Silvestre De Sousa riding Scatter Dice, left, well ahead of the Betfred Cesarewitch field at Newmarket racecourse on Saturday. Alan Crowhurst / Getty Images
Silvestre De Sousa riding Scatter Dice, left, well ahead of the Betfred Cesarewitch field at Newmarket racecourse on Saturday. Alan Crowhurst / Getty Images

Success scarce at Newmarket for Gulf owners despite promising field



Newmarket, England // Dubai’s sponsorship of Future Champions Day yielded little in the way of reward on the track for the owners from the emirate who had runners here yesterday.

Dubai’s logo may have adorned various points around Newmarket, but Godolphin’s Outstrip cut little ice by finishing third under Mickael Barzalona in the feature Group 1 Dubai Dewhurst Stakes, won by Aidan O’Brien’s War Command.

Sheikh Ahmed bin Rashid’s Saayer did not take his chance in the Group 1 Middle Park Stakes, won by Astaire, as he was taken out of the race by his trainer William Haggas, due to the unsuitably rain-softened going.

The soft ground did not allow War Command to showcase the punishing turn of foot that saw him stride clear at Royal Ascot in the summer. The colt will now be put away for the winter alongside Ballydoyle stablemates Australia and Geoffrey Chaucer as O’Brien mulls his options for 2014.

If there was any consolation for the Dubai owners, it was provided by the success of Sheikh Hamdan bin Mohammed’s Scatter Dice, who won the 31-runner Cesarewitch handicap with a stunning run under Silvestre de Sousa.

Scatter Dice completely missed the break at the start of the two-and-a-quarter-mile event but benefitted from a canny ride from De Sousa, who bided his time off a fast pace before unleashing his mount to win by three lengths.

Scatter Dice had not won in 15 runs for trainer Mark Johnston this season and was considered a rank outsider.

“It was probably a bigger shock for me than anybody else,” De Sousa said sheepishly.

There was also a winner for Sheikh Joaan bin Hamad of Qatar to cap off a fine seven days in which he won the Prix de l’Arc de Triomphe on Treve and purchased a yearling at Tattersalls auction for a world record £5.25 million (Dh30.76m).

Al Thakhira, trained by Marco Botti, won the Group 2 Rockfel Stakes and was watched by Frankie Dettori, Sheikh Joaan’s retained rider, from a wheelchair as he recovers from the ankle injury he sustained in the lead-up to the Arc.

Before racing, Haggas had taken the opportunity to give Sheikh Hamdan bin Rashid’s Mukhadram a racecourse workout under Paul Hanagan as the horse builds toward a run in Saturday’s Champion Stakes, run at Ascot.

Mukhadram worked with stable companion Heeraat, ridden by retired rider Richard Hills, over six furlongs and strode four lengths clear at the finish.

Mukhadram has not run since beating Grandeur in the Group 2 York Stakes in July.

“He floated,” Hanagan said afterward. “I’m very pleased with him and he did everything that was asked of him.”

sports@thenational.ae

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Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.

Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.

Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.

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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
Essentials

The flights
Emirates and Etihad fly direct from the UAE to Los Angeles, from Dh4,975 return, including taxes. The flight time is 16 hours. Alaska Airlines, United Airlines, Delta Air Lines, Aeromexico and Southwest all fly direct from Los Angeles to San Jose del Cabo from Dh1,243 return, including taxes. The flight time is two-and-a-half hours.

The trip
Lindblad Expeditions National Geographic’s eight-day Whales Wilderness itinerary costs from US$6,190 (Dh22,736) per person, twin share, including meals, accommodation and excursions, with departures in March and April 2018.

 

Punchy appearance

Roars of support buoyed Mr Johnson in an extremely confident and combative appearance

6.30pm Meydan Classic Trial US$100,000 (Turf) 1,400m

Winner Bella Fever, Dane O’Neill (jockey), Mike de Kock (trainer).

7.05pm Handicap $135,000 (T) 1,400m

Winner Woven, Harry Bentley, David Simcock.

7.40pm UAE 2000 Guineas Group Three $250,000 (Dirt) 1,600m

Winner Fore Left, William Buick, Doug O’Neill.

8.15pm Dubai Sprint Listed Handicap $175,000 (T) 1,200m

Winner Rusumaat, Dane O’Neill, Musabah Al Muhairi.

8.50pm Al Maktoum Challenge Round-2 Group Two $450,000 (D) 1,900m

Winner Benbatl, Christophe Soumillon, Saeed bin Suroor.

9.25pm Handicap $135,000 (T) 1,800m

Winner Art Du Val, William Buick, Charlie Appleby.

10pm Handicap $135,000 (T) 1,400m

Winner Beyond Reason, William Buick, Charlie Appleby.

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. 

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.”