In the boxing-obsessed Philippines, scores of young fighters dream of becoming the next Manny Pacquiao, but it takes a sharp eye and vast experience to pick out a potential world champion.
That expertise comes from the scouts and trainers who scour amateur matches at dusty town "fiestas", rely on spotters' referrals or size up hopefuls as young as eight training in well-worn gyms.
They are the lesser known but vital cogs in the Philippines' boxing machine, which has produced dozens of world champion fighters, many of whom were born into poverty.
It's a risky way to make a living – some coaches have faced ruin when the fighters they have backed, pouring money into their training and upkeep, fail to win.
But when victory comes, the pay-off can be big, or at least enough to keep going in the sport they love.
The shining example is, of course, Pacquiao. Born into a poor family, he quit school at 14 and ended up on the street. Pacquiao, now also a Philippine senator, declared assets worth some $59 million in 2018.
His career, including an unparalleled eight world championships in different weight divisions, is a tempting incitement to boys born into similarly bleak circumstances.
While in real life they may be impoverished and ignored, in the boxing world they are a precious element to be forged into winners.
"We, the coaches, are looking for boxers who would become the next Manny Pacquiao so we teach them everything, including discipline and humility," said Anthony Ornopia, a former boxer who is now a trainer.
Spotting them is more art than science, but the scouts are looking for more than just the ability to pummel opponents with their fists.
"The No 1 trait I look for in a boxer is the attitude," trainer Joven Jimenez told AFP, saying his fighters need to be "determined, obedient and disciplined".
"It's a bonus if the boxer looks good, too," he laughed, saying it helps in the promotion of a match.
A dozen fighters train under his guidance in a rough outdoor camp south of the capital Manila, spending hours a day sparring and lifting weights.
Jimenez's star, and partner in the gym, is 27-year-old Jerwin Ancajas, who is set for an IBF junior bantamweight title defence in December.
The boxers are a significant investment – and gamble – as they are fed, housed and given a modest allowance.
Years of training expenses and no wins drained Jimenez's savings, and by 2013 he was forced to sell his properties to stay afloat.
But exercising the same determination they demand of their fighters, Jimenez and Ancajas kept going – even if they had to train in vacant lots and in the street.
Then in 2016 came what they had hoped and prayed for: Ancajas's IBF junior bantamweight belt. A defence of the title a year later netted enough cash to invest in their own gym.
The enormous popularity of the sweet science in the Philippines means scores of children gravitate to gyms, but just a handful stick it out.
"Out of 10 children, there will only be one or two of them who really wants to pursue boxing," said trainer and coach Edito Villamor. "I hope just one of two of them will [succeed]. Just one or two of them and we're good."
One of the hotspots of boxing in the Philippines is Pacquiao's hometown, General Santos City in the nation's south.
Regular tournaments put plenty of contenders on display, and serve as a magnet for fighters from other areas.
"We look for the potential of the boxer whether he wins or loses in a fight," said promoter JC Manangquil of Sanman Promotions, which has 40 fighters including 12 who have won international titles.
Once they take on a boxer, the real work of training and shaping begins. It can take years, and many fighters don't make the grade.
"People always think that what we do is very simple – one fighter gets big and famous and gets money," he said. "But they don't know how we reach that after many boxers who failed."
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.”
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The specs: 2018 BMW X2 and X3
Price, as tested: Dh255,150 (X2); Dh383,250 (X3)
Engine: 2.0-litre turbocharged inline four-cylinder (X2); 3.0-litre twin-turbo inline six-cylinder (X3)
Power 192hp @ 5,000rpm (X2); 355hp @ 5,500rpm (X3)
Torque: 280Nm @ 1,350rpm (X2); 500Nm @ 1,520rpm (X3)
Transmission: Seven-speed automatic (X2); Eight-speed automatic (X3)
Fuel consumption, combined: 5.7L / 100km (X2); 8.3L / 100km (X3)
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A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
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SPECS
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
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BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
MATCH INFO
Juventus 1 (Dybala 45')
Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')
Red card: Rodrigo Bentancur (Juventus)