Jockey Zac Purton rides Military Attack of Hong Kong to win the Singapore Airlines International Cup race at the Singapore Turf Club on May 19, 2013. Edgar Su / Reuters
Jockey Zac Purton rides Military Attack of Hong Kong to win the Singapore Airlines International Cup race at the Singapore Turf Club on May 19, 2013. Edgar Su / Reuters

Asia set to play large role at Dubai World Cup



Military Attack spearheads a huge party from Asia for the Dubai World Cup after the likely final fields for the most lucrative night of racing were released on Sunday.

Military Attack leads a team of eight from Hong Kong, as he bids to become the first horse from the special administrative region to win the World Cup, staged at Meydan Racecourse on March 29.

Hong Kong have previously had only two entrants in the $US 10 million (Dh36.7m) contest, with Bullish Luck in 2008 and Indigenous in 2000. Military Attack, trained by John Moore, will be joined in the race by compatriot Akeed Mofeed, trained by Richard Gibson.

Military Attack won the Hong Kong Gold Cup in February, with ich Akeed Mofeed finishing fifth, and the two horses warmed up for Dubai last week in barrier trials at Sha Tin alongside Dominant, who runs in the Dubai Sheema Classic, and Dubai Duty Free contender Blazing Speed.

Japan, who also have eight challengers across the eight thoroughbred races, will be represented in the World Cup by Belshazzar and Hokko Tarumae. Japan’s only victory in the World Cup was Victoire Pisa’s in 2011.

Britain’s only victory in the world’s most valuable thoroughbred race was Singspiel, trained in 1997 by Sir Michael Stoute, who has entered Hillstar. Overall, Britain has another four entries: Side Glance, who was fourth last year; The Fugue, the globe-trotting filly from John Gosden’s Newmarket yard; and Red Cadeaux, who followed home Animal Kingdom 12 months ago. Sheikh Hamdan bin Rashid’s Mukhadram completes the British team.

The World Cup remains a notable omission from the CV of Irish trainer Aidan O'Brien, who is set to run English Derby winner Ruler Of The World. Mike De Kock has also never won the World Cup and will be represented by Sanshaawes, while Ron The Greek will represent Saudi Arabia as the final international challenger.

The home defence appears a little lightweight with Saeed bin Suroor's African Story, Prince Bishop and Hunter's Light joined in the race by fellow Godolphin runner Vancouverite.

There are four defending champions on the night. Godolphin’s Cavalryman, who was so impressive in the Nad Al Sheba Trophy earlier this month, will be out to continue Bin Suroor’s flawless record in the Dubai Gold Cup by becoming the Al Quoz handler’s sixth winner of the long-distance event.

Shea Shea won last season’s Al Quoz Sprint and will defend his title alongside De Kock stablemate Soft Falling Rain, who once again takes his chance in the Godolphin Mile. Reynaldothewizard, out of Satish Seemar’s stable, will run in the Dubai Golden Shaheen again.

With six different countries represented in the Dubai World Cup alone, the Dubai Racing Club were thrilled with the entry, particularly as international racing becomes an increasingly competitive landscape.

“You go through the fields of these races and there is serious depth to all of them,” said Martin Talty, the international manager to the Dubai Racing Club.

“With the returning title holders like Shea Shea and Soft Falling Rain, people lose sight of the fact that they are proper international racehorses. You ask Hong Kong or Singapore or any other jurisdiction and they would love to have horses like we’ve got. I’m sure The Championships in Australia next month would love an international entry like this.”

A trio of 2012 champions will also take their chance. African Story claimed the Godolphin Mile two seasons ago, while Cirrus Des Aigles bids to reclaim the Dubai Sheema Classic crown that he denied St Nicholas Abbey.

Krypton Factor will face Reynaldothewizard in the Golden Shaheen. Joy And Fun, the 2010 Al Quoz Sprint winner, will also run in the five-furlong dash for the fourth time.

sports@thenational.ae

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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.

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