International Olympic Committee president Thomas Bach hosts an extraordinary IOC Session to vote to withdraw its recognition of the International Boxing Association (IBA) over its failure to address governance, finance and corruption concerns. AFP
International Olympic Committee president Thomas Bach hosts an extraordinary IOC Session to vote to withdraw its recognition of the International Boxing Association (IBA) over its failure to address governance, finance and corruption concerns. AFP
International Olympic Committee president Thomas Bach hosts an extraordinary IOC Session to vote to withdraw its recognition of the International Boxing Association (IBA) over its failure to address governance, finance and corruption concerns. AFP
International Olympic Committee president Thomas Bach hosts an extraordinary IOC Session to vote to withdraw its recognition of the International Boxing Association (IBA) over its failure to address g

Asian Boxing Confederation set to leave IBA after loss of Olympic status


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The Asian Boxing Confederation (ASBC) said it plans to withdraw from the International Boxing Association (IBA) after the embattled global governing body was stripped of its Olympic recognition for failing to meet a set of reforms.

The ASBC's board of directors met in Bangkok on Thursday and Friday after the International Olympic Committee (IOC) expelled the IBA over a failure to complete reforms on governance, finance, and ethical issues.

The board recommended an extraordinary congress to amend its constitution and allow it to join a federation recognised by the IOC, president Pichai Chunhavajira wrote in a letter on Friday to the body's 43 member nations.

A date for the congress has not been decided. This year's Asian Boxing Championships have been postponed until further notice, including the youth and junior championships scheduled for July 14 in Astana, Kazakhstan.

"As a confederation we believe that the Olympics represent the pinnacle of athletic achievement," wrote Chunhavajira, who is a member of the IBA board of directors due to his position as ASBC president.

"The Asian Boxing Confederation wants to assure our national federations, boxers and supporters that we remain steadfast in our commitment to promoting the sport of boxing and supporting our athletes within Asia and on the international stage."

The ASBC comprises 43 affiliated national federations, including the UAE Boxing Federation.

An IOC extraordinary session approved an executive board recommendation to withdraw the IBA's recognition by a 69-1 vote. The Olympic body had suspended the IBA in 2019 over governance, finance, refereeing and ethical issues.

The IBA, which called the decision "a tremendous error", had tried to have it blocked through an urgent appeal to the Court of Arbitration for Sport, sport's highest court, which rejected the appeal on Tuesday.

Several countries, including the United States and Britain, have left the IBA to form a breakaway group called World Boxing, which has not received recognition from the IOC.

Boxing is part of the 2024 Paris Games, but the qualification bouts and the competition are being run by the IOC not the IBA, as was the case at the Tokyo Olympics in 2021.

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The Pope's itinerary

Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport


Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial


Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport

THE BIO

BIO:
Born in RAK on December 9, 1983
Lives in Abu Dhabi with her family
She graduated from Emirates University in 2007 with a BA in architectural engineering
Her motto in life is her grandmother’s saying “That who created you will not have you get lost”
Her ambition is to spread UAE’s culture of love and acceptance through serving coffee, the country’s traditional coffee in particular.

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.”

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Day 1 results:

Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)

Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

The biog

Favourite films: Casablanca and Lawrence of Arabia

Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins

Favourite dish: Grilled fish

Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.

 

 

Updated: June 24, 2023, 8:45 AM