Follow the latest news on the 2024 Paris Olympics
Bahraini wrestler Akhmed Tazhudinov said he was hungry for more success after adding an Olympic gold medal to his glittering array of achievements.
The Russian-born grappler is now an Asian, World and Olympic champion at just 21 years of age, with all three titles arriving since switching allegiance to the Gulf nation in 2022.
In Paris, he sealed top spot on the podium in the 97-kilogram division with victory over the more experienced Georgian competitor Givi Matcharashvili, himself a multiple medallist at the sport's major events.
An elated Tazhudinov said afterwards that he is just getting started and dedicated his success to his backers in Bahrain.
“I'm on top of the world right now. Winning an Olympic medal is something I've worked towards my entire life. It’s an incredible feeling to see all the hard work and sacrifice pay off," Tazhudinov told The National.
“It hasn't been easy, but I never lost sight of my goal. I had a great team behind me, and the support from His Highness Sheikh Khaled and the whole of Bahrain has been amazing. This medal is for all of us. This is just the start. I'm hungry for more. I can't wait to see what I can achieve next."
Tazhudinov's triumph came hot on the heels of another success for Team Bahrain after Gor Minasyan won a bronze medal in the men's 102kg weightlifting. Minasyan finished behind silver medallist Varazdat Lalayan of Armenia and champion Lasha Talakhadze of Georgia late on Saturday night in Paris.
Winfred Yavi also claimed gold in the women's 3,000m steeplechase while Salwa Eid Naser took silver in the 400m in what has been a successful Games for Bahraini athletes.
Meanwhile, a thrilling women's marathon culminated in Sifan Hassan of the Netherlands taking the gold in a sprint finish ahead of Tigst Assefa of Ethiopia.
Hassan had already claimed bronze in both the 5,000m and 10,000m in Paris, but remarkably still had plenty left in the tank to win the marathon in an Olympic record time of 2:22:55.
Bahrain's Eunice Chumba placed the highest of the Arab runners in 10th, crossing the line in 2:26:10, followed 20 seconds later by Morocco's Fatima Ezzahra Gardadi in 11th.
Hassan fell to the ground on the blue carpet in front of the golden dome of the Invalides memorial complex in the heart of Paris before grabbing a Dutch flag to celebrate an extraordinary achievement.
"It was not easy," said Hassan, 31. "It was so hot, but I was feeling OK. I've never pushed myself through to the finish line as I did today.
"Every moment in the race I was regretting that I ran the 5,000m and 10,000m. I was telling myself if I hadn't done that, I would feel great today.
"From the beginning to the end, it was so hard. Every step of the way. I was thinking, 'Why did I do that? What is wrong with me?'."
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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.”
