The peloton cruises past Sheikh Zayed Grand Mosque in the capital on Friday during the second stage of the Abu Dhabi Tour. The 129km stage was won by Italian Elia Viviani of Team Sky in a sprint finish at Yas Mall.  Claudio Peri / EPA
The peloton cruises past Sheikh Zayed Grand Mosque in the capital on Friday during the second stage of the Abu Dhabi Tour. The 129km stage was won by Italian Elia Viviani of Team Sky in a sprint finisShow more

Capital Stage of Abu Dhabi Tour sees Italian domination again



ABU DHABI // Italian cyclist Elia Viviani took the overall leader’s red jersey from compatriot Andrea Guardini on day two of the inaugural Abu Dhabi Tour on Friday after finishing the stage in just over three hours.

One hundred and eight riders from 18 teams took part in the Capital Stage of the four-stage tour. Spectators thronged sections of the 129-kilometre route that started at Yas Marina Circuit and finished at Yas Mall.

The race passed some of the capital’s iconic landmarks, including the Sheikh Zayed Grand Mosque, Emirates Palace, the Corniche and Saadiyat Island.

The cyclists started at 2pm and finished at about 5pm.

Peter Sagan won the race’s white jersey, sponsored by The National, for the best young rider of the stage.

Cycling fan Almur Al Mansoori, 28, was out in the desert for the first stage of the tour on Thursday and was in the city to witness Friday’s competition.

He said the event was very well organised and “exciting and memorable”.

“I was surprised to hear they would be passing by Yas Mall. This is a great adventure and I am glad I could witness it – twice,” Mr Al Mansoori said.

But, he said, it was disappointed at the lack of video screens inside the mall to watch events unfold.

“We waited in the heat. It would have been nice to have live scenes on big screens,” he said.

Abhishek Karole, a cyclist himself, cycled across the designated route and waited for about an hour for the professionals to pass.

“It’s a good day. This never happens in the UAE and it is such a big event,” he said.

“I missed the California tour when I was in the United States, so I didn’t want to miss this.”

Road closures in the city for the tour did not cause any major traffic congestion.

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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.”

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

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Test squad: Azhar Ali (captain), Abid Ali, Asad Shafiq, Babar Azam, Haris Sohail, Imam-ul-Haq, Imran Khan, Iftikhar Ahmed, Kashif Bhatti, Mohammad Abbas, Mohammad Rizwan(wicketkeeper), Musa Khan, Naseem Shah, Shaheen Afridi, Shan Masood, Yasir Shah

Twenty20 squad: Babar Azam (captain), Asif Ali, Fakhar Zaman, Haris Sohail, Iftikhar Ahmed, Imad Wasim, Imam-ul-Haq, Khushdil Shah, Mohammad Amir, Mohammad Hasnain, Mohammad Irfan, Mohammad Rizwan (wicketkeeper), Musa Khan, Shadab Khan, Usman Qadir, Wahab Riaz 

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Al Wahda 2

Al Menhali 27', Tagliabue 79'

Al Nassr 3

Hamdallah 41', Giuliano 45 1', 62'

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