World No 1 Novak Djokovic of Serbia faces Canadian Vasek Pospisil in the first round on Tuesday in Dubai. Michael Dodge / Getty Images
World No 1 Novak Djokovic of Serbia faces Canadian Vasek Pospisil in the first round on Tuesday in Dubai. Michael Dodge / Getty Images

Novak Djokovic made the right choice and is living with his decision



He may be an eight-time grand slam title champion and the reigning world No 1 but, in an alternate reality, Novak Djokovic’s career could easily have been headed downhill before it had even begun.

Growing up in Serbia, a nine-year-old Djokovic would split his time between tennis and taking to nearby ski slopes with his father.

Naturally, having competed in regional races, he began to question the future: should he follow his father’s preference of professional skiing or take on the challenge of trying to prosper with a racquet?

Djokovic, 27, has amassed $75 million (Dh275.5m) since turning pro in 2003 so it was no surprise that, while speaking ahead of this week’s Dubai Duty Free Tennis Championships, he deadpanned: “I don’t think we made the wrong decision.”

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The Serbian – who still skis after having insisted the traditional prohibitory clause not be included in his contract – has reached the men’s final in 13 of the past 18 grand slam ­tournaments.

He has been ranked No 1 since last July, as part of 134 weeks in total at the top, and in Melbourne last month beat Andy Murray in four sets to claim a record fifth Australian Open title.

“I’m very proud of what I’ve achieved so far in my career, but as a 27 year old I feel like there are still a few more years in my legs and in my head,” Djokovic said. “As long as I have this drive and desire to play and the commitment to practise and [do] activities that make me a better player I will continue playing.

“People emphasise winning – not just in sports, but life in general – but for me it’s more about having this true love and passion towards the sport.

“If I’m able to sustain that over a long period of time I believe results will come as a consequence of that pure emotion; of playing the sport I fell in love with the first time I held a racquet in my hands.”

Djokovic, who is chasing a fifth Dubai title, could meet Murray this week for the first time since Melbourne, but it would require both men to reach the final after the draw placed Murray in the same half as No 2 seed Roger Federer.

Murray faces Gilles Muller of Luxembourg at the Aviation Club on Tuesday, while Djokovic faces Canadian Vasek Pospisil.

The past 12 months have been especially fruitful for Djokovic, who was married on July 10 and became a father three months later.

While adapting to fatherhood has proved challenging, the 2010 Davis Cup winner is benefiting from the guidance of coach, friend and former world No 1 Boris Becker, who has travelled with him to Dubai this week.

Becker and Djokovic started working together in December 2013 and have since won Wimbledon and the Australian Open while also reaching the final of the French Open. Yet the relationship only really blossomed in the second half of last season with the arrival of Djokovic’s son, Stefan.

“We have had similar careers because he became a father when he was 26 or 27, so we have talked about that a lot. We still want to achieve a lot – it’s only the beginning,” Djokovic said.

He said that father-of-four Federer remains the ultimate example of balancing work and life. “A baby is not easy to handle but it is possible,” Djokovic said. “Roger is probably the best example because we are talking about one baby and he has four, so he is a great example of how you can keep on playing at a high level and still be a father.”

At times in Melbourne, Djokovic looked indomitable and a good week in the Emirates would further strengthen the belief that the elusive French Open trophy might be ready to leave the Parisian clay enveloped in the Serbian’s arms. His contented life, he said, is sure to stand him in good stead.

“I know no one can be perfect, but there are always a few elements you can improve,” he said. “I try to have a holistic approach to everything I do. It’s something that I worked on over the years.

“The bottom line is that really it’s the psychological effect that brings you to where you want to be. It’s not just your mindset on court, but everything you do off the court – your philosophy in life.”

gmeenaghan@thenational.ae

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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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