Course leaves Muftah Al Dhahiri and UAE team outside of Olympic qualifying at Ghantoot event



GHANTOOT // If this was four years ago, Muftah Al Dhahiri might have qualified for the Rio Olympics on Thursday in showjumping. But new rules limiting qualification to one team from the region sent four Qataris to the 2016 Games.

Al Dhahiri and his mount, Jameelaty, knocked over only one part of a double combination, but his teammates had a more difficult time at the Ghantoot Racing & Polo Club as the UAE finished fifth among six teams from North Africa and the Middle East in the CSIO5* Furusiyya FEI Nations Cup.

Two teams and three individual riders qualified from the region for the 2012 Games. Under those rules, Al Dhahiri would have gone out on the course a second time with a chance to advance as an individual.

Individuals can win places later, but Sheikha Latifa bint Ahmed, who rode for the UAE at the 2008 Olympics, said it would be hard for herself and her horse, Peanuts de Beaufour.

“There is only a small chance to qualify,” she said. “I don’t find it realistic as I have not done too many shows with my horse Peanuts up until now, in order to have had some points.

“I found the qualifying course fair, but my mare was slightly rusty in the beginning of it. Peanuts hasn’t been to a show for an entire month so, overall, I am happy with her performance. She jumped amazing.”

The other members of the UAE team were Khaled Al Junaibi, on Energy Al Baryia, and Mohammed Al Hajri, riding Catan.

The course proved to be a challenge, but the Qatar team had one fence down and one time fault to win by a wide margin.

Individual points can be earned in various competitions into March 2016. Also, an Olympic qualifier for individuals will be held next March 16, at a location as yet undetermined.

Showjumping at Ghantoot resumes on Saturday with the CSIO5* President’s Cup, with riders from 13 nations competing in a Grand Prix. The competition is open to the public and is scheduled to begin at 4pm.

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The language of diplomacy in 1853

Treaty of Peace in Perpetuity Agreed Upon by the Chiefs of the Arabian Coast on Behalf of Themselves, Their Heirs and Successors Under the Mediation of the Resident of the Persian Gulf, 1853
(This treaty gave the region the name “Trucial States”.)


We, whose seals are hereunto affixed, Sheikh Sultan bin Suggar, Chief of Rassool-Kheimah, Sheikh Saeed bin Tahnoon, Chief of Aboo Dhebbee, Sheikh Saeed bin Buyte, Chief of Debay, Sheikh Hamid bin Rashed, Chief of Ejman, Sheikh Abdoola bin Rashed, Chief of Umm-ool-Keiweyn, having experienced for a series of years the benefits and advantages resulting from a maritime truce contracted amongst ourselves under the mediation of the Resident in the Persian Gulf and renewed from time to time up to the present period, and being fully impressed, therefore, with a sense of evil consequence formerly arising, from the prosecution of our feuds at sea, whereby our subjects and dependants were prevented from carrying on the pearl fishery in security, and were exposed to interruption and molestation when passing on their lawful occasions, accordingly, we, as aforesaid have determined, for ourselves, our heirs and successors, to conclude together a lasting and inviolable peace from this time forth in perpetuity.

Taken from Britain and Saudi Arabia, 1925-1939: the Imperial Oasis, by Clive Leatherdale

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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.”

Europe’s rearming plan
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  • Use the existing EU budget to direct more funds towards defence-related investment
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The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

Formula Middle East Calendar (Formula Regional and Formula 4)
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Euro 2020 qualifier

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TV: Match is shown on BeIN Sports

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Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal 

Rating: 2/5

The specs: 2018 Renault Koleos

Price, base: From Dh77,900
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Pad Man

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