ABU DHABI // Imagine the chairman of Abu Dhabi Racing standing proudly on top of the podium at the Yas Marina Circuit, holding aloft his trophy, after winning the Abu Dhabi Desert Challenge on home turf in the 2017 Dakar-winning Peugeot 3008 DKR.
It would be a dream come true for Sheikh Khalid Al Qassimi, for he has never won the Desert Challenge here, and it would be a great boost for the sport in the country.
But the Abu Dhabi Racing boss, a newcomer to the challenging world of cross-country rallying, has cautioned against “trying to sprint before you learn to crawl”.
“It is really important to know that the Abu Dhabi Desert Challenge is, if not the toughest, then certainly one of the toughest events in the world given the nature of the terrain, which is all sand dunes,” Sheikh Khalid said.
The Desert Challenge will see a ceremonial start at Al Forsan Village on Saturday before moving into the Rub Al Khali desert on Sunday for five days and 1,324 kilometres of racing across five stages.
“I do not have a lot of experience of cross country. I have competed in the Abu Dhabi Desert Challenge twice,” he said.
“The first time [in 2015], I could not complete. The race was over for me inside two days because of a broken shaft. On my second appearance last year, I had a lot of mechanical problems.
“So, this time it’s about gaining experience for me, gaining mileage. Every kilometre that I cover will help in my development as a competitor in this format of racing.”
Sheikh Khalid added that he was following a specific strategy “that could take four years before we start competing for top positions”.
Winner of the Rookie of the Year award on his Dakar debut in January, Sheikh Khalid will be driving the Peugeot 3008 DKR, which had a 1-2-3 finish at this year’s Dakar.
At the Dubai Baja this month, when he and co-driver Khalid Al Kendi finished second behind two-time Dakar winner and the defending FIA World Cup for Cross Country Rallies champion Nasser Al Attiyah, Sheikh Khalid was behind the wheel of a Peugeot 2008 DKR.
Both the 2008 and 3008 DKR, are rear-wheel drives, not the best set-up given the terrain in Abu Dhabi, but Sheikh Khalid is looking forward to the challenge.
“The biggest challenge for me is how to race in the desert, across the dunes for five days in a two-wheel drive,” Sheikh Khalid said.
“Battling the four-wheel drives on the sand dunes is not going to be an easy task, but I have to live with what I have. I like the car and I like the team and I am looking forward to the race.
“I monitored the results of the buggies from last year because I wanted to find out how the buggies had done as two-wheel drives and what I found out was, yes they did finish in the top 10 but then four cars were forced out on the last day because of mechanical problems and that allowed the buggies to move up the table.
“In the actual competition, they were struggling to get into the top 10.”
Sheikh Khalid said he was talking about the results from last year for a reason.
“You need to plan for your race and my race plan involves using my knowledge and experience to try to stay there in the top 10 all the time, without getting into problems,” he said.
“And then, if everything goes well, we take the next step, which is to plan for a podium finish. That’s my aim.”
arizvi@thenational.ae
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
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.”
