Gennady Golovkin celebrates his eigth round TKO against David Lemieux on Saturday night in a middleweight title fight in New York City. Al Bello / Getty Images / AFP / October 17, 2015
Gennady Golovkin celebrates his eigth round TKO against David Lemieux on Saturday night in a middleweight title fight in New York City. Al Bello / Getty Images / AFP / October 17, 2015
Gennady Golovkin celebrates his eigth round TKO against David Lemieux on Saturday night in a middleweight title fight in New York City. Al Bello / Getty Images / AFP / October 17, 2015
Gennady Golovkin celebrates his eigth round TKO against David Lemieux on Saturday night in a middleweight title fight in New York City. Al Bello / Getty Images / AFP / October 17, 2015

Gennady Golovkin wants ‘all the belts in the middleweight division’ after punishing display


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No big drama this time for Gennady Golovkin. Just a lot of big punches as he dominated his middleweight title fight with David Lemieux.

Golovkin battered Lemieux around the ring Saturday night on the big stage at Madison Square Garden in New York City, landing punch after punch before the referee mercifully stepped in and stopped the fight in the eighth round. He remained unbeaten in 34 fights, and stopped his opponent for the 21st straight time.

Fighting before a sold-out crowd of 20,548 cheering his every move, Golovkin was methodical as he knocked down Lemieux in the fifth round, bloodied his nose and dominated almost every second of the way.

“My goal is all the belts in the middleweight division,” said Golovkin, who said before the fight he would bring a “Big Drama Show” to the Garden.

Lemieux was on the ropes taking punch after punch when Steve Willis finally stepped in at 1:32 of the eighth round to call an end to the fight.

It was a coming out party of sorts for Golovkin, who was headlining his first pay-per-view fight, and he was at his best as he wore down Lemieux with his relentless punching.

“I told you this was a very important fight,” Golovkin said. “I give my fans and friends a big show. Thank you my fans. Thank you my people.”

With the crowd chanting “Triple G! Triple G!” Golovkin showed why he is the most feared man in the heavyweight division with yet another impressive win against an opponent who was supposed to be his best yet. He won every round on all three ringside scorecards, pitching a shutout in his biggest fight to date.

Lemieux brought a 160 pound title of his own into the ring, but was no match for Golovkin, the former amateur star from Kazakhstan who now lives in Los Angeles. Lemieux fought gamely, but his punches were mostly wild and he was forced to take punishment in return.

“I’ll keep my mouth shut tonight,” said Lemieux, whose face was marked and red. “But I’ll see him in the future.”

With Republican US presidential front runner Donald Trump watching from ringside, Golovkin took control of the fight early, with his precise punches finding the mark with regularity. Lemieux seemed tentative, though by the third round he was throwing wild right hands that Golovkin had little trouble avoiding.

Golovkin (34-0, 31 knockouts) hurt Lemieux with a left hook to the head in the fourth round, then unleashed a series of head shots that backed the Canadian against the ropes. From then it was just a matter of time as Golovkin hunted down Lemieux (34-3), eager to knock him out just like he had his 20 previous opponents.

The end came in the eighth round after a series of punches to the body and the head.

“I feel like the referee called the fight too early,” Lemieux said. “I am fine. When he stopped it I wasn’t event on the mat, I can keep going.”

About the only negative on the night for Golovkin was that he hit Lemieux with a right hand while he had a knee on the canvas after going down from a left hook to the body in the fifth round.

Punch stats showed Golovkin landing 280 of 549 punches, a connect rate of 51 per cent. Lemieux was credited with landing just 89 of 335 punches.

The win put Golovkin in line for a possible megafight next spring against the winner of the November 21 fight between Canelo Alvarez and Miguel Cotto.

“He’ll be at the fight and he’ll be looking to fight the winner,” promoter Tom Loeffler said. “Whoever wins that fight will clearly be at the top of the sport as Gennady is himself.”

Golovkin said his goals are simple and that he’s not as concerned with making the kind of money Floyd Mayweather made on pay-per-view as he is proving he is the best fighter in the world.

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The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

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Delhi Daredevils 174-4 (20 ovs)
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Delhi won the match by 11 runs

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Sunday

Cologne v Bayern Munich (6.30pm)

Mainz v FC Schalke (9pm)

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2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

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COMPANY PROFILE

Company name: Happy Tenant

Started: January 2019

Co-founders: Joe Moufarrej and Umar Rana

Based: Dubai

Sector: Technology, real-estate

Initial investment: Dh2.5 million

Investors: Self-funded

Total customers: 4,000

Company profile

Company: Verity

Date started: May 2021

Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif

Based: Dubai

Sector: FinTech

Size: four team members

Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000

Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors

The specs: 2018 Audi RS5

Price, base: Dh359,200

Engine: 2.9L twin-turbo V6

Transmission: Eight-speed automatic

Power: 450hp at 5,700rpm

Torque: 600Nm at 1,900rpm

Fuel economy, combined: 8.7L / 100km

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Date of birth: April 18, 1998

Playing position: Winger

Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda

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Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

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UAE currency: the story behind the money in your pockets

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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Director: Neeraj Pandey

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VEZEETA PROFILE

Date started: 2012

Founder: Amir Barsoum

Based: Dubai, UAE

Sector: HealthTech / MedTech

Size: 300 employees

Funding: $22.6 million (as of September 2018)

Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC

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How will Gen Alpha invest?

Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.

“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.

Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.

He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.

Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”

MATCH INFO

Uefa Champions League final:

Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports

About Proto21

Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group

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THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now

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
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Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends