Rao Berenjian, left, and Ray Bellion practise at Sharjah Wanderers Golf Club.
Rao Berenjian, left, and Ray Bellion practise at Sharjah Wanderers Golf Club.

Robin Hoods lose their bows



DUBAI // Rao Berenjian, who has been shooting arrows in Dubai for more than 20 years, fondly remembers when 250 archers would regularly compete in competitions in the emirate with equipment that was easily imported from overseas. The problem these days, he says, is that there is no national archery federation to promote the sport and to create regulations allowing controlled access to equipment, which is now being destroyed or returned to its point of origin by Dubai customs officials.

That situation is likely to be corrected within the next four months as a national archery association is established. The group should be able to set rules for importing what could be deadly equipment, a fact Mr Berenjian acknowledges. "I don't blame them," said Mr Berenjian, a co-founder of the Dubai Archers Club (DAC), of the customs agents. "The items are dangerous in the wrong hands. They have had some issues with air guns being misused and they have forbidden these items."

A campaign by authorities against dangerous items in recent months has included bows and arrows purchased by club members from international suppliers being confiscated when they reach Dubai. Imports of such items require prior permission from the Ministry of Interior's General Directorate for Criminal Security. As cinema-goers flock to UAE screenings of the Hollywood movie Robin Hood, local archers are hoping the prowess of its protagonist will inspire imitators to get out of bed on a Friday morning and head to Sharjah Wanderers Golf Club, the DAC's base since the 2007 demolition of the Dubai Country Club. Its membership has shrunk to 70 from 250 since the move.

The DAC have areas for beginners as well as target ranges of between 10 metres and 90 metres set up around the golf course. They also have three-dimensional targets including fake deer, bears and turkeys. Many archers cite movies such as Robin Hood as their inspiration. "It had been like a dream for me for a long time," said Jalal Mouris. "I had been watching these films since I was young and then one day, three years ago, I asked myself why I wasn't just giving it a try."

He met up with the DAC and was hooked after the first session "Some people do yoga - I find it gives similar [mental] benefits," he said. "If I want the perfect shot then I have to focus. It's an individual sport, it's about you." Officials are also doing their part to get young people interested in the sport. A comprehensive archery programme in public and private schools began in 2002, said Ali Jasim, the manager of UAE Schools' Sports Association.

A national under-18 team comprising the best young archers in the country has already begun winning medals in regional competitions, he said. A Dubai-funded scheme for the emirate's schools was also in the works, said Ahmad Abdul-Rahman, the project manager for the Prince Haya Initiative for the Development of Health, Physical Education and School Sports. loatway@thenational.ae

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.”

Our Time Has Come
Alyssa Ayres, Oxford University Press

Scoreline

Germany 2

Werner 9', Sane 19'

Netherlands 2

Promes 85', Van Dijk 90'

The bio

Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district

Was a middle distance state athletics champion in school

Enjoys driving to Fujairah and Ras Al Khaimah with family

His dream is to continue working as a social worker and help people

Has seven diaries in which he has jotted down notes about his work and money he earned

Keeps the diaries in his car to remember his journey in the Emirates

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10 tips for entry-level job seekers
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Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz