In this file photo taken on July 06, 2017 Britain's Chris Froome arrives on the podium to celebrate his overall leader yellow jersey at the end of the 216km sixth stage of the 2017 Tour de France. Lionel Bonaventure / AFP
In this file photo taken on July 06, 2017 Britain's Chris Froome arrives on the podium to celebrate his overall leader yellow jersey at the end of the 216km sixth stage of the 2017 Tour de France. LioShow more

Road-racing giant Sky drops bombshell with cycling pull-out



The future of cycling giant Team Sky was thrown into doubt on Wednesday after British media company Sky announced it was ending a partnership that has delivered six Tour de France titles in the past seven years.

Team Sky have clocked up eight Grand Tour wins since their formation, but they have also been plunged into controversy for using special exemptions to administer drugs that can enhance performance.

The outfit, which has 322 wins in total since 2010, will operate for the last season as Team Sky in 2019 and could continue under a different name if a new backer is found, a Sky statement said.

"The vision for Team Sky began with the ambition to build a clean, winning team around a core of British riders and staff," said team principal Dave Brailsford.

"We are proud of the part we have played in Britain's transformation into a cycling nation over the last decade," he added.

"While Sky will be moving on at the end of next year, the team is open-minded about the future and the potential of working with a new partner, should the right opportunity present itself."

Sky's announcement closes an extraordinary chapter in cycling that began with the dream of creating Britain's first Tour de France champion - which seemed overly ambitious at the time.

But Bradley Wiggins made it reality in 2012, before Chris Froome won four Tour de France titles and Geraint Thomas became Sky's third winner of cycling's landmark event this year.

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Deep-pocketed Sky are known for Brailsford's meticulous and innovative application of "marginal gains", the theory that many small advantages in areas as diverse as wind resistance, diet and sleep quality can add up to a significant improvement in performance.

However, Sky's image was clouded in the controversy over so-called therapeutic use exemptions, after a damning British parliamentary report said the team crossed an "ethical line" by using the loophole to administer drugs to enhance performance.

The Commons digital, culture, media and sport committee report said MPs believed that triamcinolone, used to treat asthma, "was being used to prepare Wiggins, and possibly other riders supporting him, for the Tour de France".

"The purpose of this was not to treat medical need, but to improve his power-to-weight ratio ahead of the race," it added.

Sky were also in the crosshairs for a suspected anti-doping violation over a mystery package reportedly destined for Wiggins in 2011, although a UK Anti-Doping investigation concluded with no charges brought.

Sky was then caught in a long-running doping controversy that began when Froome returned an adverse doping test, for elevated levels of the asthma medication salbutamol, on his way to victory in the Vuelta a Espana in 2017. He was cleared 10 months later.

Team Sky also have plenty of detractors within cycling for tactics that many believe stifle racing.

Their superior budget has allowed them to employ riders who would be leaders elsewhere in a support capacity and effectively shut down attacks in the biggest races, something that has proved unpopular with many, particularly at the Tour de France.

Sky began its involvement with the sport in 2008, when it successfully teamed up with British Cycling to increase participation and support the country's elite riders, who became a major force at world events including the Olympic Games.

"We came into cycling with the aim of using elite success to inspire greater participation at all levels," said Jeremy Darroch, Sky's group chief executive.

"After more than a decade of involvement, I couldn't be prouder of what we've achieved with Team Sky and our long-standing partners at British Cycling."

"I'd like to pay a special tribute to Dave Brailsford and the immensely talented team of riders and staff he has assembled at Team Sky," he added. "What they have achieved together would have been beyond the dreams of many just a few years ago."

US cable giant Comcast in October became the majority shareholder of Sky, coming out on top against Rupert Murdoch's 21st Century Fox.

Fox, which owns a minority stake in Team Sky, has also confirmed it will no longer be involved in cycling after next year.

THURSDAY FIXTURES

4.15pm: Italy v Spain (Group A)
5.30pm: Egypt v Mexico (Group B)
6.45pm: UAE v Japan (Group A)
8pm: Iran v Russia (Group B)

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.”

How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

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The Pope's itinerary

Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport


Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial


Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport

Get Out

Director: Jordan Peele

Stars: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford

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Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices

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Herc's Adventures

Developer: Big Ape Productions
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Key figures in the life of the fort

Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.

Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.

Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.

Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.

Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.

Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.

Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.

Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.

Sources: Jayanti Maitra, www.adach.ae