ABU DHABI // They marched in their thousands – Royals and notables, soldiers and civilians – drawn to the majestic fort-palace as were their elders decades ago.
Led by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi, the Emirati host walked from Al Manhal Palace to officially open the 2016 Qasr Al Hosn Festival.
The fourth festival, a celebration of Emirati culture and heritage, opened on Wednesday with the traditional march.
“The UAE is proud of its cultural heritage, which we’ll preserve and transfer to future generations to safeguard our authentic Emirati identity,” Sheikh Mohammed bin Zayed, also Deputy Supreme Commander of the Armed Forces, declared on Twitter on Wednesday night.
“We will be loyal to the values of our forefathers, finding inspiration in their glorious history to continue our approach for development. What we live today is a continuation of our past efforts which we are determined to sustain and enhance.”
Inside the fort was as grand a celebration of Arabic culture as you could expect to see as you stepped through the gates and into a distant world.
The festival’s motto, “Take part in history”, delivers every bit of that promise as the first visitors were taken back in time at Wednesday night’s public opening.
Greeted by traditional dancing and the sounds of the ocean lapping against artificial shores in the heart of Abu Dhabi, nationals and visitors realised they were in for something special.
But the 10-day festival is more than a celebration of the past. If not protected and passed on to the next generation, heritage is in danger of being forgotten as it is in any part of the world.
Traditional boat building using palms and coconut husks for bindings, falconry displays to show how the former fathers of the UAE used to hunt, and the impressive history of the capital’s fort in all its restored glory are all lessons there to be learnt.
Abu Dhabi brothers Hamed and Ateeq Al Mazrouei, 18 and 20, said ancient crafts were often discussed in school but seeing them was an altogether different experience.
“To see how our people used to dress and the traditional ways is special,” said Ateeq. “We learn how they used to cook and how they used to live, but to see it and taste it makes it a special experience.”
“It is like going back in time,” said Hamed. “It is different to how we have read in school. Seeing it like this makes our history come alive.”
Visitors can enjoy five zones that characterise Emirati history and culture – Desert, Oasis, Island, Sea and an area dedicated to Qasr Al Hosn.
A museum inside the fort also gives an indication of how the country used to be and how fast it has grown, with photos and scale models. Activities such as shucking oysters, making butter and date palm growth are all interactive lessons.
Other attractions include storytelling, fishing methods, net making and boat building in the marine area. There are four boats on display, each made with a slightly different technique to serve a specific purpose.
The sasha and samash boats are small fishing vessels made from dried-out palm bound together with coconut husk, and are suitable for shallow seas. Long-distance boats such as the dhow and al boom are more sturdy.
Abdulrahman Al Hammadi and Saeed Al Shehhi were given the job of guiding guests on a tour of the Marina side of the Heritage Village.
“We dry the leaves out for three days so they are easier to work with,” said Mr Al Shehhi.
“Then we put the boats in the water for three days minimum, to test them out and make sure they do not sink. This kind of skill has been used for at least 50 years.”
Each of the boats is displayed, with visitors given the chance to help craft the hull of a dhow that is mid-way through construction.
Different materials are used to make some of the boats faster through the water. “Some of boats are only suitable for coastal waters but the bigger boats were often used to travel to other countries,” Mr Al Hammadi said.
Special ropes made of natural fibres are used to bind the boat together, as the material does not rot – “the drier, the better”.
Mr Al Hammadi expressed pride in showing people “how our forefathers once lived and how we have learnt from Sheikh Zayed”, the Founding Father of the UAE.
“They can see how we have come from the past to the present. Our future is only as strong as our foundation, that is our history.
“We still have competitions now to make and race traditional dhows from Abu Dhabi to Ras Al Khaimah. It is an important way to preserve our history for our children.”
nwebster@thenational.ae
Prop idols
Girls full-contact rugby may be in its infancy in the Middle East, but there are already a number of role models for players to look up to.
Sophie Shams (Dubai Exiles mini, England sevens international)
An Emirati student who is blazing a trail in rugby. She first learnt the game at Dubai Exiles and captained her JESS Primary school team. After going to study geophysics at university in the UK, she scored a sensational try in a cup final at Twickenham. She has played for England sevens, and is now contracted to top Premiership club Saracens.
----
Seren Gough-Walters (Sharjah Wanderers mini, Wales rugby league international)
Few players anywhere will have taken a more circuitous route to playing rugby on Sky Sports. Gough-Walters was born in Al Wasl Hospital in Dubai, raised in Sharjah, did not take up rugby seriously till she was 15, has a master’s in global governance and ethics, and once worked as an immigration officer at the British Embassy in Abu Dhabi. In the summer of 2021 she played for Wales against England in rugby league, in a match that was broadcast live on TV.
----
Erin King (Dubai Hurricanes mini, Ireland sevens international)
Aged five, Australia-born King went to Dubai Hurricanes training at The Sevens with her brothers. She immediately struck up a deep affection for rugby. She returned to the city at the end of last year to play at the Dubai Rugby Sevens in the colours of Ireland in the Women’s World Series tournament on Pitch 1.
Racecard
6pm: Mina Hamriya – Handicap (TB) $75,000 (Dirt) 1,400m
6.35pm: Al Wasl Stakes – Conditions (TB) $60,000 (Turf) 1,200m
7.10pm: UAE Oaks – Group 3 (TB) $150,000 (D) 1,900m
7.45pm: Blue Point Sprint – Group 2 (TB) $180,000 (T) 1,000m
8.20pm: Nad Al Sheba Trophy – Group 3 (TB) $200,000 (T) 2,810m
8.55pm: Mina Rashid – Handicap (TB) $80,000 (T) 1,600m
The%20Roundup
%3Cp%3EDirector%3A%20Lee%20Sang-yong%3Cbr%3EStars%3A%20Ma%20Dong-seok%2C%20Sukku%20Son%2C%20Choi%20Gwi-hwa%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
UAE Falcons
Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.
Bullet%20Train
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20David%20Leitch%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Brad%20Pitt%2C%20Aaron%20Taylor-Johnson%2C%20Brian%20Tyree%20Henry%2C%20Sandra%20Bullock%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENamara%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJune%202022%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EMohammed%20Alnamara%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EMicrofinance%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E16%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFamily%20offices%0D%3Cbr%3E%3C%2Fp%3E%0A
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
RESULTS
Bantamweight: Jalal Al Daaja (JOR) beat Hamza Bougamza (MAR)
Catchweight 67kg: Mohamed El Mesbahi (MAR) beat Fouad Mesdari (ALG)
Lightweight: Abdullah Mohammed Ali (UAE) beat Abdelhak Amhidra (MAR)
Catchweight 73kg: Mosatafa Ibrahim Radi (PAL) beat Yazid Chouchane (ALG)
Middleweight: Yousri Belgaroui (TUN) beat Badreddine Diani (MAR)
Catchweight 78KG: Rashed Dawood (UAE) beat Adnan Bushashy (ALG)
Middleweight: Sallah-Eddine Dekhissi (MAR) beat Abdel Enam (EGY)
Catchweight 65kg: Yanis Ghemmouri (ALG) beat Rachid Hazoume (MAR)
Lightweight: Mohammed Yahya (UAE) beat Azouz Anwar (EGY)
Catchweight 79kg: Souhil Tahiri (ALG) beat Omar Hussein (PAL)
Middleweight: Tarek Suleiman (SYR) beat Laid Zerhouni (ALG)
