Radcliffe will compete in the London Marathon


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LONDON // The world record-holder Paula Radcliffe will return to the London Marathon next year in a bid to win the event for a fourth time. The British runner, who has missed the London race the past four years, will face a strong field on Apr 26 that includes the defending champion Irina Mikitenko of Germany and two other former winners. Radcliffe, winner in 2002, 2003 and 2005, will aim to match the achievement of the Norwegian Ingrid Kristiansen, who won the London Marathon four times between 1984 and 1988.

"It's fantastic to be back," Radcliffe said. "I've missed the last three years through injuries and it was frustrating not to be fully fit for the Olympic Games this summer. "But after my victory in New York last month I'm hungry to win back my title and join Ingrid in the record books." Radcliffe successfully defended her title at the New York City Marathon to win the race for a third time, clocking 2hrs 23mins 56secs. Radcliffe has set world records in all three of her previous appearances on the London course. Her time of 2hrs 15mins 25secs still stands as the fastest ever time.

"Naturally, she is keen to regain her London title but this will be her toughest marathon yet," the race director David Bedford said. "With nine women who have run quicker than 2hrs 22mins, this is without doubt the best field we've ever assembled for the women's race." After Mikitenko's win last year, she went on to win the Berlin Marathon in September. The field will also include the Beijing Olympic gold medallist Constantina Dita, 38, from Romania. The world champion and Olympic silver medallist Catherine Ndereba of Kenya and the Chinese Olympic bronze medallist and 2007 London champion Zhou Chunxiu are also likely to test the Briton.

*AP

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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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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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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