Astana Pro Team rider Magnus Cort Nielsen of Denmark wins the stage. Stephane Mahe / Reuters
Astana Pro Team rider Magnus Cort Nielsen of Denmark wins the stage. Stephane Mahe / Reuters
Astana Pro Team rider Magnus Cort Nielsen of Denmark wins the stage. Stephane Mahe / Reuters
Astana Pro Team rider Magnus Cort Nielsen of Denmark wins the stage. Stephane Mahe / Reuters

Tour de France: Magnus Cort Nielsen wins 15th stage even as Geraint Thomas still in yellow


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What a Tour de France debut Magnus Cort Nielsen is having.

The Dane handed Astana their second consecutive victory by winning the 15th stage of the race in Carcassonne on Sunday.

Welshman Geraint Thomas, of Sky, maintained his 1min 39sec race lead over teammate and compatriot Chris Froome after a 181.5-kilometre ride from Millau in which the yellow jersey holder's rivals failed to launch a challenge.

Thomas and the main peloton trailed over the finish line just over 13 minutes in arrears on what, for them, was a comparatively easy stage ahead of Monday's rest day.

"I've been feeling pretty good. Days like today are always a bit funny because you don't really want to push. You want to recover as much as possible," Thomas said.

The 32-year-old Welshman, however, refused to speculate on whether he, and not Froome, will lead their charge over the following, decisive stages into the Pyrenees mountains.

"No honestly, I'm not thinking about that," Thomas added.

"I'm taking each day as it comes. I'm looking forward to the rest day, then the next stage, the next climb, and just keep on doing what we're doing."

Astana, meanwhile, took full advantage of what was set to be a transition stage ahead of three tough days in the Pyrenees mountains starting from Tuesday.

Nielsen was one two Astana riders who fought hard to get in a breakaway group of 29 riders, along with compatriot Michael Valgren.

And when it came to the final kilometres, the race debutant seized the day.

Nielsen first underlined his ambitions 8km from the finish when he quickly countered Italian Domenico Pozzovivo's effort to break clear.

And two kilometres further on, Nielsen was quick to join Dutchman Bauke Mollema (Trek) and Jon Izagirre (Bahrain) when they left five of their breakaway companions behind.

A lack of cooperation in their wake meant the trio were allowed to build an insurmountable advantage over the closing kilometres.

But Nielsen was simply unbeatable after launching his sprint just under 300m from the finish, where Izagirre finished second and Mollema third.

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It is Astana's second consecutive win on the race after Spaniard Omar Fraile capped an audacious attack on the final climb of stage 14 to triumph in Mende.

"I knew I had the legs to win, and that I would be fastest at the line, but I still kept some powder dry in case," the 25-year-old Dane said.

It is Astana's second consecutive win on the race after Spaniard Omar Fraile capped an audacious attack on the final climb of stage 14 to triumph in Mende.

But both Fraile and Nielsen could now be called upon to put their personal ambitions aside to help their podium contender, Jakob Fuglsang, who is ninth overall at 6:14.

"We made the decision to target stage wins in these past two days, but trying to keep Jakob up as high as possible in the general classification is our priority," said Nielsen.

After Monday's rest day, the race resumes when the 16th stage takes the peloton from Carcassone over five categorised climbs and 218 km to the downhill finish in Bagneres-De-Luchon.

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 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
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