In a way, you can measure 40 years with two men.
While a nation celebrates National Day some 7,500 kilometres to the north-east, two young Emiratis will toil on a jetty, with a high-tech sailboat, in a far-flung land where the wind blows and the seals play and the people click their tongues when speaking Xhosa.
As a gauge of a four-decade climb, the very idea that Butti Al Muhairi and Adil Khalid work in this place on this day does fit nicely.
Who in 1971 might have imagined a "reserve Emirati sailor" and "shore-team member" (Al Muhairi) and an on-board "Emirati sailor" (Khalid), manning an Abu Dhabi Ocean Racing team designed to lure the world to the capital, representing a young country in a gaudy round-the-world race?
"It's nice to be there," Al Muhairi said of the UAE, "but it's nice to be here as well, because you can explain to people."
He explained to people on Wednesday when fellow shore-crew members saw his "Spirit of the Union" button and inquired. Even though he remains only 27 himself, Al Muhairi has listened avidly to his elders, so he could explain about the seven emirates and the then-new country for which those skilful crew members work nowadays.
"The second of December means, for us, everything," he said. "Change. Everything. From a hard life to an easier life. From no jobs to having a job. Food. Electricity. Everything.
"Now," he said soon thereafter, "you see people coming from Fujairah to Abu Dhabi for the celebration by car. They get there in like two hours, and there's no border between us."
So while the cars do aim for Abu Dhabi and the celebration, Al Muhairi will rise at 5am in Cape Town (7am UAE) and call his family. If he were in Abu Dhabi, he would go dhow sailing with the sail he can show you on his phone, the one with the booming likeness of the UAE flag.
Instead, he will exit his hotel in Cape Town and walk to the Virgin Active gym just up the street, fitness being part of his job description.
He will work out at those excruciating hours, and later will walk the 15 minutes or so to the base camp, where time is squeezed and preparation is intensifying as Leg 2 looms.
Another lorry backed in yesterday, and pretty much the entire team went over to unload the sails and supplies and implements.
Hauling back some hardware, Khalid, 23, outlined his National Day plans: "Work. Prepare for the race. Be here for Abu Dhabi. … Every day's a special day for us because we are here, representing the country."
So, through this big Friday, you might find them in the workshop, or out on the docks, or airborne attending to the sleek, black yacht Azzam up in her cradle, her painted words "Abu Dhabi" a part of the Cape Town scenery.
Al Muhairi and Khalid join their nation's maritime legacy at one of its cruxes, and if somebody asks the son of a dhow-sailing family, Al Muhairi, about his button, he might explain: "The people before, they were living by the boats and there was nowhere to go except by sailing. It was a tough life." He might explain about the fishing and the pearls, and then he might say, as on yesterday, "A big, big change within 40 years."
cculpepper@thenational.ae
The permutations for UAE going to the 2018 World Cup finals
To qualify automatically
UAE must beat Iraq.
Australia must lose in Japan and at home to Thailand, with their losing margins and the UAE's winning margin over Iraq being enough to overturn a goal difference gap of eight.
Saudi Arabia must lose to Japan, with their losing margin and the UAE's winning margin over Iraq being enough to overturn a goal difference gap of eight.
To finish third and go into a play-off with the other third-placed AFC side for a chance to reach the inter-confederation play-off match
UAE must beat Iraq.
Saudi Arabia must lose to Japan, with their losing margin and the UAE's winning margin over Iraq being enough to overturn a goal difference gap of eight.
DIVINE%20INTERVENTOIN
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Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
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.”
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