BMW Oracle Racing Syndicate skipper Russell Coutts does not want to sail in Ras Al Khaimah.
BMW Oracle Racing Syndicate skipper Russell Coutts does not want to sail in Ras Al Khaimah.

Coutts reiterates RAK concerns



Russell Coutts, the non-sailing skipper of the BMW Oracle Racing Syndicate who are due to challenge Swiss holders Alinghi for the America's Cup off the coast of Ras Al Khaimah (RAK) in February, remains opposed to bringing his team to the UAE. With the Alinghi camp now firmly ensconced in their Al Hamra base beginning preparations for the best-of-three-race series, Coutts made a fresh appeal yesterday to stage the 33rd running of sport's oldest international competition in the Spanish port of Valencia where it was safely retained by Alinghi in 2007.

Coutts, whose team have a seventh legal action against Alinghi pending, said: "We asked the [New York] Court to restore Valencia as the venue for the 33rd Cup. "This is something that Alinghi and we do agree on. Both sides told Justice [Herman] Cahn in April that we thought Valencia was the best option." New Zealander Coutts is a man steeped in America's Cup traditions and is acknowledged as one of the most accomplished exponents of his sport in history. So when he climbs on to a soap box people tend to listen, even though those based in the UAE and those hoping to witness the outcome of such a prestigious event will not like what they hear.

"Valencia was a huge success," said Coutts. "Ernesto Bertarelli [owner and funder of Alinghi] said it himself many times. But he's walked away to a little known emirate and says an uncompleted resort development is appropriate for the America's Cup. We are not the only ones asking 'why?' Alinghi has failed to explain this choice properly." Mindful that a meeting between Oracle officials and RAK hosts regarding security issues is imminent, Coutts remarked: "Anyone following the news knows tensions are rising in the region because of Iran's nuclear ambitions.

"RAK is sandwiched between the hotspots of Iran and Somalia, a pass down which we have to ship our boats. Only Alinghi think it is of so little consequence for us to race our American yacht in one sport's biggest events that they didn't feel a need to speak to us about it. That's a shocking lack of responsibility. "If Alinghi don't think safety is a legitimate concern they should look at the travel advice that the Swiss government gives its own citizens. It says the situation 'can evolve quickly because of the complexity of the regional context'. For an American team, the question of safety and security is of even higher concern."

Coutts was unimpressed by his rival skipper Brad Butterworth pointing out that high-profile sporting figures like Tiger Woods and Roger Federer are frequent untroubled visitors to the UAE and that Coutts himself was a regular sailor off Dubai Marina. "Let's get the facts straight," Coutts said. "First, I don't compete every year in Dubai. Secondly, Dubai is not Ras Al Khaimah. Thirdly, Tiger Woods and Roger Federer are individuals competing in a competition with many other players.

"I think any fair-minded person will see that an American yacht, with USA on its 200ft high mast, sailed by a team with 100 people in the crew and a shore team in a competition between nations called the America's Cup is a very different proposition. "I emphasise, our objection is to RAK. By and large, the UAE has a terrific reputation for hosting sporting events and athletes. This is why I shall be happy to return with other sailors competing in next month's Sea Dubai RC44 Gold Cup."

@Email:wjohnson@thenational.ae

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
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RESULT

Leeds United 1 Manchester City 1
Leeds:
 Rodrigo (59')
Man City: Sterling (17')

Man of the Match: Rodrigo Moreno (Leeds)

What is the FNC?

The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning. 
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval. 
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
 

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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The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

VEZEETA PROFILE

Date started: 2012

Founder: Amir Barsoum

Based: Dubai, UAE

Sector: HealthTech / MedTech

Size: 300 employees

Funding: $22.6 million (as of September 2018)

Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC

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.