It has been a week now since the first Wednesday of Wimbledon 2013 and I have been trying to think of a weirder grand slam in the Open era than the one we are watching right now. By now I am pretty sure there just has not been one.
There have been plenty of crazy one-off results and underdog triumphs. Plenty of times unseeded players have scythed their way through their half of the draw like some unguided submarine missile and gone on to win a slam. And then not won anything ever after that.
Many more have made it deep into a major leaving a trail of inexplicably seeded debris behind them, only to lose and never surface again, players you might not even remember now. Remember Yanina Wickmayer? No? She made the semi-finals of the US Open in 2009 and has made it past the third round just once in her last 10 major competitions.
My personal favourite, for at least the duration of this column, is the Dutchman Martin Verkerk, who rang a distant bell somewhere deep in my head, but of whom I only discovered why after checking: he made the French Open final in 2003 and lost (it feels like defeating the purpose to note who he lost to, but it was Juan Carlos Ferrero).
Later that year at the Paris Masters he would hold match points against Roger Federer and lose. And he ended his career with a losing record.
Plenty of times champions have been beaten in the first round or early and this has happened everywhere, in Melbourne, Paris, London and New York.
Boris Becker losing to Peter Doohan in the second round of Wimbledon in 1987 registered as just about the craziest thing I had seen until then at a grand slam. But that happens. Every single champion knows it can happen.
How do we even begin to comprehend the cumulative impact of the combination of injuries and exits in Wimbledon 2013? What do we place it against for context or comparison?
All tournaments have occasional weird days. But try matching that last Wednesday at Wimbledon.
There cannot have been as many injury pull-outs as there were last week at any other grand slam.
There cannot have been as many highly seeded players crashing out so early.
Then, in one seven-hour stretch, seven former world No 1-ranked players went out. Four players pulled out before their matches even began; three more left mid-match.
John McEnroe called it the craziest day he has known ever at Wimbledon and if he had stopped at ever, even with his back story, I would have believed him.
There was that 2007 US Open which shed seeds like some bad habit throughout. Seven fell on the first day and after a diminishing drip-drip of shocks, nine on that first wild and wacky Saturday (mostly on the women's side, including Martina Hingis and Maria Sharapova).
The French Open is always good for a bit of results weirdness, even as it allows concurrently for the inevitability of Rafael Nadal winning it. The year it did not give in to Nadal, 2009, was one of the stranger ones even without his exit in the fourth round; 14 seeds had exited in the two days previous to Nadal's loss.
But neither had the confluence of the incomprehensibility of a sudden glut of injuries and unceasing big name knockouts of this Wimbledon. Even outside that one dark Wednesday Nadal before it and then, this Monday, Serena Williams, have been knocked out.
And as a side note Williams had provided the most surreal sight of many years at a major tournament when she took on the 42-year-old Japanese veteran Kimiko Date-Krumm.
More than two vastly different games, the third-round match was a battle of two different eras, so much that it felt like a live version of those adverts which have past legends playing alongside current ones. It was their first meeting – and real – but it could easily have been the result of some technical jiggery-pokery by the folks who handle Nike's marketing.
In Novak Djokovic or Andy Murray the men's side can still at least produce the champion many might have banked on it producing before the tournament began. But that will just be an untouched ending to a script that has not been rewritten as much as introduced to a shredder.
Do not even ask about the women's draw, because in the hall of fame for crazy grand slams, Wimbledon 2013 will be kept in isolation, straitjacketed in its own private, padded cell somewhere.
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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.”
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
HAJJAN
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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RedCrow Intelligence Company Profile
Started: 2016
Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel
Based: Ramallah, Palestine
Sector: Technology, Security
# of staff: 13
Investment: $745,000
Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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