Graeme Marks, Santander's regional chief executive, trains on Saadiyat Island for tomorrow's Abu Dhabi International Triathlon. Ravindranath K / The National
Graeme Marks, Santander's regional chief executive, trains on Saadiyat Island for tomorrow's Abu Dhabi International Triathlon. Ravindranath K / The National

Rise of a new business 'mamil'



A round of golf was once the preferred pastime of company executives looking to combine business with pleasure.

But now the endurance race is proving a popular release from the rat race.

Chasing the world's top triathletes at the Abu Dhabi International Triathlon tomorrow will be bankers, accountants, and scores of other professionals who are being drawn to the sport that consists of a swim, run and bike leg.

Many of them will be men in their forties, a demographic that has come to dominate the sport worldwide and is its fastest growing segment - a phenomenon that has attracted much psychological analysis.

Graeme Marks, Santander's Middle East chief executive, completed his first triathlon less than a month ago at Tri Yas around Abu Dhabi's Grand Prix venue.

He took up the sport after making a pact with his twin brother to lose some weight.

Four months later and 17 kilogrammes lighter, he will be tackling the sprint course tomorrow.

"I'm looking forward to it with a degree of trepidation," he said this week before one of his final training sessions ahead of the race. "I'm turning the big 50 in a couple of months. I was overweight and not doing enough, so last year along with my brother decided to do something about it."

Some 900 of about 2,000 people competing tomorrow will be over the age of 40, according to the race organisers. That's an increase of about 6 per cent on last year.

Corporate entries are also increasing year on year, according to Faisal Al Sheikh, the director of Events Bureau, TCA Abu Dhabi.

"The sheer guts and determination needed to compete in an international triathlon like ours builds the endurance and survival instincts business leaders need," he says.

The high participation of this age group in the sport is reflected in the membership of global triathlon organisations.

USA Triathlon, the main body for the sport in America, had about 30,000 members a decade ago. Today, it has almost 147,000 members with males in the 40 to 49-year-old bracket accounting for the largest single group - or 16 per cent of the total.

Britain's main triathlon body has also seen its membership more than double in just six years, with people between the ages of 35 and 44 making up the largest category.

So what is the reason for the rapid growth of triathlon competitors that have become known as "mamils" - or middle aged men in lycra?

In Psychology Today, Dr Camille Johnson discusses a paper by Abe Tesser at the University of Georgia which concludes that when people who are close to us are also better than us in a particular field, we tend to either lose the friend or leave that area of competition.

In layman terms, most of us don't like being outperformed by a mate.

But triathlons offer the potential to be better than our buddies in at least one of the disciplines or at least improve in relation to age group peers.

That may partly explain the particular popularity of the sport among middle-aged men that is often simply dismissed as the lycra phase of the male mid-life crisis.

"My wife tells me I've already had my mid-life crisis 10 years ago - maybe this is a second one," jokes Santander's Mr Marks.

He says the health benefits and the positive atmosphere of the competition are more obvious attractions. "Yes people want to do well in the race but there is a very friendly atmosphere."

The sport also helps him to think through a lot of work-related issues. "I can take a lot out with me on my run," he says.

Still, there is much in the sport that appeals to the sense of Type A male competitiveness - perhaps providing reassurance to middle-aged triathletes that they can still compete against much younger rivals.

"Triathlons provide comparisons that will make you feel good about yourself and comparisons that will inspire you to work a little harder. You can be both pushed and reassured at the same time," notes Dr Johnson.

"That is spot on," says Steve Watson an Australian who moved to the Emirates five years ago. A former semi-professional Australian Rules footballer, he is a self-confessed A-type competitive personality and thrives on the competition when racing against his friends.

"I compete with a friend who is a fantastic swimmer. I smash him on the bike and technically we're on the same level running. If I see him going past me in an Ironman it's a case of dig deep - you've got to catch him."

Less than four years after running his first marathon in 2009, he is now addicted to endurance sport.

In the past year alone he has completed an Ironman competition in the United States, some eight Olympic distance triathlons, a half Ironman, back to back marathons in Muscat and Dubai and a half marathon in Sydney.

Racing has also become a big part of his working life, which involves helping to organise endurance events around the country."Out here you can be fit or fat," he says.

While in theory all you need to compete in a triathlon is a bike, some goggles and a pair of shorts, in reality participants can spend tens of thousands of dollars every year on equipment from calorie-counting bicycle-mounted computers to a top of the range carbon frame road bike.

This is also a factor in the popularity of the sport among professional people in their forties and fifties who are often better able to afford the latest gadgets and gear, says Mr Watson.

Laura Reid will be tackling the "Short" course tomorrow - which perhaps misleadingly describes a race that involves a 1.5 kilometre swim, a 100km bike ride and a 10km run.

"There is nothing short about it," says the 46-year-old senior project manager at National Bank of Abu Dhabi.

She and her husband have competed in the Abu Dhabi event twice before and says she is used to being labelled as a mid-life crisis victim by her children.

"Yeah, but I can still run, swim and cycle faster than you - and you're half my age, I tell them."

She says triathlons provide a great stress outlet and the potential to constantly improve across the various disciplines.

For anyone thinking about the plunge off the Corniche next year, she has some simple advice: "It's about starting, finishing and enjoying everything in the middle."

Empty Words

By Mario Levrero  

(Coffee House Press)
 

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.”

Everything Now

Arcade Fire

(Columbia Records)

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

Scores in brief:

Boost Defenders 205-5 in 20 overs
(Colin Ingram 84 not out, Cameron Delport 36, William Somerville 2-28)
bt Auckland Aces 170 for 5 in 20 overs
(Rob O’Donnell 67 not out, Kyle Abbott 3-21).

Best Academy: Ajax and Benfica

Best Agent: Jorge Mendes

Best Club : Liverpool   

 Best Coach: Jurgen Klopp (Liverpool)  

 Best Goalkeeper: Alisson Becker

 Best Men’s Player: Cristiano Ronaldo

 Best Partnership of the Year Award by SportBusiness: Manchester City and SAP

 Best Referee: Stephanie Frappart

Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)

Best Sporting Director: Andrea Berta (Atletico Madrid)

Best Women's Player:  Lucy Bronze

Best Young Arab Player: Achraf Hakimi

 Kooora – Best Arab Club: Al Hilal (Saudi Arabia)

 Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)

 Player Career Award: Miralem Pjanic and Ryan Giggs

Ramy%3A%20Season%203%2C%20Episode%201
%3Cp%3E%3Cstrong%3ECreators%3A%20%3C%2Fstrong%3EAri%20Katcher%2C%20Ryan%20Welch%2C%20Ramy%20Youssef%0D%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ERamy%20Youssef%2C%20Amr%20Waked%2C%20Mohammed%20Amer%0D%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A