Prince Harry Abu Dhabi polo match raises $1m for charity

GHANTOOT // Roars from the crowd greeted the UK’s Prince Harry as he took part in a polo match to raise funds for charity.

A crowd of 100 invited guests at the Ghantoot Racing & Polo Club included Formula One legend Sir Jackie Stewart and former Spice Girl Geri Halliwell who cheered from the sidelines of the fifth Sentebale Polo Cup.

The event managed to raise US$1 million (Dh3.7m) for Senteable, a charity founded by Prince Harry and Prince Seeiso of Lesotho that aims to raise money to provide health care and education to vulnerable children and those suffering with HIV/AIDS in the southern African country.

“I am very proud to be taking part in this match,” said Nacho Figueras who was captaining the St Regis team.

“But the main focus isn’t who wins or loses but the fact that we are going to raise money and awareness of the HIV/AIDs epidemic in Lesotho.

“Raising awareness is the most important thing and by having so many people here supporting us is fantastic.

“These kinds of events play an important role in raising awareness of this issue.”

Malcolm Borwick, representing the Sentebale Huntsman team, was in confident mood before the start of play.

“Although the games are going to be competitive that isn’t the main focus for this event,” he said

“Polo as a sport is growing in this region and in recent years the standard of play has really improved.

“Players from this region are right up there with the best in the world.”

The competition was launched in 2010 with Prince Harry’s Sentebale team winning last year’s event held in Greenwich, Connecticut.

“This event is extremely important to the charity, and allows us to continue to help and support some of the most vulnerable children in the world, through our work in Lesotho,” said Cathy Ferrier, chief executive of Sentebale.

“We managed to raise $1 million so that was fantastic for us.”

The money and awareness raised from the Sentebale Polo Cup will support Sentebale’s expansion plans in providing leading emotional and psychological support to many more children affected by HIV/AIDS.

Sentebale is also building the Mamohato Children’s Centre in Lesotho, a residential centre, expected to be completed next year.

The centre will allow Sentebale to provide support to many more vulnerable children affected by HIV/AIDS in Lesotho and will lead to further expansion into other affected southern African countries.

nhanif@thenational.ae

Infobox

Western Region Asia Cup Qualifier, Al Amerat, Oman

The two finalists advance to the next stage of qualifying, in Malaysia in August

Results

UAE beat Iran by 10 wickets

Kuwait beat Saudi Arabia by eight wickets

Oman beat Bahrain by nine wickets

Qatar beat Maldives by 106 runs

Monday fixtures

UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain

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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.

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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.

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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.

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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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A five-year multiple entry visa is available to entrepreneurs with a previous project worth Dh0.5m or those with the approval of an accredited business incubator in the UAE.

Specialists

Expats with specialised talents, including doctors, specialists, scientists, inventors, and creative individuals working in the field of culture and art are eligible for a 10-year visa, given that they have a valid employment contract in one of these fields in the country.

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