The Australian cyclist Cadel Evans, seen here during the fourth stage of the Tour de France.
The Australian cyclist Cadel Evans, seen here during the fourth stage of the Tour de France.

So far so good for Evans



CHATEAUROUX // Cadel Evans perhaps pointed out the obvious when declaring there was still a long way to go to Paris ahead of today's sixth stage from Aigurande. There's 2,500 kilometres left to race in this year's event, but the Australian Silence-Lotto rider will be itching to test himself against his rivals in the first mountain-top finish at Super-Besse.

There will certainly be tougher climbs at this year's Tour de France but the 1289-metre ascent to the ski resort ought to stretch out the field. Evans is unlikely to go for the stage win - he'll want to save his legs for the Alps and Pyrenees - but his focus will be on Alejandro Valverde in particular as he looks to stretch his advantage past the minute mark over the Spaniard. Evans described his Tour to date as "a good start but it's a long way to go to Paris". He said: "It's so far so good and the trip to Super-Besse is the second real test of the Tour. Any time I can gain on Valverde and the others will be a bonus."

With the leaders in the general classification so bunched up, attacks are likely to come thick and fast and Stefan Schumacher's Gerolsteiner team will have their work cut out if they are to successfully defend his yellow jersey. The two riders in the best position to attack are Kim Kirchen and David Millar but, with Kirchen an outside bet for a podium finish come Paris, like Evans he is unlikely to go all-out.

Millar, meanwhile, knows this is his perhaps his only chance to take the yellow jersey for the first time since his debut in the race back in 2000 when he led for the first three days. He is just 12 seconds off the lead. Never short of confidence, Millar, 31, said: "This is the best I have felt at a Tour since 2000. I have climbed really well in my training camp ahead of the Tour and I think I have got the legs to make a mark, but I am sure a lot of guys feel the same way."

Ahead of the race, Team Garmin boss Jonathan Vaughters targeted getting Millar into yellow at Super-Besse as one of his pre-Tour targets, so expect Millar's team-mates to lead the drive at the front of the peloton. TV: Dubai Sports channel from 2.30pm @Email:sports@thenational.ae

Results

Stage seven

1. Tadej Pogacar (SLO) UAE Team Emirates, in 3:20:24

2. Adam Yates (GBR) Ineos Grenadiers, at 1s

3. Pello Bilbao (ESP) Bahrain-Victorious, at 5s

General Classification

1. Tadej Pogacar (SLO) UAE Team Emirates, in 25:38:16

2. Adam Yates (GBR) Ineos Grenadiers, at 22s

3. Pello Bilbao (ESP) Bahrain-Victorious, at 48s

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Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
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Price: From Dh219,000
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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.”

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Results
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Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5

 

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.