Asia's young boxers given $600,000 prize fund for Dubai championships


Amith Passela
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The International Boxing Federation (AIBA) has committed a $600,000 prize fund for medal winners at the ASBC Asian Junior and Youth Championships in Dubai.

The championships at Le Meridien from August 20-30 have drawn 290 fighters from 17 countries, and will stage 13 weight divisions for males and females aged 15-16 for juniors and 17-18 for youths.

Asian and UAE Boxing Federation chief Anas Al Otaiba, speaking at the launch ceremony in Abu Dhabi, believes the cash prizes are an incentive for hard work.

And after the Asian Boxing Championship were moved in May from New Delhi to Dubai because of the spike in Coronavirus cases, he is confident everything is in place for a successful event.

“We staged a successful Asian Championship and many of those who participated went on to represent their countries at the Tokyo Games,” he said.

“We are here again to host the Asian juniors and youth championships in these testing times.”

The host nation, for the first time in the history of the continental championships, have assembled their biggest participation of 19 entries in the event.

“We certainly are encouraged as the host nation by the increase in the numbers,” Al Otaiba added.

“The sport has picked up in recent times and hopefully we can continue this trend with the country’s youth. Some good performance from our boys at this championship would really be encouraging for us.”

Hanan Al Zyodi goes through her paces with UAE national team coach Khasan Mukhamedov.
Hanan Al Zyodi goes through her paces with UAE national team coach Khasan Mukhamedov.

Hanan Ibrahim Al Zyodi created a piece of history when she became the first Emirati female to win an international medal in boxing when she took bronze at the Asian Championships.

The UAE will not have any female boxers at the junior and youth championships but their Uzbek coach Khasan Mukhamedov is confident a few of the nation’s youths can reach the medal rounds.

“They don’t have the experience at this level but some of them have the potential to reach the medal rounds,” he said.

“We have a good programme in place and boxing is picking up pretty fast among the youth in the country.

“It’s an Olympic sport and to have a few of them at the world sporting spectacle is our objective. The Asian junior and youths is a great platform for them to start with.”

Eissa Mohammed Al Kurdi, the captain of the UAE contingent, believes the championships will be a strong test for many of the Emirati youth boxers.

“We have prepared well and now to see where we stand at the continental level,” he said.

“We want to put up a good show and of course we will go all out to try and win a few medals in front of our home fans.”

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Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Company%20profile
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French business

France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.

Your rights as an employee

The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.

The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.

If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.

Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.

The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.

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2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

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.”

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

Updated: August 15, 2021, 6:27 AM