Follow the latest news on the 2024 Paris Olympics
Algeria's Djamel Sedjati remained on track for Olympic glory as he sealed his spot in Saturday’s men’s 800m final.
Sedjati, one of the big favourites for gold in Paris, won his semi-final heat in a time of 1:45.08 to ease into the medal round.
The Algerian comfortably finished ahead of Thepiso Masalela of Botswana, who also qualified for the final.
He is likely to face the biggest challenge from Kenya's Emmanuel Wanyonyi, who looked in great shape on Friday as he won his semi-final in commanding fashion.
Wanyonyi, silver medallist at last year’s world championship, was pushed at the end by American Bryce Hoppel but ensured he crossed the line first in 1:43.32. He will be aiming to continue Kenya's dominance in the event.
With none of the Tokyo medallists in the field and the eight finalists all coming from different countries, it looks to be one of the most unpredictable races of the Games.
Sedjati earlier said he has two aims in Paris - a medal for Algeria and a shot at the Kenyan David Rudisha's 800m world record.
Algeria's failure to medal at the Covid-hit Tokyo Games was a major disappointment as it came after Taoufik Makhloufi had won 1500m gold in London in 2012 and double 800-1500m silvers in Rio four years later.
Sedjati looks primed to go for one of the toughest world records on Saturday (9.05pm UAE time).
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Rudisha set the mark of 1min 40.91sec while winning gold in the London Olympics in 2012.
This year has been a real breakthrough season for 25-year-old Sedjati, born in the northern Algerian city of Tiaret.
He broke Makhloufi's national record at the Paris Diamond League meeting this month, clocking 1:41.56 to become the third fastest athlete in the history of the race after Rudisha and Denmark's Wilson Kipketer (1:41.11).
Sedjati improved his time to 1:41.46, a Diamond League record and new world leading time, just five days later in Monaco.
"I am now thinking of the world record, I hope to run it at the Olympic Games," said the Algerian, who claimed silver at the 2022 Eugene world championships.
"I will focus on that and put in the necessary work so that I can achieve my goal.
"It's the fourth time I've run a world lead and the second time an Algerian record, I have worked really hard for that."
"I will keep the preparation the same. My mindset is that the hard work I have put in will pay off."
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.”
MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham 0-1 Ajax, Tuesday
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Game is on BeIN Sports
Recent winners
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2004 Nathalie Nasralla (France)
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2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
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2012 Cynthia Moukarzel (Kuwait)
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