DUBAI // If Ryan Lochte continues to swim with such purpose this week, he threatens to put Dubai's Gold Souk out of business.
Last night, on his way to securing his second gold medal in as many days here at the Fina Short Course World Championships, the American set the first individual swimming world record since the prohibition of high-tech bodysuits.
Lochte triumphed in the 400-metre individual medley at Hamdan bin Mohammed bin Rashid Sports Complex with a time of 3mins 55.50secs, smashing Hungarian Laszlo Cseh's previous record, set last year, by nearly two seconds.
"I wasn't really expecting that," Lochte said. "I was going out there, racing the field and I had no idea where I was during the race.
"I'm really happy. It was a world record and you have to be happy with that. Every year, everyone is getting faster.
"I don't think it has sunk in yet. I'm not one of those people who will celebrate or let it get to me. As soon as I touched the wall it's over.
"It feels good. It's the nature of the sport that people are going to find different ways to get faster. Records are made to be broken and it is only a matter of time. I guess I am lucky that it came sooner.
"We had a team meeting this afternoon and said we had to turn it around. Breaking a world record always gets the team pumped up.
" I love doing the 400 IM. It is one of the hardest events and I am going to keep doing it."
Lochte also spoke of the care he takes in avoiding ingesting anything that could jeopardise his career. "What I have always been told with the Team USA is when you take supplements you take them at your own risk. If you take something - even it if it was given to you - you gotta be careful and take it at your own risk."
Oussama Mellouli finished 1.90secs behind in second - much to the delight of a very vocal Turkish crowd - while Lochte's compatriot, Scott Clary, was third, a further 0.16secs back.
"It's almost bittersweet," Clary said. "[For the US] to get a world record [but for me to] come third. It's absolutely the best I've ever swum, but Ryan's having an amazing year and he deserves it."
Lochte had been keen to emulate Michael Phelps, his Olympic 4x200m relay teammate, by winning eight golds this week and achieved the perfect start on Wednesday's opening day when he won the 200m free. But the 26-year-old's target was derailed when his country managed only fourth place in the 400m relay later the same night.
Yesterday evening, the US relay team, competing in the 4x200m relay without Phelps, who opted not to travel to Dubai this week, finished second despite bettering the world record. First-placed Russia finished in 6:49.04 - 0.55secs ahead of the US and almost exactly two seconds faster than Canada's 2009 mark.
"We have all learned so much from Michael," said Clary, who watched the relay from the sidelines. "Everybody learned a lot from the suit era from the 2009 worlds [in Rome]. Everybody learned what it felt like to swim with a better body position and the experience of that feel has paid off a lot, especially this year now that we can relate that to how we train. It's a sure sign of progression in the past year and a half."
There was more joy for Russia, too as Evgeny Korotyshkin won gold in in the men's 100m butterfly to go with his 4x200m gold and Stanislav Donets won the men's 100m backstroke.
Cesar Cielo Filho, the Brazilian who finished fastest in the 50m free semi-finals and will be challenged by American Nathan Adrian in today's final, said he expected Lochte to break more world records in the coming days.
"That was sick, man," said Cielo of Lochte's performance in the 400m medley. "I can't even do that in freestyle. I believe, that will be the first of many."
Lochte has three more individual events before the championships end on Sunday.
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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.
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“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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hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
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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.
