Novak Djokovic during the match against Alejandro Davidovich Fokina at the Cincinnati Open. AFP
Novak Djokovic during the match against Alejandro Davidovich Fokina at the Cincinnati Open. AFP
Novak Djokovic during the match against Alejandro Davidovich Fokina at the Cincinnati Open. AFP
Novak Djokovic during the match against Alejandro Davidovich Fokina at the Cincinnati Open. AFP

Novak Djokovic 'glad to be back' in US after forced absence


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Novak Djokovic had a low-key return to competition in the US following a two-year absence, defeating Alejandro Davidovich Fokina in the Cincinnati Open after the Spaniard retired early in the second set with a lower back injury.

Serbian great Djokovic won the first set 6-4, then two points into the second set, Davidovich Fokina hunched over in pain following his return and ended the match after 46 minutes.

“Kind of a mixed emotions tonight,” Djokovic said. “Really like Alejandro. Get along really well off the court. We train with each other while in Spain. He told me he has a lower back issue that appeared yesterday. It's unfortunate.”

The 36-year-old lost in doubles on Tuesday in his return to the country after missing events because of his stance on vaccines. It was the Serb's first appearance in Cincinnati since 2019. The 2020 tournament was played in New York due to the pandemic.

Djokovic said he missed playing in the biggest tournaments in the US and was thrilled to be back.

The 23-times Grand Slam champion was not allowed to compete in the US last year and earlier this year over his refusal to take a Covid-19 vaccine, but returned after the American government relaxed its rules for unvaccinated foreign travellers in May.

“Time flies. Four years seems like it was yesterday. So it's definitely nice to be back,” Djokovic told reporters. “I've had some really nice memories from this tournament.

“Winning it in 2018 obviously is a highlight for me, because it was the only Masters I hadn't won for years. I think I lost four or five finals mostly to Roger [Federer].

“But I played well in the past and was really glad to have a chance to come back to the States. It's been two years. I missed it. Some of the biggest tournaments in our sport are played on American soil. I'm just excited to play some tennis.”

World No 2 Djokovic, who lost the Wimbledon final to Carlos Alcaraz last month, is looking to capture his third Grand Slam title of the season at the August 28-September 10 US Open.

The 2021 New York runner-up last competed on hardcourts in March and said it was too early to rate his form on the surface after a rusty first match back.

“Some positives, some negatives. But at the end of the day, it's expected. First match coming back,” said Djokovic.

“It'll probably take a few sets for me to really get things going in a right way.”

Top-ranked Iga Swiatek had an encouraging start to the week, beating American qualifier Danielle Collins 6-1, 6-0.

“Last year, I didn't feel confident in Cincinnati so it's big progress for me,” Swiatek said. “I feel like it's going to give me a lot of confidence. I'm happy that I can play better tennis here this year.”

Swiatek will face Zheng Qinwen in the fourth round after the Chinese professional rallied to defeat 43-year-old Venus Williams 1-6, 6-2, 6-1.

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PROFILE

Name: Enhance Fitness 

Year started: 2018 

Based: UAE 

Employees: 200 

Amount raised: $3m 

Investors: Global Ventures and angel investors 

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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.”

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

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What is graphene?

Graphene is extracted from graphite and is made up of pure carbon.

It is 200 times more resistant than steel and five times lighter than aluminum.

It conducts electricity better than any other material at room temperature.

It is thought that graphene could boost the useful life of batteries by 10 per cent.

Graphene can also detect cancer cells in the early stages of the disease.

The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.

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Updated: August 17, 2023, 10:06 AM