World number one Jannik Sinner began his bid for back-to-back US Open titles with an emphatic victory on Tuesday as women's draw favourite Iga Swiatek swept into the second round.
Italian star Sinner cruised to a 6-1, 6-1, 6-2 win over Czech world number 89 Vit Kopriva in just 97 minutes.
"It feels great to be back here. Obviously it's a very special tournament," said Sinner, who is attempting to become the first man to repeat at the US Open since Roger Federer won five in a row from 2004-2008.
Sinner, 24, faces Alexei Popyrin in the third round.
"I'm very happy that I'm healthy again," said Sinner, who was forced to retire from last week's Cincinnati Open final against Carlos Alcaraz.
"I have amazing memories. Every year is different. You come here starting this tournament hopefully in the best possible way, which I did," he added.
Sinner's fast start on the Arthur Ashe Stadium court was matched by Poland's Swiatek, who was similarly emphatic in a 6-1, 6-2 rout of Colombia's Emiliana Arango.
The 24-year-old from Poland was always in control against 84th-ranked Arango, overwhelming the Colombian with some powerful groundstrokes mixed with some deft work at the net.
The win makes Swiatek the first woman in history to win 65 consecutive WTA-level first round matches, surpassing Monica Seles' previous record of 64.
The six-time Grand Slam singles champion - a winner in New York in 2022 - will face the Netherlands' Suzan Lamens in the second round.
Yet while Sinner and Swiatek strolled into the second round, 2023 women's singles champion Coco Gauff was forced to claw her way past Australia's Ajla Tomljanovic in a gruelling late night battle that lasted just under three hours.
"It wasn't the best but I'm happy to get through to the next round," said Gauff, who admitted she had been drained by an unsettled build-up to the tournament.
Gauff, who won her second career Grand Slam at the French Open earlier this season, overhauled her coaching team on the eve of the US Open in an effort to revamp her service game.
"Honestly it's been really tough, mentally exhausting," Gauff said. "But I'm trying. It wasn't the best today, but it was an improvement on last week."
While Gauff laboured to victory, two-time former champion Naomi Osaka had no such difficulty in dispatching Belgium's Green Minnen 6-3, 6-4.
The Japanese former world number one revelled in returning to a venue that she regards as a home from home.
"Whenever I play here the atmosphere feels like home, and it is home for me," said Osaka, who is seeded 23rd and will next face American Hailey Baptiste.
In other women's draw results on Tuesday, Ukrainian 27th seed Marta Kostyuk took down Britain's Katie Boulter 6-4, 6-4. Eighth seed Amanda Anisimova of the US ousted Australia's Kimberly Birrell 6-3, 6-2.
Brazil's 18th seed Beatriz Haddad Maia advanced with a 6-3, 1-6, 6-1 win over Britain's Sonay Kartal.
Russian 13th seed Ekaterina Alexandrova brushed aside Latvia's Anastasija Sevastova 6-4, 6-1, but Diana Shnaider and Sofia Kenin were the rare seeds to fall.
England v South Africa Test series:
First Test: at Lord's, England won by 211 runs
Second Test: at Trent Bridge, South Africa won by 340 runs
Third Test: at The Oval, July 27-31
Fourth Test: at Old Trafford, August 4-8
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Meydan race card
6pm Dubai Trophy – Conditions(TB) $100,000 (Turf) 1,200m
6.35Dubai Trophy – Conditions(TB) $100,000 (Turf) 1,200m
1,800m
7.10pm Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m ,400m
7.45pm Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m
8.20pm Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
8.55pm Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
9.30pm Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m
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.”
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
