Vegard Stake Laengen is part of the UAE Team Emirates lineup competing at the Tour de France. Courtesy UAE Team Emirates
Vegard Stake Laengen is part of the UAE Team Emirates lineup competing at the Tour de France. Courtesy UAE Team Emirates
Vegard Stake Laengen is part of the UAE Team Emirates lineup competing at the Tour de France. Courtesy UAE Team Emirates
Vegard Stake Laengen is part of the UAE Team Emirates lineup competing at the Tour de France. Courtesy UAE Team Emirates

Vegard Stake Laengen: Tour de France stage wins a result of collective hard work at UAE Team Emirates


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Alexander Kristoff winning the first stage of the Tour de France was a huge joy for the whole team. Even though Kristoff wasn’t the favourite, we all knew if he was in the right situation and feeling good that he could do it.

He has so many victories and so much experience in these situations that he is a rider who is capable of anything when on a good day. We were all buzzing after he won the stage. I've known him and raced with him for many years. We are both Norwegian so you could say that we have a special bond because we speak the same language.

The team was very excited as this is the first yellow jersey since the team started and it’s been such a journey to get to this point.

We couldn’t celebrate too much because it was only Day 1 and we know we have a long way to go until the last day in Paris but it lifted the spirits of everyone. Alex made a speech at the dinner table and on Stage 2, we had the honour of protecting the yellow jersey. That is a big moment for any cyclist.

With the circumstances in the world right now, the season has been a real rollercoaster. As a team, we remained optimistic during lockdown and hopeful that the 2020 season would resume.

This year is a bit different without the fans. They are still there, just at a distance. You miss signing autographs and giving the kids our empty bottles, but the most important thing is the racing and that is as good as ever. This victory comes after a lot of work and focus which started many months ago. With 20 wins for the team this season, I think it’s fair to say that all the hard work is paying off now.

At the start of the first stage of the Tour, the atmosphere was a little bit nervous and tense before the race, which is totally normal before the start of a big Tour, and especially the Tour de France.

The Covid-19 situation has heightened that tension but as an athlete you try to only focus on performance and that’s what we do when we are in race mode. I’m sure there was some doubt in most people’s minds about whether the level of cycling would be affected after months of no competitive racing.

But I can confirm we’ve been full gas every day and the level is higher than ever. The victory by Alexander has been a great boost but we know the Tour is three weeks long and we must continue to work hard.

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Tadej Pogacar grabs Tour de France stage win - in pictures

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Tadej Pogacar, our leader, has a real opportunity to do well here at the Tour and the guys are really motivated to support him. His calm and positive attitude really brings out the best in all those around him and his hard work was rewarded when he won the ninth stage, his first in the Tour de France. It was another memorable moment for the team.

He also finished second in Stage 4 with four mountain passes to tackle, plus the first category final climb.

My job for the Tour is to work for Pogacar. That means keeping him safe and out of the wind, going back to the team car to get water bottles for him or stopping with him if he has a puncture.

My main goal is to arrive safely in Paris! Our Tour has already been quite successful with two stage victories and wearing the yellow, white and green jerseys. We hope to keep that high level all the way through the Tour.

If you go

The flights

Fly direct to London from the UAE with Etihad, Emirates, British Airways or Virgin Atlantic from about Dh2,500 return including taxes. 

The hotel

Rooms at the convenient and art-conscious Andaz London Liverpool Street cost from £167 (Dh800) per night including taxes.

The tour

The Shoreditch Street Art Tour costs from £15 (Dh73) per person for approximately three hours. 

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.”

MATCH INFO

Uefa Champions League semi-final, first leg

Tottenham 0-1 Ajax, Tuesday

Second leg

Ajax v Tottenham, Wednesday, May 8, 11pm

Game is on BeIN Sports

Recent winners

2002 Giselle Khoury (Colombia)

2004 Nathalie Nasralla (France)

2005 Catherine Abboud (Oceania)

2007 Grace Bijjani  (Mexico)

2008 Carina El-Keddissi (Brazil)

2009 Sara Mansour (Brazil)

2010 Daniella Rahme (Australia)

2011 Maria Farah (Canada)

2012 Cynthia Moukarzel (Kuwait)

2013 Layla Yarak (Australia)              

2014 Lia Saad  (UAE)

2015 Cynthia Farah (Australia)

2016 Yosmely Massaad (Venezuela)

2017 Dima Safi (Ivory Coast)

2018 Rachel Younan (Australia)

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