Sergiu Toma, one of the UAE's most successful judokas, will be conspicuous by his absence at the ninth Abu Dhabi Grand Slam at the Ipic Arena this week.
Toma - who won bronze at the Olympics in Rio de Janeiro in 2016 - has enjoyed plenty of success at the capital, having clinched a Grand Slam gold last year, silver in 2015 and bronze in 2013.
However the athlete has been laid low by a back injury, according to Nasser Al Tamimi, general secretary of the UAE Wrestling, Judo and Kick Boxing Federation.
“It’s a small injury, but at this level, we can’t take any chances,” Al Tamimi said. "His welfare is paramount for us and we have given him more time to recover because we are thinking on the long term, and perhaps, for the next Olympics.
“We still have seven [competitors] entered in the men’s divisions and hope we can win a medal or two. It’s tough of course, with the world’s top 25 and around 10 to 12 Olympic medallists arriving in Abu Dhabi.”
In Toma's absence, the UAE's biggest medal hopes include Victor Scvortov in the 73-kilogramme weight division, Mihail Maschitan (90kg) and Ivan Remarenco (100kg).
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“They have prepared well for this competition. They are capable of winning for us,” Al Tamimi said.
The Abu Dhabi Grand Slam has drawn 292 judokas in the 14 finals for both men and women.
“The number of entries are less than the previous years but it doesn’t lack quality,” Al Tamimi added.
“It’s not unusual after an Olympic Games, as most of them will be not looking for world ranking points at this moment. The numbers that have drawn is still a pretty good number."
Aref Al Awani, general secretary of Abu Dhabi Sports Council, rated the judo Grand Slam as on par with some of the marquee event in the capital city.
“In terms of international coverage we receive, judo is level with the Formula 1 at Yas Marina Circuit, Abu Dhabi Golf Championship, Abu Dhabi Cycling Tour and the Mubadala World Tennis Championship,” Al Awani pointed out.
“The Judo Grand Slam is a very important date in our calendar of events. This event will turn 10 next year and we plan to celebrate the milestone in no small way.”
The Abu Dhabi Grand Slam is the fourth after Paris, Baku, and Moscow, with Tokyo in December as the last of the five on the IJF World Tour.
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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.”
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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