It looks a lot like the hugely successful challenger-selection series that was an integral part of every America's Cup from 1983 to 2007. Same sailors, same boats, same main sponsor.
But the Louis Vuitton Trophy, the new racing circuit behind yesterday's announcement that Dubai International Marine Club would play host to one of its 14-day regattas, in November, is in many ways very different.
It had to be.
Launching an America's Cup challenge with even the remotest hope of being competitive has become hugely expensive.
While none of the teams has ever stated exactly what it cost them, some estimates have been made by those who would have good reason to know: Grant Dalton, the chief executive of Emirates Team New Zealand (ETNZ), has said that BMW Oracle's 2007 challenge in Valencia must have cost about US$200 million (Dh734m).
It is widely believed that Emirates Airline's sponsorship of Mr Dalton's team is worth some $35m and that is in addition to the money from a syndicate of about 30 very wealthy private backers and numerous smaller commercial sponsors. All of which, observers believe, could add up to an operating budget of $150m.
But it was not the money that prompted Louis Vuitton to disassociate itself from the America's Cup, in 2007. It was the court battles that have scuppered the event since Alinghi won in Valencia in 2007.
It is hard to imagine how depressing it was for the would-be challengers and sailors to have no realistic possibility of competing at that elite level for the foreseeable future.
Enter a handful of passionate individuals, notably Mr Dalton and Bruno Troublé, and the seed of a new racing circuit was planted, with the staging of the Louis Vuitton Pacific Series in Auckland last February.
Planned as a one-time event, it brought together 10 teams of would-have-been America's Cup challengers for a match-racing series, sailed in America's Cup-class boats loaned by ETNZ.
At the time, Mr Troublé said that it was "our duty to bring a bit of life into things and enable the teams to sail again".
It was also hoped that the event would encourage the sponsors to stay with the sport.
Mr Troublé's role, in fact, has been much more than his current description as a "spokesman" for the new racing circuit would suggest: as the skipper of a series of French challengers for the America's Cup in the late 1970s and early 1980s, he was the catalyst for Louis Vuitton's involvement, persuading the then-president of the luxury goods company to sponsor a more structured challenger-selection series, named the Louis Vuitton Cup.
Mr Troublé has continued to be a catalyst.
The success of the Auckland event has led to the Louis Vuitton Trophy series, which is organised in conjunction with the World Sailing Team Association (WSTA), an organisation of America's Cup-level teams that was formed last year.
The first regatta of the new series was held in Nice, France, last November.
The Louis Vuitton Trophy will comprise just four events per competition year, to be held in locations around the world.
Upcoming regattas will be held in Auckland in March; La Maddalena, Italy, in July; Dubai in November; and Hong Kong in February 2011.
The intent, says Christine Belanger, corporate-events director at Louis Vuitton, is to maintain a level of exclusivity.
Being chosen to host an event does not necessarily mean being a permanent host; it is a right that must, in effect, be re-earned.
With millions of dollars of potential business activity at stake, it is a coveted opportunity for host cities. The organisers estimated that the Pacific Series regatta injected $12m into the Auckland economy.
Paul Cayard, the chairman of WSTA, said limiting the number of regattas also protected the teams' and sailors' interests by taking into account the existing calendar of other events, notably RC44, which will be held in Dubai again in March, and the Mediterranean-based TP52 series.
While Yves Carcelle, the chairman and chief executive of Louis Vuitton, insisted the new series was "not intended to compete with or replace" the America's Cup, the new circuit enjoys a similar level of prestige, partly as a result of the French company's name having been so closely linked to sailing's oldest trophy and partly because of the level of competition it involves.
America's Cup sailing is the pinnacle of yachting. Mr Dalton said the "professionalisation" of the sport in the past 25 years has greatly raised the game. "It's similar to rugby," he said. "Once racing yachtsmen could earn their living from the sport, they could dedicate themselves fully to it.
"As a result, they are much more skilled than ever before, and much more focused and competitive."
One important way in which the organisers of the new series keep expenses manageable is by using the fleet of yachts that competed in the America's Cup until 2007. That way, expenses are largely limited to hiring crews and moving them around the world.
For spectators, sponsors, host cities and, above all, the competitors, the series can only be good news.
As Dean Barker, the ETNZ skipper said when he was in Dubai for the RC44 regatta in November: "Our primary goal is to win the next America's Cup. At least, the next we can be involved in. While it's tangled in legal battles it's hard to know what the future holds. But in the interim everything we do is about keeping the team fresh and at the top of its game."
In hosting the Louis Vuitton Trophy races in November, Dubai International Marine Club and Emirates Airline are enabling Barker and his peers to do just that.
slane@thenational.ae
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Brief scores:
Toss: Kerala Knights, opted to fielf
Pakhtoons 109-5 (10 ov)
Fletcher 32; Lamichhane 3-17
Kerala Knights 110-2 (7.5 ov)
Morgan 46 not out, Stirling 40
The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km
A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
What should do investors do now?
What does the S&P 500's new all-time high mean for the average investor?
Should I be euphoric?
No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.
So what happened?
It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.
"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."
Should I buy? Should I sell?
Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.
"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.
All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.
Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.
Will the rally last?
No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.
"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
Engine: 2.0-litre 4-cyl
Power: 153hp at 6,000rpm
Torque: 200Nm at 4,000rpm
Transmission: 6-speed auto
Price: Dh99,000
On sale: now
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.8-litre%204-cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C200rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20320Nm%20from%201%2C800-5%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%3C%2Fstrong%3E%206.7L%2F100km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh111%2C195%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
The biog
Nickname: Mama Nadia to children, staff and parents
Education: Bachelors degree in English Literature with Social work from UAE University
As a child: Kept sweets on the window sill for workers, set aside money to pay for education of needy families
Holidays: Spends most of her days off at Senses often with her family who describe the centre as part of their life too
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Profile of Whizkey
Date founded: 04 November 2017
Founders: Abdulaziz AlBlooshi and Harsh Hirani
Based: Dubai, UAE
Number of employees: 10
Sector: AI, software
Cashflow: Dh2.5 Million
Funding stage: Series A
