Novak Djokovic warned his rivals that his drive and ambition remain as strong as ever after the Serb capped another superb season by clinching a record-extending seventh ATP Finals title on Sunday.
Djokovic, 36, heads into the off-season following a year in which he won three of the four Grand Slam titles to take his major tally to 24 while finishing top of the year-end world rankings for the eighth time. In total, he won six titles this year, including a 40th Masters 1000 title – another record.
He swept past young pretenders Carlos Alcaraz and Jannik Sinner on his way to triumph in Turin and is gunning for more glory in 2024, when Paris hosts the one major event where he has not won – the Olympics.
Asked what else he can accomplish in tennis, Djokovic joked: "Well, you can win four Slams and Olympic gold.
"I have always the highest ambitions and goals. That's not going to be different for the next year, that's for sure. The drive that I have is still there.
"Motivation, especially for the biggest tournaments in sport, is still present ... For me, obviously, those are Grand Slams and Finals, and next year hopefully also Olympic Games."
The Olympics take place from July 26 to August 11 in the French capital, starting less than two weeks after Wimbledon and finishing shortly before the US Open.
It is a major career goal sandwiched into an already long, draining season, one which will take its toll on all the top players let alone one heading towards his late 30s.
"It is definitely one of the major goals for next year, other than Grand Slams," said Djokovic.
"It's going to be very congested schedule with going from the slowest to the fastest surface in sport back to the slowest. Clay, grass, clay, then hard court. Obviously that's a very demanding, challenging stretch of the year."
Vanquished finalist Sinner hailed Djokovic as an "inspiration" during the trophy ceremony and is using the Serb as a model for his own bid for the sport's top honours.
Both Djokovic and his coach Goran Ivanisevic predicted that Sinner, who claimed four tour-level titles this season, will one day win Grand Slams and top the world rankings.
And his performances at the Pala Alpitour have been cause for great optimism within Italian tennis.
"He's an inspiration because he worked throughout the whole years before, when he was younger, in the right way to get to this point. That's also one of my goals," Sinner said of Djokovic.
"It's not only about watching one season. You watch this season, and you say, OK, I played good. But you have to play well every season, and you have to get to a certain age, which is 35, 36, 37, whatever, and you can still feel the body in the right way."
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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.”
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How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
England v South Africa Test series:
First Test: at Lord's, England won by 211 runs
Second Test: at Trent Bridge, South Africa won by 340 runs
Third Test: at The Oval, July 27-31
Fourth Test: at Old Trafford, August 4-8
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