The Englishman Ian Walker again will be the skipper of Abu Dhabi Ocean Racing’s boat, Azzam, in the Volvo Ocean Race, which begins in October. He will write a monthly message leading up to the race.
After three solid weeks of sailing since the launch of Azzam in Southampton in the United Kingdom, we are starting our first maintenance period.
The British weather was very kind to us for the commissioning period, with similar conditions for the delivery down to Cascais in Portugal. The Portuguese weather, however, has turned on us with a vengeance.
As I look out over the marina, at the yacht waiting to be lifted out of the water by a massive 120-ton crane, huge Atlantic waves are crashing over the sea wall.
This is why we came to Cascais, to get a taste of the rough seas we can expect on our round-the-world journey, and so far we have not been disappointed.
We may have suffered a lack of wind on the 900-mile (1,450-kilometre) passage south to Cascais, but we have not lacked wind or waves since.
Our first 30-hour offshore training sail was all in winds of more than 20 knots (37kph) and these are the conditions in which we really learn about the boat and our team.
Our new Volvo Ocean 65 is certainly a very different beast from our old Volvo Open 70, and we’ll need to adapt our techniques to get the best performance from her.
The good news is that the new design appears to be a lot stronger than the old, but the bad news is it also feels a bit slower.
Just as Formula One cars have slowed slightly in the search for reliability and economy so, too, have the Volvo Ocean 65s.
Make no mistake though, these are still powerful yachts. I am sure we will find some new gears as we become more familiar with the new Azzam.
With all the yachts having identical designs we will have to step up our game to push the best performance out of our yacht. We will work harder to make Azzam go faster than any of the other yachts.
The biggest challenge of the past few weeks has been trying to get everybody fit and well. We have had a flu-like virus sweeping through the team and, with so many people living and working in such close confines, it is almost guaranteed that everyone will be affected in some way.
The need to pack up in the UK, sail to Portugal and set up camp in Cascais means there has been little chance for anyone to lie in bed and feel sorry for themselves. Everyone has battled on manfully and is fighting back strongly.
It is always a tough decision when to back off training – especially the gym work. Nobody wants to give up a session, but push too hard and the consequences can be far worse.
Our trainer, Pete Cunningham, has put in place new measures to help avoid a repeat and, with the fantastically healthy cooking from our team chef Denise, I am confident we will stay fit and well.
While the sailors now enjoy a 10-day rest, the shore team have rolled up their sleeves and attacked the job list. The major, more time-consuming jobs get put off until these break periods, so now is the shore crew’s chance to shine.
As soon as the gale force winds abate, it will be time for the 30-metre mast to be taken out, stripped down and serviced.
The yacht will then be lifted out of the water for a full check and clean-up underneath – we want to keep Azzam’s smart paint job as shiny as we can.
It will be a full service for engine, the winches and the hydraulic system, while all the other fittings get visually checked over too.
Personally, I cannot wait to go and spend time with my wife and kids. It is hard living away from home for such long periods but one of the upsides is how much you look forward to seeing the family when you get the chance.
I will need to shift my focus from sailing speed, performance data, race rules and strategy to helping with homework, playing games and teaching my kids to sail.
In short, it is time to go and be a good husband and dad for 10 days and to recharge my batteries before getting back to the task of working hard towards our goal of winning the Volvo Ocean Race for Abu Dhabi.
sports@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.”
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Astra%20Tech%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMarch%202022%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EAbdallah%20Abu%20Sheikh%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20technology%20investment%20and%20development%3Cbr%3E%3Cstrong%3EFunding%20size%3A%3C%2Fstrong%3E%20%24500m%3C%2Fp%3E%0A
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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)
The specs
Engine: 2.0-litre 4-cyl
Power: 153hp at 6,000rpm
Torque: 200Nm at 4,000rpm
Transmission: 6-speed auto
Price: Dh99,000
On sale: now
MATCH INFO
England 241-3 (20 ovs)
Malan 130 no, Morgan 91
New Zealand 165 all out (16.5ovs)
Southee 39, Parkinson 4-47
England win by 76 runs
Series level at 2-2
MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
START-UPS%20IN%20BATCH%204%20OF%20SANABIL%20500'S%20ACCELERATOR%20PROGRAMME
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Bert van Marwijk factfile
Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder
Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia
Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands
