Thousands of tennis fans surround the court at the Zayed Sports City Stadium in Abu Dhabi for the Capitala tournament in January.
Thousands of tennis fans surround the court at the Zayed Sports City Stadium in Abu Dhabi for the Capitala tournament in January.

Anyone for seconds?



Anybody who witnessed the stunning launch of the Capitala World Tennis Championship last January will probably be rushing out for tickets for the second staging of the three-day, six-man spectacular which kicks off on New Year's Eve. Even though the pre-season exhibition lacked official ATP Tour status, it proved a resounding success as six of the world's top 10 players slugged it out in a full-on battle for the solitary prize of US$250,000 (Dh917,000).

"We knew these guys were not going to be lobbing balls back to each other," said John Lickrish, managing director of Flash Entertainment who were responsible for the staging of the event at the UAE capital's Zayed Sports City complex. "And that's what happened. It was really aggressive tennis from start to finish over all three days. The crowd loved it and so did we. I was grinning from ear to ear afterwards."

Exhibition it most certainly was not as Britain's Andy Murray rose superbly to the occasion to record an outstanding series of victories over three splendid days, culminating with an epic final conquest of the then world No 1 Rafael Nadal. "That final was unbelievable," reflected Lickrish. "It was a real bonus after all that had gone before and it was like the cherry on the top of our ice cream."

A capacity crowd of 5,000 were kept captivated for the best part of three hours in perfect conditions as the super-fit Murray wore down the muscle-bound Nadal in even more impressive fashion than he had accounted for Roger Federer on the previous day. Nadal, who overcame Nikolay Davydenko in his semi-final, and Federer were seeded to play in the final then and they are scheduled to meet again in a battle for the bumper purse on the evening of January 2.

If either of those two big guns fails to make the final shoot-out, they will be consoled by the prospect of an extra match this time - a third-place play-off which is a welcome amendment to the schedule from the inaugural year. "We've added that extra match because the players wanted it," said Greg Sproule, managing director of International Management Group (IMG) who are hosting the showpiece event.

"The players want that opportunity to have another serious practice match against one of their leading rivals because they see Abu Dhabi as an excellent place to start their preparations for the Australian Open [which starts two weeks later]." The Capitala tournament has picked up on that by creating a playing environment identical to Melbourne Park, home of the year's first grand slam tournament.

The court surface and the tennis balls will be exactly the same as in Australia. Sproule ventured that the Abu Dhabi event would resemble the latter stages of a grand slam. "These players need no introducing," he said as he went through the supporting cast to Federer and Nadal. Jo-Wilfried Tsonga, an artful Frenchman is a former Australian runner-up while Sweden's Robin Soderling was a shock finalist in this year's French Open in which he sensationally defeated Nadal.

Russia's Nikolay Davydenko was once ranked as high as three in the world while Spain's Fernando Verdasco is emerging as one of the most exciting players of his generation. "It has a grand slam quarter-final feel to it," Sproule concluded. It is also the intention to appeal to the grassroots of the sport by creating a tennis village atmosphere. Entrance to the areas surrounding the main arena is free of charge in the hope of providing incentives to Emiratis and expats to take up the sport.

As Flash spokesman Lickrish put it: "Having the sport's top men's players on board is hugely exciting and we hope that with their support we can further encourage the local community to get involved with what truly is a fantastic sport. "We hope not only to encourage the people of Abu Dhabi to enjoy watching the professionals play but also to spur them on to take to the court themselves." Lickrish defended his company's decision to call an unofficial exhibition event a "world championship".

He said: "For us it is the world tennis championship because we have the best players from around the world coming here. And long may that continue." The curtain goes up on the three-day competition at 3pm on December 31 with the first of the preliminary round matches involving any combination of Tsonga, Davydenko, Verdasco and Soderling. The two players who are not drawn together in that opening match will feature in the concluding match on the opening day with the winners going through to face Federer and Nadal on the Friday.

The final is due to take place at 5pm on the Saturday or immediately after the third-place encounter. wjohnson@thenational.ae

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

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.”

WHY AAYAN IS 'PERFECT EXAMPLE'

David White might be new to the country, but he has clearly already built up an affinity with the place.

After the UAE shocked Pakistan in the semi-final of the Under 19 Asia Cup last month, White was hugged on the field by Aayan Khan, the team’s captain.

White suggests that was more a sign of Aayan’s amiability than anything else. But he believes the young all-rounder, who was part of the winning Gulf Giants team last year, is just the sort of player the country should be seeking to produce via the ILT20.

“He is a delightful young man,” White said. “He played in the competition last year at 17, and look at his development from there till now, and where he is representing the UAE.

“He was influential in the U19 team which beat Pakistan. He is the perfect example of what we are all trying to achieve here.

“It is about the development of players who are going to represent the UAE and go on to help make UAE a force in world cricket.” 


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