DUBAI // Elegant, beautiful and quirky. It was not just the thoroughbreds who were described that way yesterday at the Meydan race course. For the hundreds of fashionistas who had flown in from all over the globe to be a part of the world's richest horse race, winning those titles was a matter of prestige.
At the 2011 Dubai World Cup, the glitz and glamour was as important as the races that had enthusiasts cheering for more than 100 horses from 18 countries.
When the Apron Views, the location between the tracks and the Meydan Grandstand, opened to racegoers at 2pm, women wearing hats of all shapes and sizes and men in smart suits filled the galleries to watch their favourites on the field and strut their stuff for the shutterbugs off it.
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Cedikova Lucie, who travelled from the Czech Republic for the race meeting, decided to wear a simple champagne-coloured dress, complemented by a small, black laced hat this year, even though, she said, big and bold is her style.
"But you need to be realistic when travelling to another country," she said. "You cannot bring big hats, so this was the better option."
She said she had picked out the attire in Prague, specifically for the World Cup event.
But for many others, the more outlandish the hat, the better the chances of being picked for the Style Stakes. Shedding all inhibitions for one day, Susan Sauer, a marketing professional from Germany, decided to team up her outfit with a bird's nest hat.
"I take part in the fashion competition every year," said Ms Sauer, who travels to the race every March. She said she crafted the hat herself.
"I have won a few in the past and am hoping my birds nest with the two small birds made of straw and features on either side catches the judges' attention."
Stephanie Khouy, 31, was also vying for the best hat with her over-the-top hat made of large discs.
"The hat is made of discs that are played in clubs and I think it is quite original but the competition is tough," she said, pointing out another competitor wearing a hat that looked like an ice cream sundae.
While the socialites mingled at the Irish Village and Bubble Lounge, many families walked towards the ceremony stage to get a glimpse of the horses and their owners in the parade of nations that began around 4pm.
David Tobias, 41 who said he has never missed a World Cup, brought his children for the first time and said he would be staying till the very end. "We will be here till Sunday morning," he said, chuckling. "The kids will be tired at school but its an event that comes only once a year."
He said his daughter Sophie, who was dressed in a white frock and a small hat to match, is a rider and was enjoying the event.
"This is an opportunity for her to see the finest from around the world," he said.
Mr Tobias, who has been in the UAE for 20 years, was cheering for Frankie Dettori, the jockey who led SkySurfers to victory in the third race of the day. "When Frankie gets a decent ride, he is hard to beat," Mr Tobias said.
A keen follower, Mr Tobias said Meydan was to him the best racing venue. "The standards of the facility makes it the finest race track in the world, hands down."
International performances, including jugglers, men on stilts and traditional Arabic dances filled the entertainment gaps between races, something 37-year-old Khalid Mohammed, from Abu Dhabi, said his family always looks forward to.
"I come here for the races but for my family it is a good outing," said Mr Mohammed who brought a picnic basket and mats. "We came early so that we would get a good spot."
A first-time visitor to the Dubai World Cup, Robert Cecil, who travelled from Bahrain, said he was impressed by the grandeur around him. "I come from England where there is a lot of horse racing but this is on a much wider scale and it is very well planned."
In the evening, the race with the highest stakes, the Dubai World Cup that was worth US$10 million (Dh36.7m) was opened with a fireworks display and a theatre performance. It was won by Japan's Victoire Pisa.
Celebrations went on late into the night, with headline musical acts by the English singer Jessie J and DJ Seb Fontaine.
aahmed@thenational.ae
The biog
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Sholto Byrnes on Myanmar politics
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SERIE A FIXTURES
Saturday Benevento v Atalanta (2pm), Genoa v Bologna (5pm), AC Milan v Torino (7.45pm)
Sunday Roma v Inter Milan (3.30pm), Udinese v Napoli, Hellas Verona v Crotone, Parma v Lazio (2pm), Fiorentina v Cagliari (9pm), Juventus v Sassuolo (11.45pm)
Monday Spezia v Sampdoria (11.45pm)
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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.”
