Spain's Rafael Nadal suffered another injury at the Australian Open earlier in the year. Reuters
Spain's Rafael Nadal suffered another injury at the Australian Open earlier in the year. Reuters
Spain's Rafael Nadal suffered another injury at the Australian Open earlier in the year. Reuters
Spain's Rafael Nadal suffered another injury at the Australian Open earlier in the year. Reuters

Sport

Tennis

Nadal to miss Barcelona Open as fitness issues persist

Spaniard has not fully recovered from hip injury he suffered at Australian Open

The National

April 14, 2023

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Rafael Nadal's preparation for the French Open suffered another blow when he announced his withdrawal from the ATP Barcelona tournament on Friday.

Nadal will miss next week's Barcelona Open and continue building his match fitness following a hip injury sustained at the Australian Open in January.

The 22-times Grand Slam champion skipped tournaments at Indian Wells and Miami as well as the ongoing Monte Carlo Masters after suffering the injury that effectively ended his Melbourne Park title defence as he crashed to a second-round defeat by Mackenzie McDonald.

"Barcelona is a special tournament for me, because it's my adopted club and playing at home is always a unique sensation," Nadal, 36, said on Instagram.

"I'm still not ready and therefore I continue my preparation process for the return to competition."

The Spaniard, a 14-times French Open champion, hopes to be fully fit for the clay court Grand Slam starting in May.

His fitness problems have become a recurring issue since he won his 14th French Open crown last year.

He subsequently withdrew from his Wimbledon semi-final due to an abdominal injury.

Nadal's long absence from the circuit this term has seen him drop out of the top 10 for the first time since April 2005 - he is presently ranked 15th.

  • Spaniard Rafael Nadal celebrates after beating Casper Ruud of Norway to win the French Open for a 14th time at Roland Garros in Paris on June 5, 2022. EPA
    Spaniard Rafael Nadal celebrates after beating Casper Ruud of Norway to win the French Open for a 14th time at Roland Garros in Paris on June 5, 2022. EPA
  • Rafael Nadal celebrates with the trophy. Getty
    Rafael Nadal celebrates with the trophy. Getty
  • Rafael Nadal celebrates after winning the French Open. AFP
    Rafael Nadal celebrates after winning the French Open. AFP
  • Rafael Nadal hugs Norway's Casper Ruud after winning the men's singles final. Reuters
    Rafael Nadal hugs Norway's Casper Ruud after winning the men's singles final. Reuters
  • Nadal celebrates with the French Open trophy. Getty
    Nadal celebrates with the French Open trophy. Getty
  • Nadal returns to Casper Ruud. AFP
    Nadal returns to Casper Ruud. AFP
  • Spectators show their support for Norway's Casper Ruud. AFP
    Spectators show their support for Norway's Casper Ruud. AFP
  • Spain's Rafael Nadal clenches his fist after winning a point. AP
    Spain's Rafael Nadal clenches his fist after winning a point. AP
  • Casper Ruud in action during the final. EPA
    Casper Ruud in action during the final. EPA
MATCH INFO

Juventus 1 (Dybala 45')

Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')

Red card: Rodrigo Bentancur (Juventus)

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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Updated: April 14, 2023, 1:31 PM
Rafael NadalTennisFrench OpenAustralian Open