Presvis, No 6, ridden by jockey Ryan Moore won the Dubai Duty Free.
Presvis, No 6, ridden by jockey Ryan Moore won the Dubai Duty Free.

Victoire Pisa and Transcend give Japan one-two joy at Dubai World Cup



DUBAI // Japan's Victoire Pisa has got the big prize, winning the $10 million (Dh36.7m) Dubai World Cup by half a length, capturing the world's richest horse race and bring cheer to the  disaster-ravaged country.

Three Japanese horses were entered in Saturday's race, and the  March 11 earthquake and tsunami clearly were on the minds of the  owners and trainers. Many wore polo shirts with the word "Hope" on the sleeve and the date of the double-disaster on the back.

Transcend was the lesser-known of the trio. It stormed out of the gate and led much of the way, with Irish Derby winner Cape Blanco and  long-shot Monterosso coming on.

As the horses headed down the stretch,  Victoire Pisa broke from pack to beat Transcend. Monterosso was third.

Winning rider Mirco Demuro was overcome with emotion following his victory. He said: "It's unbelievable. It's just unbelievable to win the Dubai World Cup for Japan."

The owner Yoshimi Ichikawa said: "It is a great souvenir to take back to Japan. I was very worried during the race as I didn't know what would happen.

"I really appreciate the support we have had from all the people in Japan."

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Rewilding turned on the speed down the stretch to win the $5 million (Dh18m) Dubai Sheema Classic, handing Dubai ruler Sheik Mohammed bin Rashid al Maktoum's Godolphin Stables a third victory.

Dangerous Midge of England raced to an early lead Saturday but was passed by Rulership, which held a slim lead at the halfway point. But the Japanese horse faded down the stretch as favorite Rewilding outran the field over the final 250 yards to beat the Saudi-owned Redwood by three-and-a-quarter lengths.

It was the second win of the day for jockey Frankie Dettori and a third for Godolphin, which saw Khawlah win the UAE Derby and Skysurfer take the Godolphin Mile.

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Presvis came from the back of the pack to win the $5 million (Dh18m) Dubai Duty Free, edging out River Jetez and Wigmore Hall.

In a tight race, Beauty Flash of Hong Kong took the early lead, while StrawberryDaiquiri of Qatar was at the front of a packed field at the bend. River Jetez then pushed ahead with 300 meters to, before Presvis and three-time British champion jockey Ryan Moore burst through the middle to win by three-quarters of a length. The Mike de Kock-trained River Jetez was second followed by Wigmore Hall.

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Rocket Man stormed to a two-and-a-quarter-length victory over Euroears in the $2million Dubai Golden Shaheen, a year after being upset by Kinsale King in the same race.

Dim Sum got out early but was overtaken by the Bob Baffert-trained Euroears. But favorite Rocket Man came home strongly, passing Euroears with 200 meters to go.

Kinsale King, expected to challenge Rocket Man again this year, was  scratched before the race after developing swelling in its legs and a  rash on its body and face.

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Khawlah has won the $2-million (Dh7.4m) UAE Derby, barely edging Master of Hounds to hand a second victory to the stables of Dubai's ruler Sheik Mohammed bin Rashid al Maktoum.

Khawlah's stablemate Xin Xu Lin set the pace early before handing it over to the Aidan O'Brien-trained Master of Hounds. But the Saeed bin Suroor-trained Khawlah came on down the stretch, catching Master of Hounds and then winning by a nose in a photo finish. Mike de Kock’s filly, Mahbooba was third under Christophe Soumillon, three and a half lengths back.

It was the seventh victory for Suroor in the UAE Derby and the first for a filly in the race's history. It followed Skysurfers win in the $1-million Godolphin Mile earlier in the day. Both Skysurfer and Khawlah are owned by Mohammed's Godolphin stables.

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Frankie Dettori steered Skysurfers to victory in the Godolphin Mile to give Godolphin their seventh victory in the race. Skysurfers was drawn wide in stall 13, but the Italian managed to negotiate a position three horses wide of the rail and coaxed his mount in to a decent rhythm.

Only Richard Hills, aboard Mufarrh, put up any resistance before Dettori swept past to win by half a length. “Mufarrh made me work but we got there in the end,” Dettori said.

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Amith Passela send the first update: Seraphin Du Paon underlined his status as the country's top Arabian purebred by winning the Kahayla Classic yesterday, the traditional opening race of the Dubai World Cup meeting.

The five-year-old, owned by Sheikh Khalifa bin Zayed, the President of the UAE, came with a trademark late run under Olivier Peslier, the French jockey, to win by a length from Nieshan with No Risk Al Maury a further one-and-a-half length behind in third.

The son of Akbar also won the Dh1 million President’s Cup in the capital last month and his victory in the Kahayla Classic is the eighth success for an Abu Dhabi owner in the 16 stagings of the Arabian showpiece. The President’s Cup and the Kahayla Classic are the two biggest races in the country for purebred Arabians, both in terms of prestige and money.

* With agencies

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Fixtures
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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

UAE currency: the story behind the money in your pockets
While you're here
The bio

Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district

Was a middle distance state athletics champion in school

Enjoys driving to Fujairah and Ras Al Khaimah with family

His dream is to continue working as a social worker and help people

Has seven diaries in which he has jotted down notes about his work and money he earned

Keeps the diaries in his car to remember his journey in the Emirates

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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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.”

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