UAE Team Emirates rider Tadej Pogacar celebrates as he crosses the finish line to win Stage 20 of the Tour de France on July 22, 2023. Reuters
UAE Team Emirates rider Tadej Pogacar celebrates as he crosses the finish line to win Stage 20 of the Tour de France on July 22, 2023. Reuters
UAE Team Emirates rider Tadej Pogacar celebrates as he crosses the finish line to win Stage 20 of the Tour de France on July 22, 2023. Reuters
UAE Team Emirates rider Tadej Pogacar celebrates as he crosses the finish line to win Stage 20 of the Tour de France on July 22, 2023. Reuters

Tadej Pogacar restores some pride with thrilling Tour de France stage win


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Tadej Pogacar restored some damaged pride after sealing a thrilling victory on Stage 20 of the Tour de France on Saturday.

The UAE Team Emirates rider had seen his hopes of winning a third title evaporate this week after first being trounced by defending champion Jonas Vingegaard in the time-trial on Wednesday.

Then 24 hours later – on a gruelling Stage 17 with 69 kilometres of Alpine climbs – Pogacar cracked completely to leave his Danish rival seven minutes and 35 seconds clear in the overall standings.

But on the final day of competitive racing before Sunday's processional stage to Paris, Pogacar claimed victory after 133.5 kilometres of racing from Belfort, outsprinting Austrian Felix Gall for his second win in this year's race.

Overall, Jumbo-Visma rider Vingegaard leads Pogacar by seven min and 29 sec with the Slovenian's teammate Adam Yates in third position, 10 min 56 sec off the pace.

“We have to be careful not to do anything stupid but, yeah, it’s amazing to take my second victory in the Tour de France and I almost cannot believe it,” Vingegaard said.

Italian Giulio Ciccone secured the polka dot jersey for the mountains classification and Belgian Jasper Philipsen is set to win the green jersey for the points classification, providing that they both cross the finish line in Paris.

“After such a hard week I felt like myself on the bike today. I was feeling great. I tried to go solo but I could not so it had to be a sprint,” said Pogacar.

“I finally feel like myself again. It was good to feel good again from start to finish after many days of suffering. To pull it off at the finish line, I’m just super, super happy.

“I was waiting for Adam [Yates] to come back, and his brother [Simon] again, they were super good. I know him very well, he led me out really good. Thanks to him it was a bit easier to prepare the final and less nervous.”

Local hero, France's Thibaut Pinot, meanwhile, produced his last mountain effort as he rode on his training roads with thousands of fans cheering him on with flags, beers and flares.

Pinot went solo on the ascent to the Petit Ballon, riding as stage leader through a sea of roaring fans like a man possessed. Although he did not have the legs to take it all the way to the line, the Groupama-FDJ rider finished seventh after a spine-tingling day on the bike.

“I really enjoyed it, I had a big pinch on my heart, it's the roads where I train, it was crazy,” said Pinot, third in the 2014 Tour and by far the country's most popular rider.

“I did not think it would move me that much, I feel like I've closed a chapter in my history – it's stronger than I thought,” he added, with tears in his eyes.

Pogacar had attacked on the last climb of the day, the Col du Platzerwazel (7.1km at 8.4 per cent), and was followed by Vingegaard and Gall.

The trio quickly caught Pinot, fellow Frenchman Warren Barguil and Briton Tom Pidcock, and dropped them before battling it out for the stage win after being rejoined by the Yates twins.

Vingegaard attempted to spring clear with 300m to go, but he was tracked by Pogacar and sat up once he knew his hopes of taking the stage win were over, with Gall passing him before the line.

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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.”

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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%3Cp%3E%3Cstrong%3EApple%20Music%3Cbr%3EMonthly%20individual%3A%20%3C%2Fstrong%3E%2410.99%20(from%20%249.99)%3Cstrong%3E%3Cbr%3EMonthly%20family%3A%20%3C%2Fstrong%3E%2416.99%20(from%20%2414.99)%3Cstrong%3E%3Cbr%3EIndividual%20annual%3A%20%3C%2Fstrong%3E%24109%20(from%20%2499)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EApple%20TV%2B%3Cbr%3EMonthly%3A%20%3C%2Fstrong%3E%246.99%20(from%20%244.99)%3Cstrong%3E%3Cbr%3EAnnual%3A%20%3C%2Fstrong%3E%2469%20(from%20%2449.99)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EApple%20One%3Cbr%3EMonthly%20individual%3A%20%3C%2Fstrong%3E%2416.95%20(from%20%2414.95)%3Cstrong%3E%3Cbr%3EMonthly%20family%3A%20%3C%2Fstrong%3E%2422.95%20(from%20%2419.95)%3Cstrong%3E%3Cbr%3EMonthly%20premier%3A%20%3C%2Fstrong%3E%2432.95%20(from%20%2429.95)%3C%2Fp%3E%0A
UAE%20v%20West%20Indies
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MATCH INFO

Inter Milan 2 (Vecino 65', Barella 83')

Verona 1 (Verre 19' pen)

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Cryopreservation: A timeline
  1. Keyhole surgery under general anaesthetic
  2. Ovarian tissue surgically removed
  3. Tissue processed in a high-tech facility
  4. Tissue re-implanted at a time of the patient’s choosing
  5. Full hormone production regained within 4-6 months
How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
Updated: July 22, 2023, 4:52 PM