Polo action in Srinagar as the Kashmir Blues and the Kashmir Reds play the first match in the town since 1947.
Polo action in Srinagar as the Kashmir Blues and the Kashmir Reds play the first match in the town since 1947.

Kashmir hopes to lure rich visitors with return of polo



SRINAGAR, India // The sound of horse hoofs trampling freshly mowed grass followed by the clunk of mallet on ball has returned to a region of Indian-administered Kashmir after an absence of more than 60 years. The reintroduction of polo is part of an effort to attract more tourists to the battle-scarred region. "Particularly higher-spending tourists rather than the parsimonious backpackers," said Farooq Shah, a senior tourism official. Other government officials of the Himalayan state said the revival of polo was part of a concerted effort "to revitalise Kashmir after years of bloodshed and obliteration". The move comes as tourism numbers in the region are dropping despite the recent thaw in relations between India and Pakistan, the two South Asian countries locked in a dispute over Kashmir. Authorities are hoping polo, along with new golf courses and several gondolas will help reverse the decline. Before the Kashmiri separatist campaign erupted into violence in 1989, tens of thousands of tourists flocked to the region each year. Last week, polo returned to Srinagar, the principal town of the scenic Vale of Kashmir, when the Kashmir Blues rode on to the Sri Pratap College Grounds to play the Kashmir Reds in the first match in the town in 61 years. "We've a history of polo in Kashmir and we're going to revive the game in a big way," Mr Shah said. He added the game appealed to both foreign tourists and Indian holidaymakers. Since there are no professional players left in the valley, authorities invited players from Leh, the cultural capital of Ladakh region, to represent Kashmir Blues, and their opponents came from neighbouring Drass. The game follows other tourism efforts in the region, including a US$6 million (Dh22m) golf course in the winter capital of Jammu that is due to be finished this year. The course, backed by the Jammu and Kashmir government, will be the fifth in the region, the most scenic being an 18-hole course under the dramatic backdrop of the Zabarwan hills in Srinagar. The expansion of tourist attractions also includes establishing gondolas on Dal Lake in Srinagar and other locations, and holding cultural festivals within the state and in the Gulf, Europe and Asia. Tourist officials hope the long tradition that polo has with the region will give it a much-needed boost. Polo used to be played in Srinagar prior to 1947 when its benefactor - the state's maharaja - had to flee the area with the outbreak of the first Kashmir war. There were regular tournaments and occasional exhibition matches at the town's polo grounds, which have now been turned into a public park, a football ground and a car park. The stables were renovated and converted into residential quarters to accommodate top administration and police officials. However, polo continued to be played in Ladakh region of Jammu and Kashmir. It was believed to have been introduced into the landlocked region in the mid-17th century by King Sengge Namgyal. Unlike in the West, polo in Ladakh has not been exclusively for the rich. Traditionally, almost every village in the region has its own polo ground. But now polo has been reintroduced in Srinagar after a Delhi-based sports promotion company, Equisport, stepped in to organise exclusive polo events. Besides Srinagar, the sponsors are planning to hold events at other locations, including Kashmir's premier resorts of Pahalgam and Gulmarg. Trained horses will be brought from Delhi and Jaipur, said Adhiraj Singh, the chief executive of Equisport. Mr Shah said the state's tourism department would bring instructors from outside Kashmir to train players. "The only Kashmiri presence at [last week's] opening match was of spectators and six horses from Gulmarg. It would be an altogether different story soon," he said. Officials hope the modernisation of Srinagar's airport will be completed this year allowing wealthy golfers and polo lovers to fly in from around the world. There are not official figures available to show how many people are visiting the region and Mr Shah declined to release tourism statistics. Greater Kashmir, an English-language newspaper based in Srinagar, said the situation of uncertainty had adversely affected the tourism industry, which is one of the top three revenue earning streams for the state. "However, the efforts of the state tourism department in keeping the flag flying are a story in persistence and deserve commendation ? They never seem to give up! In fact, they are utilising the bad patches to shore up the infrastructure in different resorts and are also innovating by reviving some of the long forgotten traditional sports as well as heritage walks," the newspaper said. However, the success of tourism in the region could depend on forces out of control of the state's tourism office. Businessman in the area said if peace holds in the region, then prosperity may follow. "We do hold out some hope of it," said Muhammad Ramzan Khar, the owner of a chain of houseboats floating on the waters of Dal Lake. * The National

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The figures behind the event

1) More than 300 in-house cleaning crew

2) 165 staff assigned to sanitise public areas throughout the show

3) 1,000 social distancing stickers

4) 809 hand sanitiser dispensers placed throughout the venue

UAE squad

Ali Kashief, Salem Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdelrahman, Mohammed Al Attas (Al Jazira), Mohmmed Al Shamsi, Hamdan Al Kamali, Mohammad Barghash, Khalil Al Hammadi (Al Wahda), Khalid Eisa, Mohammed Shakir, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Adel Al Hosani, Al Hassan Saleh, Majid Suroor (Sharjah), Waleed Abbas, Ismail Al Hammadi, Ahmed Khalil (Shabab Al Ahli Dubai) Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Mahrami (Baniyas)

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Profile of Udrive

Date started: March 2016

Founder: Hasib Khan

Based: Dubai

Employees: 40

Amount raised (to date): $3.25m – $750,000 seed funding in 2017 and a Seed round of $2.5m last year. Raised $1.3m from Eureeca investors in January 2021 as part of a Series A round with a $5m target.

Manikarnika: The Queen of Jhansi

Director: Kangana Ranaut, Krish Jagarlamudi

Producer: Zee Studios, Kamal Jain

Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni

Rating: 2.5/5

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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.”

How to improve Arabic reading in early years

One 45-minute class per week in Standard Arabic is not sufficient

The goal should be for grade 1 and 2 students to become fluent readers

Subjects like technology, social studies, science can be taught in later grades

Grade 1 curricula should include oral instruction in Standard Arabic

First graders must regularly practice individual letters and combinations

Time should be slotted in class to read longer passages in early grades

Improve the appearance of textbooks

Revision of curriculum should be undertaken as per research findings

Conjugations of most common verb forms should be taught

Systematic learning of Standard Arabic grammar

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."

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
If you go...

Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.

Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 

Coal Black Mornings

Brett Anderson

Little Brown Book Group 

Paris Can Wait
Dir: Eleanor Coppola
Starring: Alec Baldwin, Diane Lane, Arnaud Viard
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Ashes 2019 schedule

August 1-5: First Test, Edgbaston

August 14-18: Second Test, Lord's

August 22-26: Third Test, Headingley

September 4-8: Fourth Test, Old Trafford

September 12-16: Fifth Test, Oval

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