Kamau Wanjiru runs to the gold in the men's marathon, becoming the first Kenyan to win the event in an Olympics.
Kamau Wanjiru runs to the gold in the men's marathon, becoming the first Kenyan to win the event in an Olympics.

Kenya find a marathon man



BEIJING // Samuel Wanjiru had already made a name for himself in the heady world of Kenyan distance running before yesterday. Now he has made history. He pulled away over the final few kilometres to become the first Kenyan to win an Olympic marathon the first Kenyon to do so.

Wanjiru negotiated the 26.2 mile course through the Beijing streets in bright morning sunshine in an Olympic record of 2 hrs 6mins 32secs. "In Kenya we have many medals, I'm glad I have this one," he said. Kenyans had twice won silver in the men's marathon, most recently in 2000, but never a gold. At these Games, Kenya won 14 track and field medals, behind only the US on 23 and Russia with 18. Five of them were gold. It was only Wanjiru's third marathon.

He first set the world half-marathon record three years ago, when he was 18, and broke it twice again last year. The two-time world champion, Jaouad Gharib of Morocco, won the silver with the Ethiopian Tsegay Kebede, winner of this year's Paris Marathon, was third. The Ethiopian Deriba Merga led for much of the race but faded badly at the end to finish outside the medals. The crowd roared as Wanjiru entered the Bird's Nest, and he responded by raising his left hand, then clapped several times.

The final lap in the last event of track and field was run around an infield painted blue for last night's closing ceremony. Just across the line, Wanjiru kneeled and crossed himself several times. He had just broken the Olympic mark of 2-09.21 set by Carlos Lopes of Portugal in the 1984 Los Angeles Games. As Wanjiru was still on one knee, Gharib crossed the line for the silver medal. "I had to push the pace to tire the other runners," Wanjiru said.

"I had to push the pace because my body gets tired when I slow down." Wanjiru won the Fukuoka International Marathon in Japan last December and was runner-up at the London Marathon in April. His name was listed on the official results sheet as Wanjiru, but the Kenyan said that spelling was incorrect - he is officially known by the IAAF as Wanjiru. The defending Olympic champion Stefano Baldini of Italy, in his final marathon, finished 12th, then praised those who finished at the front.

"In the last 10 kilometres it was unbelievable what the Africans were able to do under these conditions," he said. The temperature was 24°C with 52 per cent humidity when the race began at 7.30 am and it heated up steadily throughout. The lead pack began to separate through the first 5km. By the halfway mark, eight were grouped at the front, led by Eritrean Yonas Kifle. The pack dwindled to three - Wanjiru, Merga and Gharib.

The world champion Luke Kibet, of Kenya, stayed with the leaders through the early stages but fell back and finally pulled out of the race shortly past the halfway mark. He later said he had a stomach problem The world record holder, Haile Gebrselassie, of Ethiopia, decided not to run the race because of concerns about Beijing's notorious air pollution. But after an overnight thunderstorm, a glorious blue sky greeted the final day of these games.

The race began at the edge of Tiananmen Square, then wound around the Temple of Heaven before turning northward toward the Olympic Green and the Bird's Nest, where colourful dancers, drummers and cyclists entertained the crowd as they awaited the runners. * AP

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.”

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

The years Ramadan fell in May

1987

1954

1921

1888

About Krews

Founder: Ahmed Al Qubaisi

Based: Abu Dhabi

Founded: January 2019

Number of employees: 10

Sector: Technology/Social media 

Funding to date: Estimated $300,000 from Hub71 in-kind support

 

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Veil (Object Lessons)
Rafia Zakaria
​​​​​​​Bloomsbury Academic

UEFA CHAMPIONS LEAGUE FIXTURES

All kick-off times 10.45pm UAE ( 4 GMT) unless stated

Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid

Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona

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

England ODI squad

Eoin Morgan (captain), Moeen Ali, Jonny Bairstow, Jake Ball, Sam Billings, Jos Buttler, Tom Curran, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood.

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 
The past winners

2009 - Sebastian Vettel (Red Bull)

2010 - Sebastian Vettel (Red Bull)

2011 - Lewis Hamilton (McLaren)

2012 - Kimi Raikkonen (Lotus)

2013 - Sebastian Vettel (Red Bull)

2014 - Lewis Hamilton (Mercedes)

2015 - Nico Rosberg (Mercedes)

2016 - Lewis Hamilton (Mercedes)

2017 - Valtteri Bottas (Mercedes)

Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
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Countries offering golden visas

UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.

Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.

Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.

Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.

Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence. 

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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