Kristijan Durasek, left, during his visit to the Special Olympics. Courtesy UAE Team Emirates
Kristijan Durasek, left, during his visit to the Special Olympics. Courtesy UAE Team Emirates
Kristijan Durasek, left, during his visit to the Special Olympics. Courtesy UAE Team Emirates
Kristijan Durasek, left, during his visit to the Special Olympics. Courtesy UAE Team Emirates

UAE Team Emirates rider Kristijan Durasek outlines twin objectives after 'emotional' appearance at Special Olympics


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UAE Team Emirates rider Kristijan Durasek has set two major objectives for the year. His immediate target is to regain the Presidential Cycling Tour of Turkey, which he won in 2015, and next is a long-term goal to qualify for a third successive Olympic Games in 2020.

The Croatian, 31, hasn’t had many races so far this year but expects a busy summer when the European season gets into full swing.

The 55th edition of the Presidential Cycling Tour of Turkey takes place from April 16-21, part of the UCI World Tour calendar for the third time.

“Much of my early work in the year is to prepare for the European season,” said Durasek after making a guest appearance at the Special Olympics World Games cycling event at Yas Marina on Sunday.

“My focus will be based on the team’s plan and the Tour of Turkey is one of them. Of course, I have competed in a few races already and will have a couple more ahead of Turkey.”

Durasek hasn’t given much thought to qualifying for Tokyo 2020, but insisted racing for the team will provide him with the opportunities to rack up world ranking points to help him achieve his objective.

“I enjoyed making it to the Olympics in 2012 and 2016, and a third appearance certainly is on my radar,” he said.

Durasek is also confident of the UAE Team Emirates achieving better results as the team continues to strengthen each year.

“The results are there to be seen every passing year and the team can only continue to move forward from the efforts that go into the development every year,” he said.

The UAE Team Emirates cyclist said he enjoyed his first appearance at a Special Olympics World Games and stated it was an experience of a lifetime.

“It was a great experience for me,” he said. “It was a really nice feeling to meet these athletes and share my experience as a professional athlete.

“I enjoyed watching them compete and enjoy the moments when they celebrated their achievements.

“I was there to encourage and motivate them. Speaking to them, I got emotional. I told them they must continue to participate in whatever sports they want to play regardless of the results.

“This is the best way to have fun, to express your joy on the sporting arena. It was so wonderful to see the happiness and joy on their faces when they were presented medals. It was so touching and I’ll remember this experience all my life.”

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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.”

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Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

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