Jamaican sprinter Usain Bolt poses for photographers ahead of a press conference in London on July 21, 2016, ahead of the Anniversary Games athletics meet in London. Justin Tallis / AFP
Jamaican sprinter Usain Bolt poses for photographers ahead of a press conference in London on July 21, 2016, ahead of the Anniversary Games athletics meet in London. Justin Tallis / AFP
Jamaican sprinter Usain Bolt poses for photographers ahead of a press conference in London on July 21, 2016, ahead of the Anniversary Games athletics meet in London. Justin Tallis / AFP
Jamaican sprinter Usain Bolt poses for photographers ahead of a press conference in London on July 21, 2016, ahead of the Anniversary Games athletics meet in London. Justin Tallis / AFP

Rio 2016: Russia’s Olympic doping ban ‘will scare a lot of people,’ says Usain Bolt


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The ban on Russia’s track and field athletes from the Rio Games will scare drug cheats and help cleaning up the sport, Jamaica’s six-time Olympic gold medallist Usain Bolt has said.

The Swiss-based Court of Arbitration for Sport (CAS) on Thursday rejected Russia’s appeal against a doping ban for its entire athletics team from next month’s Games.

The ban on Russia’s track-and-field team going to Rio was imposed last November by the International Association of Athletics Federations (IAAF) after an independent report uncovered rampant state-sponsored doping in Russian athletics.

It was maintained in June after the IAAF Council ruled that not enough progress had been made in transforming Russia’s anti-doping programme.

“This will scare a lot of people and send a strong message that the sport is serious about cleaning up,” Bolt told British media.

“If you have the proof and you catch somebody I definitely feel you should take action.”

See also:

• Rio 2016: Russia loses appeal against Olympic track and field ban

• Rio 2016: Usain Bolt looks to cement Olympic legacy with third gold sweep

• Rio 2016: Jamaica submit Usain Bolt for three events in a bid for triple-triple hat-trick

Russia won the third biggest overall medal haul at the London Olympics in 2012.

The decision by the CAS, sport’s highest tribunal, increases the possibility that the International Olympic Committee (IOC) will now exclude Russia from all sports, not just track and field, in Rio de Janeiro.

“If they feel like banning the whole team is the right action, then I am all for it,” Bolt said.

“Rules are rules and doping violations in track and field are getting really bad, so thumbs up.”

Bolt was named in the Jamaican Olympic team in the 100m, 200m and 4x100m races despite an injury that kept him from qualifying at trials.

He was confident he will be fully fit before Rio.

“My hamstring is good. I have no issue right now,” the 29-year-old said.

“I had a strain. If I’d competed I probably would have torn my hamstring really bad, but I was never really worried. I know I’m in good shape.”

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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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Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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Inter Milan 2 (Vecino 65', Barella 83')

Verona 1 (Verre 19' pen)

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