grade when the going gets really tough. Hopefully the series of tests and trials we have planned will clearly identify the best, the strongest and those that will fit seamlessly into the team," said Ian Walker, the skipper for the Abu Dhabi Ocean Racing team.
Whatever Mr. Khalid's aspirations may be, the UAE Olympic sailor's coach, Omar Bazara, hopes to dissuade him for the sake of "concentration." "He is already training for the Olympics and major games, he needs to focus and not overexert himself," said Mr Bazara, who has been a coach at the Emirates Sailing School for over a decade. Mr Bazara has supervised more than 2,000 students and plans to put forward several of them as candidates for the ADTA competition.
"I don't have any numbers yet, but there are many talented and determined young sailors here, but they haven't found the support they needed in order to go full time into this sport," he said. "Let's hope this is the beginning of a foundation for a future of a committed sailing sport, where the needs of the athletes are all covered and they can live on being just sailors."
rghazal@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.
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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.
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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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