ABU DHABI // Trainer Rod Simpson could not hold back the tears when his charge, Fryvolous, won the Group One Dubai Kahayla Classic for purebred Arabians on Dubai World Cup night in March. Since that victory, held over the same distance as the Dubai World Cup for thoroughbreds, he must have risked serious dehydration when the horse owned by Sheikh Khalifa bin Zayed, President of the UAE and Ruler of Abu Dhabi, also won the Group Two Abu Dhabi International Stakes at Newmarket earlier this month.
Fryvolous, ably piloted by Irish jockey, Daragh O'Donohoe, did not seem overly troubled by a spirited challenge from Sheikh Hamdan bin Rashid's French-bred El Rigoletto and British runner, Noble Athlete, to claim the honours. The six-year-old now has 13 wins from 18 International Federation for Arabian Horse Racing (IFAHR) accredited races and seven Group One victories under his belt. With that form in mind, Simpson should now be hydrating in preparation for a tilt at the Sheikh Hamdan-sponsored Dubai International Arabian Raceday at Newbury on Sunday.
And on July 25 the trainer will saddle more runners in the The President of the UAE Cup Series, which - though in its 15th year - makes a historic debut at Ascot just after the King George VI and Queen Elizabeth Stakes thoroughbred contest. But Sunday will see top-rated Fryvolous take on some of the best in the business in the Group One Shadwell Dubai International Stakes over 1m 2f. "Is he top-rated?" asked Simpson yesterday. "I knew he was up there but I don't want to think about that in case it's bad luck. All I know is he's doing us proud."
That is something of an understatement. The gelding has now won over distances ranging between five furlongs and 1m 2f. And the fact he won in England, on his European debut, makes him a great poster boy in the drive to promote Arabian racing. "We have found Fryvolous brought his fans with him," said Simpson. "Newmarket was great and we are looking forward to Newbury where they are expecting a big crowd and there is another really big one at Ascot.
"Some people ask me why I train the Arabians when I've had good success with thoroughbreds but involvement with these horses is very satisfying and the people are real enthusiasts - very passionate and committed to the sport. "Someone said Fryvolous didn't have much to beat at Newmarket but I say to them you can only beat what's there in the field. "He ran well and a Group win is a Group win. I don't think we've seen the best of him either," he warned.
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Matthew Weiner,
Canongate
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
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Director: Jean-Stephane Sauvaire
Starring: Joe Cole, Somluck Kamsing, Panya Yimmumphai
Three stars
The specs
Engine: 3-litre twin-turbo V6
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Transmission: 9-speed automatic
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The UAE FTA requires following to be kept:
- Records of all supplies and imports of goods and services
- All tax invoices and tax credit notes
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- Records of goods and services that have been disposed of or used for matters not related to business
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
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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.”
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MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
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A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
ENGLAND TEAM
Alastair Cook, Mark Stoneman, James Vince, Joe Root (captain), Dawid Malan, Jonny Bairstow, Moeen Ali, Chris Woakes, Craig Overton, Stuart Broad, James Anderson
Formula Middle East Calendar (Formula Regional and Formula 4)
England XI for second Test
Rory Burns, Keaton Jennings, Ben Stokes, Joe Root (c), Jos Buttler, Moeen Ali, Ben Foakes (wk), Sam Curran, Adil Rashid, Jack Leach, James Anderson
South and West: From a Notebook
Joan Didion
Fourth Estate
The biog
Name: Marie Byrne
Nationality: Irish
Favourite film: The Shawshank Redemption
Book: Seagull by Jonathan Livingston
Life lesson: A person is not old until regret takes the place of their dreams
The biog
Age: 59
From: Giza Governorate, Egypt
Family: A daughter, two sons and wife
Favourite tree: Ghaf
Runner up favourite tree: Frankincense
Favourite place on Sir Bani Yas Island: “I love all of Sir Bani Yas. Every spot of Sir Bani Yas, I love it.”
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Inter Milan 2 (Vecino 65', Barella 83')
Verona 1 (Verre 19' pen)
MATCH INFO
Uefa Champions League, Group B
Barcelona v Inter Milan
Camp Nou, Barcelona
Wednesday, 11pm (UAE)