ABU DHABI // Nearly 2,000 years ago, the first lateen-rigged dhows plied the waters of the Gulf from the Red Sea and the Indian Ocean, beginning a cherished maritime heritage.
Yesterday that heritage came thrillingly up to date. Thousands of spectators thronged the capital's breakwater to welcome five of the world's most advanced racing yachts after they sprinted from Sharjah in 20-knot winds in the second stage of the round-the-world Volvo Ocean Race.
Abu Dhabi Ocean Racing's entry, Azzam, sailed into port under a stunning fireworks display. The crew were greeted with loud cheers and applause, and spectators who lined the purpose-built Destination Village waved flags that read: "Go Azzam".
"It's great to be part of the arrival. There has been such a big build-up, which started on New Year's Eve with Coldplay," said Josephine Mikaelan, 27, a sailing fan who works as a marketing executive in Abu Dhabi.
"This is such an important day for Abu Dhabi. We are out here in the open air, soaking up the atmosphere and enjoying the weather."
Olivia Petko and her Etihad Airways colleague Victoria Sadler were also enjoying the atmosphere. "We came down to have a sneaky peek," said Ms Petko, 23, from Australia.
"We heard a lot about it and we only live across the road, and as Etihad are one of the main sponsors we learnt about it through work."
Ms Sadler, 28, said initially she hadn't known much about sailing, but was now a convert.
"I came down a few days ago with friends who sail and they explained everything to us. Now I've got into it and really want to learn how to sail."
Denise Morgan, 47, was more familiar with the event, and has followed previous races from her home country of New Zealand.
"There are a lot of people here who don't know much about it and never experienced the Volvo Ocean Race before," said Ms Morgan, an Abu Dhabi resident.
She said the publicity surrounding Azzam and the team had raised interest, but she was still supporting Camper with Emirates Team New Zealand.
Cameron Harris, 11, of Abu Dhabi, has been following the race on television. "It's my first time at something like this and I'm really enjoying it."
Throughout the day in the village there were stilt walkers, albatross mascots and music to entertain spectators, who also got to watch the second day of the Etihad Abu Dhabi Junior Sailing Festival.
David Nelson, 49, said he was gaining an interest after his second visit to the village.
"I've watched a few America's Cups but I'm a desert rat," said Mr Nelson, a teacher from Arizona. "It's my wife who got me down here and I am really getting into it.
"The music and the atmosphere is really helping. It reminds me of my winters at home without the water. I'm definitely going to follow the race until the end."
The first yacht to dock yesterday was the race leader, Telefonica. "A big effort from Abu Dhabi, having a stopover, having a boat, that's a really big effort," said the skipper, Iker Martinez.
The fleet reached Abu Dhabi with Azzam in fifth place. The sixth boat is in Madagascar, after suffering rigging problems.
The capital is the third of 10 host ports in the race that started in Alicante, Spain, in November and will end in Galway, Ireland, in July.
The teams were greeted yesterday by Sheikh Sultan bin Tahnoon, chairman of Abu Dhabi Tourism Authority, and Mubarak Al Muhairi, the authority's director general.
Sheikh Sultan said it was a historic day for the emirate. "For centuries, Arabian Gulf winds have filled the sails of traditional dhows and driven our rich maritime heritage. Today, the Volvo Ocean Race fleet has felt their force, riding the powerful gusts into the calm sanctuary of the Corniche waters to help us write a new, exciting chapter in the annals of Abu Dhabi's sailing history."
Mr Al Muhairi said events yesterday went according to plan, with more than 6,500 fans making the trip to the Destination Village.
"The sight of this fabulous fleet reaching the Destination Village in front of thousands of spectators and sailing enthusiasts is exactly what we envisioned when we decided to bring the event to the emirate," he said.
On Saturday, there will be a 60ft dhow race along the Corniche, and other activities such as games and fan competitions will continue daily until January 14.
eharnan@thenational.ae
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
SRI LANKA SQUAD
Upul Tharanga (captain), Dinesh Chandimal, Niroshan Dickwella
Lahiru Thirimanne, Kusal Mendis, Milinda Siriwardana
Chamara Kapugedara, Thisara Perera, Seekuge Prasanna
Nuwan Pradeep, Suranga Lakmal, Dushmantha Chameera
Vishwa Fernando, Akila Dananjaya, Jeffrey Vandersay
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
360Vuz PROFILE
Date started: January 2017
Founder: Khaled Zaatarah
Based: Dubai and Los Angeles
Sector: Technology
Size: 21 employees
Funding: $7 million
Investors: Shorooq Partners, KBW Ventures, Vision Ventures, Hala Ventures, 500Startups, Plug and Play, Magnus Olsson, Samih Toukan, Jonathan Labin
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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.”
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
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Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
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