The Volvo Ocean Race, one of the world's toughest around-the-globe yachting competitions, is forecast to bring hefty benefits to Abu Dhabi.
The capital, which is investing billions of dirhams in its marinas and other leisure boating operations, will be the first Middle East port to host the racers. The teams will stop in Abu Dhabi during the next edition of the race, which was formerly called the Whitbread Round the World Race.
Abu Dhabi will host the event in January 2012, as the yachts arrive from Cape Town on the second leg of the event. It starts in Alicante, Spain, next autumn.
"This is a great day in our campaign to firmly establish Abu Dhabi's credentials as a marine leisure destination," said Mubarak al Muhairi, the director general of the Abu Dhabi Tourism Authority.
The last race was watched by 1.3 billion viewers, while the race villages at host ports around the world attracted vast numbers of fans.
Singapore, which was a host port in the last race, experienced a total economic impact of ?33 million (Dh166.1m), with a direct impact of ?20m, according to a report by the consultancy Deloitte. There were 1,400 corporate hospitality visitors and 74,000 visitor hotel nights.
In Stockholm, meanwhile, which was also a host port, the average expenditure per person for international visitors was ?1,000. Stockholm attracted a total of 737,000 spectators for the event, drawing 160,000 visitors on its peak day.
Almost two thirds of the 1,256 spectators that were interviewed by Deloitte said they had no previous active interest in sailing. "This means the Volvo Ocean Race has successfully attracted a large proportion of spectators not previously associated with the sport," Deloitte said.
"The Volvo Ocean Race brings a tremendous opportunity for Abu Dhabi's branding and marketing," Mr al Muhairi said. "We think the benefits we will get out of participation will really offset any investments we are putting in."
Host ports normally received between 300,000 and 400,000 visitors during the event, he said, adding that he expected the capital to attract a comparable number of fans.
The "race village", the focal point of the event, is set to be the marina being built at Emirates Palace.
The event would be an opportunity for Abu Dhabi to showcase to the world its "tremendous coastline, superb marinas and marine infrastructure, and its long maritime traditions".
More than 80 cities have taken part in the bidding process to become a host port, said Knut Frostad, the chief executive of Volvo Ocean Race. He said Abu Dhabi's "willingness to meet our requirements" and its "long maritime history" had helped the capital to secure the event.
Abu Dhabi is also entering a team into the event in a newly designed boat which will be built in the capital by Abu Dhabi Mar Group.
"The locally constructed boat will also signal our potential as a new build and repair port," said Mr al Muhairi.
He added that through the Formula One Grand Prix last year Abu Dhabi had proved its ability to deliver and host a major international sporting event.
The Volvo race could provide a major opportunity for the development of the region's boating industry, which is considered underdeveloped by many in the business given the vast stretches of coastline.
"I very much hope that the organisers embrace the cultural and long-term opportunities rather than focusing purely in the commercialism of it," said Toby Haws, the business development manager for the yacht company Hatteras Collection in the UAE. "Hopefully it will up the profile for sailing."
Mr Haws said it had been a boon for the industry that "two of the biggest sailing events in the world" had been announced in the UAE within a few months of each other, with the Louis Vuitton Trophy to be held in Dubai in November.
@Email:rbundhun@thenational.ae
Nick's journey in numbers
Countries so far: 85
Flights: 149
Steps: 3.78 million
Calories: 220,000
Floors climbed: 2,000
Donations: GPB37,300
Prostate checks: 5
Blisters: 15
Bumps on the head: 2
Dog bites: 1
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Zayed Sustainability Prize
Sun jukebox
Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)
This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.
Elvis Presley, Mystery Train (1955)
The B-side of Presley’s final single for Sun bops with a drummer-less groove.
Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)
Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.
Carl Perkins, Blue Suede Shoes (1956)
Within a month of Sun’s February release Elvis had his version out on RCA.
Roy Orbison, Ooby Dooby (1956)
An essential piece of irreverent juvenilia from Orbison.
Jerry Lee Lewis, Great Balls of Fire (1957)
Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.
The bio
Academics: Phd in strategic management in University of Wales
Number one caps: His best-seller caps are in shades of grey, blue, black and yellow
Reading: Is immersed in books on colours to understand more about the usage of different shades
Sport: Started playing polo two years ago. Helps him relax, plus he enjoys the speed and focus
Cars: Loves exotic cars and currently drives a Bentley Bentayga
Holiday: Favourite travel destinations are London and St Tropez
Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
• Steve Cronin, founder of DeadSimpleSaving.com
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
• Zach Holz, who blogs about financial independence at The Happiest Teacher
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
