• (FILES) In this file photo taken on June 21, 2022 US player Serena Williams reacts as she plays with Tunisia's Ons Jabeur against Spain's Sara Sorribes Tormo and Czech Republic's Marie Bouzkova during their round of 8 women's doubles tennis match , on day three, of the Eastbourne International tennis tournament in Eastbourne, southern England. - Serena Williams announced on August 9, 2022 the countdown to her retirement had begun from tennis after a career which brought her 23 Grand Slam singles titles. (Photo by Glyn KIRK / AFP)
    (FILES) In this file photo taken on June 21, 2022 US player Serena Williams reacts as she plays with Tunisia's Ons Jabeur against Spain's Sara Sorribes Tormo and Czech Republic's Marie Bouzkova during their round of 8 women's doubles tennis match , on day three, of the Eastbourne International tennis tournament in Eastbourne, southern England. - Serena Williams announced on August 9, 2022 the countdown to her retirement had begun from tennis after a career which brought her 23 Grand Slam singles titles. (Photo by Glyn KIRK / AFP)
  • Serena Williams has hinted at retiring after the US Open, which starts this month. AFP
    Serena Williams has hinted at retiring after the US Open, which starts this month. AFP
  • Serena Williams poses with her trophy after defeating Russia's Maria Sharapova in the 2013 French Open final. AP
    Serena Williams poses with her trophy after defeating Russia's Maria Sharapova in the 2013 French Open final. AP
  • FILE - Serena Williams holds up the trophy after winning the women's singles final against Garbine Muguruza of Spain, at the All England Lawn Tennis Championships in Wimbledon, London, Saturday, July 11, 2015. Williams won 6-4, 6-4. Serena Williams says she is ready to step away from tennis after winning 23 Grand Slam titles, turning her focus to having another child and her business interests. “I’m turning 41 this month, and something’s got to give,” Williams wrote in an essay released Tuesday, Aug. 9, 2022, by Vogue magazine. (AP Photo / Kirsty Wigglesworth, File)
    FILE - Serena Williams holds up the trophy after winning the women's singles final against Garbine Muguruza of Spain, at the All England Lawn Tennis Championships in Wimbledon, London, Saturday, July 11, 2015. Williams won 6-4, 6-4. Serena Williams says she is ready to step away from tennis after winning 23 Grand Slam titles, turning her focus to having another child and her business interests. “I’m turning 41 this month, and something’s got to give,” Williams wrote in an essay released Tuesday, Aug. 9, 2022, by Vogue magazine. (AP Photo / Kirsty Wigglesworth, File)
  • Serena Williams rests between games during her match against Lucie Safarova at the Sony Ericsson Open in 2007. Reuters
    Serena Williams rests between games during her match against Lucie Safarova at the Sony Ericsson Open in 2007. Reuters
  • Serena Williams after defeating Victoria Azarenka at the 2012 US Open final. AP
    Serena Williams after defeating Victoria Azarenka at the 2012 US Open final. AP
  • Serena Williams holds her trophy after defeating her sister Venus in the women's singles final of the 2017 Australian Open. AP
    Serena Williams holds her trophy after defeating her sister Venus in the women's singles final of the 2017 Australian Open. AP
  • Serena Williams defeated her sister Venus Williams to win the 2009 Wimbledon title. AFP
    Serena Williams defeated her sister Venus Williams to win the 2009 Wimbledon title. AFP
  • Serena Williams will retire as one of the greatest tennis players of all time, male or female. AFP
    Serena Williams will retire as one of the greatest tennis players of all time, male or female. AFP

Serena Williams announces she is on 'countdown' to retirement


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US great Serena Williams announced on Tuesday that "the countdown has begun" to her retirement from tennis.

"There comes a time in life when we have to decide to move in a different direction," the 23-time Grand Slam winner said in a post on Instagram.

"That time is always hard when you love something so much. My goodness do I enjoy tennis. But now, the countdown has begun.

"I have to focus on being a mom, my spiritual goals and finally discovering a different, but just exciting Serena. I'm gonna relish these next few weeks."

On Monday, Williams played only her second singles match since she returned to action at Wimbledon in June after a year-long absence from competition, beating Spain's Nuria Parrizas Diaz to reach the second round of the Toronto Open.

But the 40-year-old said after that match that she could see the light at the end of the tunnel before suggesting the US Open starting this month could be her swansong.

"I have never liked the word retirement," Williams wrote in a Vogue article on Tuesday. "It doesn't feel like a modern word to me. Maybe the best word to describe what I'm up to is evolution. I'm here to tell you that I'm evolving away from tennis, toward other things that are important to me.

"A few years ago I quietly started Serena Ventures, a venture capital firm. Soon after that, I started a family. I want to grow that family."

Williams won her last Grand Slam in 2017 and has been chasing an elusive 24th crown that would draw her level with Margaret Court, who holds the record for most majors. She came close to achieving that feat, featuring in four major finals since giving birth to daughter Olympia in 2017.

Explaining her decision to move away from the sport, Williams said she didn’t want to choose between her career and having more children, but at nearly 41 “something had to give”.

“I don’t think it’s fair,” Williams said. “If I were a guy, I wouldn’t be writing this because I’d be out there playing and winning while my wife was doing the physical labour of expanding our family. Maybe I’d be more of a Tom Brady if I had that opportunity.”

Williams announced herself on the big stage by winning the 1999 US Open, a tournament she would go on to claim five more times.

In a storied career during which she dominated rivals like no other athlete, she also claimed seven Australian Open titles, three French Open titles and seven Wimbledon crowns.

She also owns 14 women's Grand Slam doubles titles with older sister Venus and has won four Olympic gold medals: singles (2012), and doubles (2000, 2008, 2012).

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Mobile phone packages comparison
MATCH INFO

Delhi Daredevils 174-4 (20 ovs)
Mumbai Indians 163 (19.3 ovs)

Delhi won the match by 11 runs

UAE currency: the story behind the money in your pockets
The specs

Engine: 3.0-litre six-cylinder MHEV

Power: 360bhp

Torque: 500Nm

Transmission: eight-speed automatic

Price: from Dh282,870

On sale: now

BUNDESLIGA FIXTURES

Friday (All UAE kick-off times)

Borussia Dortmund v Eintracht Frankfurt (11.30pm)

Saturday

Union Berlin v Bayer Leverkusen (6.30pm)

FA Augsburg v SC Freiburg (6.30pm)

RB Leipzig v Werder Bremen (6.30pm)

SC Paderborn v Hertha Berlin (6.30pm)

Hoffenheim v Wolfsburg (6.30pm)

Fortuna Dusseldorf v Borussia Monchengladbach (9.30pm)

Sunday

Cologne v Bayern Munich (6.30pm)

Mainz v FC Schalke (9pm)

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Tips for avoiding trouble online
  • Do not post incorrect information and beware of fake news
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  • Do not incite violence and be careful how to phrase what you want to say
  • Do not defame anyone. Have a difference of opinion with someone? Don’t attack them on social media
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Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

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COMPANY PROFILE

Company name: Happy Tenant

Started: January 2019

Co-founders: Joe Moufarrej and Umar Rana

Based: Dubai

Sector: Technology, real-estate

Initial investment: Dh2.5 million

Investors: Self-funded

Total customers: 4,000

Company profile

Company: Verity

Date started: May 2021

Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif

Based: Dubai

Sector: FinTech

Size: four team members

Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000

Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors

The specs: 2018 Audi RS5

Price, base: Dh359,200

Engine: 2.9L twin-turbo V6

Transmission: Eight-speed automatic

Power: 450hp at 5,700rpm

Torque: 600Nm at 1,900rpm

Fuel economy, combined: 8.7L / 100km

Yahya Al Ghassani's bio

Date of birth: April 18, 1998

Playing position: Winger

Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

The years Ramadan fell in May

1987

1954

1921

1888

UAE currency: the story behind the money in your pockets

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.”

Auron Mein Kahan Dum Tha

Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar

Director: Neeraj Pandey

Rating: 2.5/5

VEZEETA PROFILE

Date started: 2012

Founder: Amir Barsoum

Based: Dubai, UAE

Sector: HealthTech / MedTech

Size: 300 employees

Funding: $22.6 million (as of September 2018)

Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC

Company%20Profile
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Updated: August 09, 2022, 2:52 PM