The trainer Al Raiher had a jig in the paddock waving his race card high all along.
The trainer Al Raiher had a jig in the paddock waving his race card high all along.

Al Raihe makes his point on tapeta



Tapeta-trained horses finally came into their own at Jebel Ali yesterday, with four of five thoroughbred winners traveling from the Nad al Sheba training track. The meet, which saw the UAE's seven-time champion jockey Ted Durcan make a winning seasonal debut, had been dominated by dirt-trained runners until yesterday. Doug Watson, the champion trainer who bagged four winners last time, Dhruba Selvaratnam and Rashid Bouresly met their match when Nad al Sheba handler, Ali Rashid al Raihe, claimed three victories and Tony Manuel took the last race. Trainers based at the new Tapeta training track had warned their horses may be less advanced in fitness terms than those trained on dirt. If yesterday's form was anything to go by, however, the tapeta-trained runners have well and truly caught up.

Watson, who until yesterday had won every opening race at Jebel Ali this season, was denied that privilege. Instead Bakhit al Ketbi took the track's first Arabian race of the year with Hussain Mohammed's Das Jalabi for jockey, Martin O'Callaghan. Al Raihe and stable jockey, Royston Ffrench, claimed the first win when they struck gold in the Arabian Scandinavian Insurance Maiden over six furlongs with Mohammed al Falasi's AB Include. He won by a neck from Tony Manuel's Amigo de Park under Richard Mullen. "He was third over seven furlongs and fifth over eight-and-a-half before that so he was improving," said al Raihe. "Last year he was only two years old and needed the year to grow up and get some experience. Now I will think about trying him over a mile." A break in proceedings saw a troop of traditional Emirati dancers take to the paddock and al Raihe joined in. The trainer's high spirits continued when he landed the Dh120,000 feature, the six furlong Shadwell Stables Conditions race, with Montpellier. Montpellier had won over course and distance two weeks ago under Ahmed Ajtebi, but was disqualified after veering suddenly into the path of another runner. Ffrench said the gelding had needed that run. "He was tired and they can hang a bit at the end of a race," he said. "He's a fitter horse this time and deserved that win." Ffrench was first past the post for the third time on Jet Express in the Al Shafar Group an hour later. "He's a likely Carnival horse," said al Raihe. "It has been a very good day for Grand Stand Stables."

The St Leger-winning jockey, Durcan, was wreathed in smiles when he rode talented mare, Princess Rose Anne, to victory in the Al Shafar Investment Sprint for Al Ain-based handler, Mohammed Ramadan. The daughter of Danehill Dancer has now won on a multitude of surfaces including snow at Saint Moritz. "I have come second in thoroughbred races before but this is my first winner," said Ramadan. The Blue Stables trainer, Manuel, claimed a first win this season with Noisy Silence in the day's longest contest, the nine-furlong Power Point handicap. Richard Thomas guided the son of Giant's Causeway over the line ahead of al Raihe's Otranto in second and Erwan Charpy's Mutajammel in third. Watson may not have had a winner but he should not have returned to Al Quoz disappointed after claiming three seconds and two thirds. @Email:stregoning@thenational.ae

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.”

How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants

Tailors and retailers miss out on back-to-school rush

Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”

A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.

“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”

Election pledges on migration

CDU: "Now is the time to control the German borders and enforce strict border rejections" 

SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"