• US coach Laurent Landi comforts Simone Biles after she exited the team final at the Tokyo Games on Tuesday, July 27, 2021.
    US coach Laurent Landi comforts Simone Biles after she exited the team final at the Tokyo Games on Tuesday, July 27, 2021.
  • Jordan Chiles, Sunisa Lee, and Simone Biles of Team United States cheer as they head to floor exercise during the women's team final.
    Jordan Chiles, Sunisa Lee, and Simone Biles of Team United States cheer as they head to floor exercise during the women's team final.
  • Simone Biles of Team United States is embraced by coach Cecile Landi.
    Simone Biles of Team United States is embraced by coach Cecile Landi.
  • USA's Simone Biles is seen prior to the vault event of the artistic gymnastics women's team final.
    USA's Simone Biles is seen prior to the vault event of the artistic gymnastics women's team final.
  • USA's Simone Biles talks to teammates during the artistic gymnastics women's team final.
    USA's Simone Biles talks to teammates during the artistic gymnastics women's team final.
  • USA's Simone Biles and teammates react during the vault event of the artistic gymnastics women's team final.
    USA's Simone Biles and teammates react during the vault event of the artistic gymnastics women's team final.
  • Simone Biles of Team United States stumbles upon landing after competing in vault during the women's team final.
    Simone Biles of Team United States stumbles upon landing after competing in vault during the women's team final.
  • USA's Simone Biles speaks with her teammates during the artistic gymnastics women's team final.
    USA's Simone Biles speaks with her teammates during the artistic gymnastics women's team final.

Simone Biles's bid for Olympic history in doubt after withdrawing from final with injury


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Olympic gymnastics champion Simone Biles was forced out of the team finals on Tuesday, with USA Gymnastics describing it as a medical issue.

The 24-year-old's quest to become the greatest female Olympian took a twist when she dropped out of the women's team event after one vault.

After a disappointing attempt in the first rotation, the American was shown as an 'R' on the competitor list before the bars began, which meant she would not continue in the competition.

After leaving the floor with the team doctor, Biles returned several minutes later. She took off her bar grips and then hugged teammates Grace McCallum, Sunisa Lee and Jordan Chiles before putting on her tracksuit. Chiles replaced Biles on uneven bars and balance beam.

USA Gymnastics did not specify the nature of Biles’s medical issue, saying in a statement she “will be assessed daily to determine medical clearance for future competitions".

Biles had been leading the US defence of their women's gymnastics team title and was aiming to add to her haul of four gold medals won at the 2016 Rio Olympics.

However, the Russian Olympic Committee won the gold medal on Tuesday. The Russian gymnasts posted a team score of 169.528, ahead of the US in second place at 166.096. The gold is the first for the Russians since the unified team triumphed in Barcelona in 1992. It came a day after the ROC men’s team edged out Japan for the top spot in the men’s final.

Whether Biles gets the opportunity to compete in the five individual finals will depend on the severity of her injury. It is unclear if her withdrawal from the team final was taken as a precaution.

Her bid did not get off to a great start, with a disappointing score of 13.766 on the vault in the first rotation. All three ROC players who vaulted scored higher, as did her US teammates.

Winning the six golds on offer in Japan would have lifted Biles to 10 – one more than Russian gymnast Larisa Latynina’s women’s record of nine gold medals won over three Olympic Games: Melbourne 1956, Rome 1960 and Tokyo 1964.

It would also have marked the most gold medals won by any woman in any Olympic sport.

Only Michael Phelps, with his 23 swimming golds, has won more.

After the qualifying rounds, Biles shared her thoughts on struggling with the pressure placed on her, writing in a social media post that "the Olympics is no joke".

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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.”

Updated: July 27, 2021, 2:52 PM