Olympic stars from the recent Tokyo Games will be among the record number of participants during the silver jubilee Karate World Championships at the Hamdan Sports Complex in Dubai from November 16-21.
More than 1,800 karatekas, along with 1,200-plus officials and technical staff, will be heading to the UAE for the biggest ever championships in terms of numbers to mark the 25th edition.
It will also be the first World Championships since karate’s Olympic debut in Tokyo.
“It gives us great pleasure to host these championships at a time when Dubai is hosting the world at Expo 2020,” Saeed Hareb, secretary general of the Dubai Sports Council, said at the launch ceremony on Wednesday.
“Just as we welcome the world to Dubai for Expo 2020, we extend our warmest welcome to the global karate family for the World Championships in one of the world’s most modern sports complexes.”
The Hamdan Sports Complex was also the venue for the Asian Karate Championships in 2013.
“Hamdan Sports Complex is one of the top sports arenas in the world with a 15,000-seat capacity,” Hareb added.
“It has hosted more than 350 events, including over 95 top international sports championships, since its inauguration 11 years ago.
“Dubai Sports Council is always keen to host and organise major world championships, and we are pleased that this version of the Karate World Championships will be the biggest-ever in terms of the number of participants.
“This is a confirmation of the world's confidence in UAE’s ability to host major sports events involving large groups of people.
“The number of participants is also a reflection of the keenness of international sports athletes to visit Dubai, a magnificent city which is home to people from more than 195 countries and one of the favourite destination for millions of tourists.”
Major General Nasser Al Razooqi, president of the Asian and UAE Karate Federations and vice-president of World Karate Federation, said the silver jubilee championships is a celebration of Dubai as hosts.
“The Karate World Championships taking place during Expo 2020 Dubai is an once-in-a-lifetime celebration, and it is set to welcome millions of visitors from across the globe.
“The 25th WKF Championships will be the single most important sports event during Expo 2020 and the UAE Karate Federation will not spare any efforts to make the event a unique and memorable one, worthy of the occasion for the sport.”
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“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
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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.”
