USA men's basketball team head coach Steve Kerr has downplayed Kevin Durant's calf injury that has kept the three-time Olympic gold medallist from training with the group ahead of the Paris Games.
Team USA touched down in Abu Dhabi on Friday ahead of two scheduled exhibition games against Australia (July 15) and Serbia (July 17) as they step up their preparations for the Olympics.
Durant, who suffered a calf strain two weeks ago, was present at Saturday's session at the NYU Abu Dhabi campus but once again did not join his teammates in practice.
Kerr remains unconcerned, though, and says they have not discussed any contingency plans to replace the Phoenix Suns forward on the roster.
"He won't practise with the team today, he'll continue to do individual work," Kerr told reporters in the UAE capital on Saturday.
"I know there's still a couple of weeks before we have to make a decision roster-wise, so we're just taking it day by day.
USA basketball practice at NYU Abu Dhabi
"It's not something we've even discussed at this point," Kerr said when asked about a back-up plan. "Because we feel good that he's going to be okay, it's just day to day."
USA Basketball have put together a "super-team" for these upcoming Olympic Games that includes LeBron James, Stephen Curry, Durant, Anthony Davis, Anthony Edwards, and recently crowned NBA champions Jayson Tatum and Jrue Holiday of the Boston Celtics.
But they have already had to make a replacement in the squad, bringing in a third Celtic, in Derrick White, to take the spot of Kawhi Leonard, who left training camp last Wednesday in Las Vegas.
The Americans are playing five friendly games in the build-up to Paris, the first of which saw them defeat Canada 86-72 on Wednesday night at T-Mobile Arena in Las Vegas.
Joel Embiid, the 2023 NBA MVP, fouled out midway through the third quarter but Kerr is certain the Philadelphia 76ers centre will be up for the task of guarding all the bigs they come up against at the Olympics.
"Joel will be fine. He's going to get into the rhythm and the flow," he assured. "It always takes big guys a little bit longer to get into flow in training."
James is playing under Kerr for the first time in his career and described the Golden State Warriors coach as a "true leader and true student of the game".
Chasing a third Olympic gold medal and fourth overall, James, 39, is the oldest player on the roster.
Donning a USA jersey for the first time in 12 years, James is keen to share his experience with the younger players on the team, especially knowing that this will be his final Games.
"It's always a responsibility that you should hold with honour and being able to give back to the younger generation because they have to keep going when we're done," said James.
"So it's definitely a responsibility for myself, KD, and Steph to be able to just show them the ropes."
Boasting their most decorated and star-studded squad since the fabled 1992 "Dream Team", USA are gunning for a fifth consecutive Olympic gold medal and 17th title at the Games overall.
After completing their exhibition games schedule in Abu Dhabi and London, the Americans will kick off their Olympics title defence against their Group C rivals Serbia in Lille on July 28 before facing South Sudan on July 31 and Puerto Rico on August 3.
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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.”
