ABU DHABI // The 1,600-metre Group 3 Sheikh Zayed bin Sultan Al Nahyan Cup, the official feature at Abu Dhabi’s opening meeting of the season yesterday afternoon, was won in style by Thakif.
Trained by Majed Al Jahouri for his main employer, Sheikh Mansour bin Zayed, he was ridden by Harry Bentley.
The duo have now won as a pair on four occasions, representing all of the horse’s career victories.
It was a strange race in that only two horses ever looked to hold a serious chance of winning – Thakif and stable companion Shateh, who made the running under apprentice Saeed Al Mazrooei.
Bentley sat just behind, motionless, with the remainder well adrift.
The jockey was clearly happy to bide his time and waited until the runners had turned into the straight before letting out a length of rein as Thakif bounded ahead.
Shateh tried to stay with him, but soon cried enough. He did stay on for second, with Shayel Aldhabi, virtually last at halfway, finishing third.
“I know this horse well and have won on him twice over 1,000m and now twice over this 1,600m,” Bentley said.
“Shateh has given me a lovely tow into the race and I knew I could quicken past him whenever I wanted.
“I did not want to go too early, though, so was happy to wait and take a lead into the straight, at least.
“When I asked him, he showed his great turn of foot and has won well.”
Al Jahouri, who trained every Group 1 Purebred Arabian winner in the UAE season during the last campaign, added: “It is a great result and nice to get a big race winner so early in the season. It was a good ride from Harry and also from Saeed on the runner-up.
“We are really looking forward to the rest of the season. “
It was no great surprise to see the Oertel and O’Shea partnership land the opening 1,400m race with Abhaar for Sheikh Khalifa bin Zayed, given their great start to the season.
O’Shea stalked the early leader before asking his mount to close on the home turn.
The response was not immediate but the debutant soon realised what was required and was well in charge at the line.
O’Shea was back in the winner’s enclosure an hour later, after the victory of Live Rich in a 1,600m handicap.
It was a first winner for trainer Saeed Hadher Al Mazrouei, who was saddling only his fifth runner. In between, David Smith produced the Satish Seemar-trained Royal Revival with a perfectly timed challenge to win the only thoroughbred race, a 1,600m handicap.
Well out of his ground with 300m to run, Smith’s mount flew up the rail to lead where it mattered.
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UAE currency: the story behind the money in your pockets
Company%20profile
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Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
Pearls on a Branch: Oral Tales
Najlaa Khoury, Archipelago Books
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The bio
Favourite book: Kane and Abel by Jeffrey Archer
Favourite quote: “The world makes way for the man who knows where he is going.” - Ralph Waldo Emerson, American essayist
Favourite Authors: Arab poet Abu At-Tayyib Al-Mutanabbi
Favourite Emirati food: Luqaimat, a deep-fried dough soaked in date syrup
Hobbies: Reading and drawing
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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