A fight in the UAE between Manny Pacquiao and Amir Khan has moved a step closer after the British boxer agreed to change the bout to May 20, with those close to negotiations saying confirmation it will take place in the Emirates is expected within the next week.
Both Pacquiao and Khan announced this week on their respective Twitter accounts that they would meet on April 23, and despite no venue being confirmed, the UAE was understood to be the frontrunner to play host. Pacquiao's adviser, Michael Koncz, later told The National the fight would indeed take place in the country next month.
However, on Wednesday, Koncz said he was instead working towards May 20 following a meeting in Las Vegas with promoter Bob Arum, the CEO of Top Rank, and that he would seek approval from both Pacquiao and Khan.
Khan's representatives have since confirmed to The National that the two-time world champion has agreed to the revised date and that they are hopeful of finalising the deal between the fighters in the coming days. Khan, who is currently training in New York, will then travel to Dubai in mid-March to officially launch the promotion to the event.
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■ Amir Khan: Agrees to date change for Manny Pacquaio fight in UAE
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Both camps have decided on a May 20 fight so they would have more time to properly publicise it. It also gives Khan, who last fought in May and has since had surgery on his hand, more time to prepare and, crucially for the British-born Muslim, falls before Ramadan.
It was felt the bout would best take place on a Saturday in the UAE, not early Sunday morning as originally planned, given the fact Sunday in the Emirates represents the beginning of the working week. The time difference in the United States, a major pay-per-view market, is another factor. A venue has been decided, with hope it would be signed off late Thursday or early Friday. Four venues have been considered, all of which are open air.
“Friday is a different night [than most PPV cards are held in the US], but remember how big the Friday Night Fights used to be?” Koncz had told Yahoo Sports on Wednesday. “We have the time now to promote it properly and I think we have the right fight, so I think it will do well.”
One issue that still needs resolved is the financial backing for the fight. Negotiations are ongoing — the bout was originally priced at $38 million (Dh139.5m) — although both Koncz and Khan’s camp remain confident the finances will be made available. They are convinced a fight of this magnitude, the first to be staged in the UAE, will generate significant interest inside and outside the country.
Speaking to ABS-CBN on Wednesday, Arum raised his concerns regarding investment, saying: “In order for the fight to happen in the UAE, funds have to be produced to enable the fight to happen and I am hoping that those funds would materialise.
“However, if they don’t, we have to do something else. But Michael is optimistic the funds will materialise, and once they do, then Top Rank will roll up its sleeves and help put on a tremendous worldwide event. If they don’t materialise, then we’ll have to search for a viable alternative.
“It is not accurate to say that the fight is on. It is also not accurate to say that the fight won’t happen. We don’t know. We have to wait and see if the funds materialise.”
Arum also told ESPN.com he was not sure if a May fight was feasible, and that there was “still a lot of work to do”. He said: “As of now, other than the fact that Michael and I are on the same page as far as the fight not happening in April and that we hope to make something happen, who knows? I have absolutely nothing to report definitively.
“This could all go away like the breeze,” he added. “If you can find the money, if you can find that $38 million, I’ll give you 10 per cent, make it 20 per cent. The point is a lot of these deals take time to put together, to find money and everything. We’re not there.”
Pacquiao, 38, acts as a senator in the Philippines House of Representatives, but returned to the ring last November, sealing a unanimous-decision victory against Jessie Vargas following a short retirement to pursue his career in politics. His record stands at 59-6-2.
Khan, Pacquiao’s former training partner, suffered a sixth-round knockout to Saul “Canelo” Alvarez last time out. The Englishman, 30, has 31 victories and four defeats.
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
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Saturday 15 January: v Canada
Thursday 20 January: v England
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All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
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Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
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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.
“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.”
