It is the Spaniard Rafael Nadal's first Grand Slam tournament as the world's No 1 player.
It is the Spaniard Rafael Nadal's first Grand Slam tournament as the world's No 1 player.
It is the Spaniard Rafael Nadal's first Grand Slam tournament as the world's No 1 player.
It is the Spaniard Rafael Nadal's first Grand Slam tournament as the world's No 1 player.

Jet-lagged Nadal wins


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NEW YORK // Rafael Nadal will never complain about winning in three sets - even if the victory required two tie-breaks against the German qualifier Bjorn Phau in the first round. Seeded first in a major for the first time in his career, Nadal began his pursuit of tennis history - he is aiming to become the first player since Rod Laver in 1969 to win the French Open, Wimbledon and US Open in the same season - with a 7-6 (7-4) 6-3 7-6 (7-4) triumph.

"To win in three sets is always a good result," Nadal said. "I had some difficult moments, but that's going to help me in the pressure moments." Nadal's first pressure moments came at the hands of the world's 136th-ranked player. "He's a good player," Nadal said of his first-round foe. "I played with a little bit less intensity than the last few months." Indeed, the Olympic champion was not nearly as sharp as he has been of late, presenting his German opponent with a handful of opportunities - thanks to 35 unforced errors.

The Spaniard, 22, dismissed the notion that he may have been looking past a lesser opponent, suggesting fatigue could have been a factor. "I try to go round to round," Nadal added. "I'm not thinking any further than the second round right now. "I'm a little bit more tired than usual. The thing is to try to be good. Mentally and physically, I think I am playing good tennis." Despite the long trip from Beijing, where he played some of his best tennis at the Olympic Games, Nadal was not willing to attribute his minor fatigue to anything but the normal grind of the professional tour.

"The system is very tough," Nadal said. "The problem is I played Toronto, Cincinnati, Beijing, then came back here. So, two times in two weeks, I've had 12 hours of jet lag." Nadal seems like the natural favourite, yet has never gone beyond the quarter-finals in five previous tries at Flushing Meadows. He took a while to find his rhythm against Phau, whose spirited play made him a crowd favourite. Fans at Arthur Ashe Stadium, often quiet during early daytime sessions, cheered when Phau dived for a shot, rolled over on his back and chased a return.

Next, Nadal will play Ryler de Heart of the United States in the second round. And when de heart was asked how he was going to deal with the challenge, he waxed humility. "How do I beat Rafa? That's a very good question," De Heart said. "I mean, he's beatable. It's going to be a tall task, and I'm probably not the guy most people are expecting to do that. "I'm still going to go out there and do my best. I'm going to give it everything I have, and I think tactically there are some things I definitely can implement to try to give him trouble, and that's all you can do."

* Agencies

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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.”

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

UAE currency: the story behind the money in your pockets
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The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

RESULT

Arsenal 0 Chelsea 3
Chelsea: Willian (40'), Batshuayi (42', 49')

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Results:

First Test: New Zealand 30 British & Irish Lions 15

Second Test: New Zealand 21 British & Irish Lions 24

Third Test: New Zealand 15 British & Irish Lions 15

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

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If you go

Flying

Despite the extreme distance, flying to Fairbanks is relatively simple, requiring just one transfer in Seattle, which can be reached directly from Dubai with Emirates for Dh6,800 return.

 

Touring

Gondwana Ecotours’ seven-day Polar Bear Adventure starts in Fairbanks in central Alaska before visiting Kaktovik and Utqiarvik on the North Slope. Polar bear viewing is highly likely in Kaktovik, with up to five two-hour boat tours included. Prices start from Dh11,500 per person, with all local flights, meals and accommodation included; gondwanaecotours.com 

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The specs

Engine: 2.0-litre 4-cyl turbo

Power: 247hp at 6,500rpm

Torque: 370Nm from 1,500-3,500rpm

Transmission: 10-speed auto

Fuel consumption: 7.8L/100km

Price: from Dh94,900

On sale: now

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The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en