ABU DHABI // The search is on for an Emirati sailor to join the Abu Dhabi crew for one of the world's toughest sporting events that begins late next year.
With the skipper in place - the Abu Dhabi Tourism Authority (ADTA) announced yesterday that it had chosen the Olympic medallist Ian Walker - attention can now turn to the crew for the Abu Dhabi Ocean Race team that will compete in the Volvo Ocean Race.
The 10-leg race starts in Alicante, Spain, in October next year. From there the yachts will head 6,500 nautical miles to Cape Town, reaching Abu Dhabi on their third leg in January 2012.
More races will be held in Abu Dhabi before the teams set off on the 4,600km leg to Sanya in China, 600km south of Hong Kong.
Crew trials will start this winter in Abu Dhabi waters, with intensive training scheduled to begin before the summer. "We are on a very tight, critical timescale," said Walker.
Walker, who skippered the Chinese boat in the 2008-09 race, said having a UAE national on board for the whole race was vital.
"We had a Chinese crew member on the Green Dragon," he said. "We learned it was really important to get the nation behind the boat and to get some kind of emotional attachment. Finding the right person who can contribute positively to the team and be a figurehead for promoting the sport in the country is very important."
Faisal al Sheikh, the events manager for ADTA, said: "We are expecting enormously tough competition to win a position on the race yacht. To represent Abu Dhabi Ocean Racing is the opportunity of a lifetime."
The ADTA is also looking for two Emiratis to join the shore team. They will travel with the crew to every section of the race, which will finish in Galway, Ireland, in July 2012 after nine months of non-stop racing.
The position is not for the inexperienced or fainthearted. "There are certainly a few weeks of very rough conditions," Walker said.
Sailing conditions are likely to be rough for a week during each of the first two legs, as the skipper and his crew of 10 sail down the Atlantic around the Cape of Good Hope and into the warmer currents of the Indian Ocean.
Later, as they cross the Pacific and round Cape Horn, Walker expects three weeks of high waves and winds.
"It's fast, it's furious, it's very, very wet and it can be pretty cold as well," said Walker. "It is a very tough challenge for anybody involved and particularly tough for someone who is new to this form of sailing."
The rough waters will make it hard to sleep, and the deck is likely to be awash for days at a time, leaving the crew reliant on harnesses to stay aboard.
"It is not always like that, but when it is, it's scary and physically and mentally very demanding," said the skipper.
He won the Olympic silver medal in the dinghy category in Atlanta in 1996 and in the two-person star class in Sydney in 2000.
While the team prepares for the whole race, the capital will be getting ready for the moment, around January 1, 2012, when the yachts arrive, along with thousands of spectators.
"It will be very much a community event," said Mr al Sheikh, "with two weeks of activities aimed at encouraging residents and visitors alike to participate and engage with the race.
"There will be learning and sailing training opportunities, as well as a series of exhibitions and entertainment events lined up to ignite the local community."
Although key details have yet to be decided, including which port will be used, Walker expects everything to fall into place by winter when he sets up his team base in Abu Dhabi. "It will really confirm the start of the race," he said. From there, he added, "it will all unfold very quickly".
So far, seven teams have entered the race, with 20 other syndicates preparing entries for the deadline in June next year.
@Email:eharnan@thenational.ae
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Salah in numbers
€39 million: Liverpool agreed a fee, including add-ons, in the region of €39m (nearly Dh176m) to sign Salah from Roma last year. The exchange rate at the time meant that cost the Reds £34.3m - a bargain given his performances since.
13: The 25-year-old player was not a complete stranger to the Premier League when he arrived at Liverpool this summer. However, during his previous stint at Chelsea, he made just 13 Premier League appearances, seven of which were off the bench, and scored only twice.
57: It was in the 57th minute of his Liverpool bow when Salah opened his account for the Reds in the 3-3 draw with Watford back in August. The Egyptian prodded the ball over the line from close range after latching onto Roberto Firmino's attempted lob.
7: Salah's best scoring streak of the season occurred between an FA Cup tie against West Brom on January 27 and a Premier League win over Newcastle on March 3. He scored for seven games running in all competitions and struck twice against Tottenham.
3: This season Salah became the first player in Premier League history to win the player of the month award three times during a term. He was voted as the division's best player in November, February and March.
40: Salah joined Roger Hunt and Ian Rush as the only players in Liverpool's history to have scored 40 times in a single season when he headed home against Bournemouth at Anfield earlier this month.
30: The goal against Bournemouth ensured the Egyptian achieved another milestone in becoming the first African player to score 30 times across one Premier League campaign.
8: As well as his fine form in England, Salah has also scored eight times in the tournament phase of this season's Champions League. Only Real Madrid's Cristiano Ronaldo, with 15 to his credit, has found the net more often in the group stages and knockout rounds of Europe's premier club competition.
The specs
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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
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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
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Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
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DSC Eagles 23 Dubai Hurricanes 36
Eagles
Tries: Bright, O’Driscoll
Cons: Carey 2
Pens: Carey 3
Hurricanes
Tries: Knight 2, Lewis, Finck, Powell, Perry
Cons: Powell 3
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
The Saga Continues
Wu-Tang Clan
(36 Chambers / Entertainment One)
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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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The Limehouse Golem
Director: Juan Carlos Medina
Cast: Olivia Cooke, Bill Nighy, Douglas Booth
Three stars
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
More from UAE Human Development Report:
ICC Awards for 2021
MEN
Cricketer of the Year – Shaheen Afridi (Pakistan)
T20 Cricketer of the Year – Mohammad Rizwan (Pakistan)
ODI Cricketer of the Year – Babar Azam (Pakistan)
Test Cricketer of the Year – Joe Root (England)
WOMEN
Cricketer of the Year – Smriti Mandhana (India)
ODI Cricketer of the Year – Lizelle Lee (South Africa)
T20 Cricketer of the Year – Tammy Beaumont (England)
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
Age 26
Born May 17, 1991
Height 1.80 metres
Birthplace Sydney, Australia
Residence Eastbourne, England
Plays Right-handed
WTA titles 3
Prize money US$5,761,870 (Dh21,162,343.75)
Wins / losses 312 / 181
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
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Hales' batting career
Tests 11; Runs 573; 100s 0; 50s 5; Avg 27.38; Best 94
ODIs 58; Runs 1,957; 100s 5; 50s 11; Avg 36.24; Best 171
T20s 52; Runs 1,456; 100s 1; 50s 7; Avg 31.65; Best 116 not out
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
