Tyson Fury confirms Anthony Joshua fight set for Saudi Arabia in August: 'Do not miss it'

World heavyweight champion Tyson Fury has confirmed his unification bout with Anthony Joshua will go ahead in Saudi Arabia on August 14 as months of protracted negotiations look to have reached a successful conclusion.

The all-British mega-bout will see Fury put his WBC belt on the line against WBA, WBO, and IBF holder Joshua, with the winner set to become boxing's first undisputed heavyweight world champion in more than 20 years.

The last undisputed heavyweight king was another British fighter, Lennox Lewis, who defeated Evander Holyfield in 1999 to hold the WBC, WBA, and IBF straps. Since then, the WBO title has been elevated, so all four titles must now be held for a fighter to be undisputed champion.

Fury's announcement came after a conversation he had with Prince Khalid Abdulaziz Al Saud, Saudi Arabia's deputy defence minister.

"I just got off the phone with Prince Khalid of Saudi Arabia," Fury said in a video posted on Twitter. "He told me this fight is 100 per cent on August 14, 2021.

"All eyes of the world will be on the Kingdom of Saudi Arabia. And I cannot wait, repeat, cannot wait, to smash Anthony Joshua on the biggest stage of all time.

"This is going to be the biggest sporting event ever to grace the planet Earth. Do not miss it."

Negotiations have been ongoing for months as promoters sought out an appropriate location and engaged in terms for their fighters.

Saudi Arabia had long been the frontrunner to host the fight and Matchroom CEO Eddie Hearn, who promotes Joshua, revealed last month that the bout would be heading to the Kingdom.

Despite Fury's public announcement, an official confirmation from Hearn or Fury's co-promoters Bob Arum and Frank Warren has yet to be made as both sides await the final contracts.

"We still haven't gotten the final contracts – we're supposed to get a clean draft on Monday," Arum told ESPN on Sunday. "But Prince Khalid has assured Tyson that there will be no problems, and everybody who has dealt with Prince Khalid and his team know them to be men of their word."

Fury (30-0-1, 21 KOs) became a two-time heavyweight world champion in February 2020 when he claimed the WBC title with a sensational stoppage win against Deontay Wilder in a rematch following their thrilling draw in December 2018.

Joshua (24-1-0 22 KOs), meanwhile, has already enjoyed success fighting in Saudi Arabia having reclaimed his world titles with a comfortable points win over Andy Ruiz Jr at the "Clash on the Dunes" event in December 2019.

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Joshua beats Ruiz at 'Clash on the Dunes'

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Syria v Australia
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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.”

How to apply for a drone permit

Individuals must register on UAE Drone app or website using their UAE Pass
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