Jomari Villani manages the Hawksbill restaurant at Saadiyat Beach Golf Club. During his free time he can be found tinkering with and racing his collection of radio-controlled, nitro-fuelled cars and even something called truggies.
How did you get started with this hobby?
aIt started with electric cars. Everyone starts with electric cars then [some] eventually try to get more action, more speed. My first small car is like an F350 pickup truck. It's powered by batteries, but it's not too fast, so eventually I went to nitro.
Nitro?
Nitro cars are powered with nitro fuel.
Sounds fast and furious. What speeds do these cars clock?
They can go fast, like 90kph. My racing class buggies and truggies can go 45 to 50kph.
Did you say truggies?
Truggies are a combination of a truck and a buggie. It's going to be a little bigger.
How often do you race?
Whenever I have time after work. What I do is set up, back home, a small desk. All your parts are there, and you're trying to fix the cars and trying to release. You have to enjoy it. In food and beverage there's no holiday for us. Christmas, I have to be here. New Year's, I have to be here. I grab the opportunity to go to the gym, play golf or do this - preparing my gadgets.
How much does this cost?
You can buy a kit for up to US$5,000 (Dh18,365) … I'm not in the beginner class, I like the advanced ones. To buy a kit without engines or nitro fuel, mufflers or things like that it would cost you $800. Probably an engine for another $400, plus the tyres. It's a serious hobby. It's not cheap.
And how many of these cars do you have now?
I've got one in the Philippines for me to use. I've got about seven or eight here. Some of them are not for pro-racing. I'm hoping now to get into pro-racing kits, for professionals.
Can you race in Abu Dhabi?
Yes, there are competitions we organise probably once or twice a year. Last year, there was a race organised near an ice rink in Abu Dhabi. There were different nationalities: the States, Malaysia, a local guy, some Asians and Europeans. I was third.
What do your coworkers think of your hobby?
Different people have different ways of releasing stress after work, and some of my team will sometimes join me on the track and help me. I do learn how [others on the track, in the food and beverage industry] manage their days and their people as well. That helps me a lot.
Does your family think this is a little crazy?
No. They know at least I'm racing on the race track - not on the road. Whenever I drive my car, I drive carefully. On the track I drive extreme, as in I do jumps. Sometimes you damage your kit. You just release.
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.”
MATCH DETAILS
Manchester United 3
Greenwood (21), Martial (33), Rashford (49)
Partizan Belgrade 0
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Nayanthara: Beyond The Fairy Tale
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The specs
Engine: 5.0-litre supercharged V8
Transmission: Eight-speed auto
Power: 575bhp
Torque: 700Nm
Price: Dh554,000
On sale: now
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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World Cup warm up matches
May 24 Pakistan v Afghanistan, Bristol; Sri Lanka v South Africa, Cardiff
May 25 England v Australia, Southampton; India v New Zealand, The Oval
May 26 South Africa v West Indies, Bristol; Pakistan v Bangladesh, Cardiff
May 27 Australia v Sri Lanka, Southampton; England v Afghanistan, The Oval
May 28 West Indies v New Zealand, Bristol; Bangladesh v India, Cardiff
MATCH INFO
England 2
Cahill (3'), Kane (39')
Nigeria 1
Iwobi (47')
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Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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UAE currency: the story behind the money in your pockets
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
