Novak Djokovic celebrates after defeating Tommy Paul in their semi-final at the Australian Open. AP
Novak Djokovic celebrates after defeating Tommy Paul in their semi-final at the Australian Open. AP
Novak Djokovic celebrates after defeating Tommy Paul in their semi-final at the Australian Open. AP
Novak Djokovic celebrates after defeating Tommy Paul in their semi-final at the Australian Open. AP

Novak Djokovic sees off Tommy Paul to reach Australian Open final


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Novak Djokovic overcame a troubled build-up and a nervy first set to defeat Tommy Paul and reach his 10th Australian Open final.

The Serbian will take on Stefanos Tsitsipas on Sunday in his 33rd grand slam final bidding to equal Rafael Nadal’s record tally of 22 titles, while the winner will overtake Carlos Alcaraz as world No 1.

His 7-5, 6-1, 6-2 victory over American Paul looks straightforward on the scoreboard but it certainly did not feel that way when Djokovic lost four games in a row from 5-1 up in the opening set.

The 35-year-old had steam-rollered Alex De Minaur and Andrey Rublev in the previous two rounds but did not look settled from the start here, perhaps a legacy of the events of the past 24 hours after his father was filmed with Vladimir Putin supporters at Melbourne Park on Wednesday.

Srdjan Djokovic released a statement on Friday saying he had been unwittingly caught up in the demonstration as he took pictures with his son’s fans but had decided not to attend the match to ensure there was “no disruption”.

Djokovic himself offered no comment on the incident but it would certainly have added a sour note to what has generally been a very positive return to Australia following last year’s deportation.

At times it has felt like a love-in for the Serbian on Rod Laver Arena, with his fans packing the stadium to welcome him back.

It was different here, though, with support for first-time slam semi-finalist Paul growing as he threatened to do the unthinkable in the first set.

Djokovic looked nervous to begin with but was not punished, saving two break points in the opening game and coming out on top in all the big moments to move into a 5-1 lead.

He then got into a row with umpire Damien Dumusois around when to start the shot clock and remarkably lost 11 of the next 13 points, dropping serve twice in succession.

But Paul was unable to hold his own serve to force a tie-break and, to boos from the crowd, Djokovic returned to his seat gesturing for the noise to get louder.

Winning the opening set allowed Djokovic, who again showed no sign of being bothered by his left hamstring issue, to loosen up a little.

He broke serve at the start of the second set and from there Paul, who is a willing runner with a fine backhand but no big weapons, was unable to land more than a fleeting blow on Djokovic.

Company%20profile
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Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

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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.”

PROFILE OF SWVL

Started: April 2017

Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh

Based: Cairo, Egypt

Sector: transport

Size: 450 employees

Investment: approximately $80 million

Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani

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What is the FNC?

The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning. 
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval. 
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
 

Updated: January 27, 2023, 11:34 AM