NBA star Rui Hachimura will carry Japan's flag at the Tokyo Games, Japanese Olympic chiefs said on Monday - although fans might not be allowed into the stadium to watch the opening ceremony.
The Washington Wizards forward, 23, will carry the flag along with two-time world champion wrestler Yui Susaki at the July 23 opener for the pandemic-postponed Games.
But with concern growing again over rising coronavirus cases, organisers have said they may need to rethink attendance limits for Olympic events to reduce infection risks.
On Monday, Games chiefs said they would push back the announcement of results of a ticket lottery for oversubscribed events to Saturday - less than two weeks before the opening ceremony.
Hachimura, whose father is Beninese and mother is Japanese, said carrying his nation's flag was "a great honour".
"I'd love this to be an opportunity for kids and everyone else in Japan to watch me and my teammates playing at the Olympics, and take even more of an interest in basketball and sport as a whole," he said.
In May, Hachimura hit out at racism on social media, saying he receives racist messages "almost every day".
Details of the opening ceremony have been kept under wraps, with local media reporting it will be half-an-hour longer to allow for Covid-19 countermeasures such as distancing.
However it is still unclear how many seats, if any, will be filled at the national stadium.
Organisers have set a limit of 10,000 domestic fans, or half of each venue's capacity.
But Games president Seiko Hashimoto warned Friday that "having no spectators is an option".
No overseas spectators
Japan's coronavirus outbreak has not been as severe as in some countries, with around 14,800 deaths, but experts say another wave could stretch medical services as the Olympics begin.
Media reports said Monday the government this week was likely to extend anti-virus measures in Tokyo and elsewhere, with a decision on Olympic fans to follow.
The current restrictions - which cap spectators at sports events to 5,000 - are due to end on Sunday but could now be in place during the Olympics, the reports said.
No more tickets will be sold and spectators from overseas are barred.
Olympic athletes have begun arriving in Tokyo, and on Sunday a Serbian rower tested positive for the virus at the airport.
A member of the Ugandan team also tested positive for a second time, after being discharged following a period of isolation.
On Sunday, a 53-year-old woman was arrested for spraying a runner in the nationwide torch relay with liquid from a water gun.
The woman, who squirted the unspecified substance as the runner passed with the flame, said she was opposed to the Olympics being held.
The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
On sale: Now
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
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%3Cp%3E%3Cstrong%3EEnablers%20of%20digital%20services%3C%2Fstrong%3E%3Cbr%3E%E2%80%A2%20Blockchain%20and%20cryptocurrency%3Cbr%3E%E2%80%A2%20Crowdfunding%3Cbr%3E%E2%80%A2%20Banking-as-a-service%3Cbr%3E%E2%80%A2%20Banking%20identification%20number%20sponsors%3Cbr%3E%E2%80%A2%20Issuers%2Fprocessors%3Cbr%3E%E2%80%A2%20Programme%20managers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDigital%20issuance%3C%2Fstrong%3E%3Cbr%3E%E2%80%A2%20Blockchain%20and%20cryptocurrency%3Cbr%3E%E2%80%A2%20Alternative%20lending%3Cbr%3E%E2%80%A2%20Personal%20financial%20management%3Cbr%3E%E2%80%A2%20Money%20transfer%20and%20remittance%3Cbr%3E%E2%80%A2%20Digital%20banking%20(neo%20banks)%3Cbr%3E%E2%80%A2%20Digital%20wallets%2C%20peer-to-peer%20and%20transfers%3Cbr%3E%E2%80%A2%20Employee%20benefits%3Cbr%3E%E2%80%A2%20Payables%3Cbr%3E%E2%80%A2%20Corporate%20cards%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EValue-add%20for%20merchants%2Fconsumers%3C%2Fstrong%3E%3Cbr%3E%E2%80%A2%20Data%20and%20analytics%3Cbr%3E%E2%80%A2%20ID%2C%20authentication%20and%20security%3Cbr%3E%E2%80%A2%20Insurance%20technology%3Cbr%3E%E2%80%A2%20Loyalty%3Cbr%3E%E2%80%A2%20Merchant%20services%20and%20tools%3Cbr%3E%E2%80%A2%20Process%20and%20payment%20infrastructure%3Cbr%3E%E2%80%A2%20Retail%20technology%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESME%20recovery%3C%2Fstrong%3E%3Cbr%3E%E2%80%A2%20Money%20movement%3Cbr%3E%E2%80%A2%20Acceptance%3Cbr%3E%E2%80%A2%20Risk%20management%3Cbr%3E%E2%80%A2%20Brand%20management%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ENew%20categories%20for%202023%3C%2Fstrong%3E%3Cbr%3E%E2%80%A2%20Sustainable%20FinTechs%3Cbr%3E%E2%80%A2%20Risk%3Cbr%3E%E2%80%A2%20Urban%20mobility%3C%2Fp%3E%0A
The Bio
Favourite place in UAE: Al Rams pearling village
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
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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)
Match info
Liverpool 3
Hoedt (10' og), Matip (21'), Salah (45 3')
Southampton 0
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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.”
Company profile
Name: Thndr
Started: October 2020
Founders: Ahmad Hammouda and Seif Amr
Based: Cairo, Egypt
Sector: FinTech
Initial investment: pre-seed of $800,000
Funding stage: series A; $20 million
Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital
