Rafael Nadal recovered from a slow start to beat Fabio Fognini and keep alive his Rogers Cup title defence. EPA
Rafael Nadal recovered from a slow start to beat Fabio Fognini and keep alive his Rogers Cup title defence. EPA
Rafael Nadal recovered from a slow start to beat Fabio Fognini and keep alive his Rogers Cup title defence. EPA
Rafael Nadal recovered from a slow start to beat Fabio Fognini and keep alive his Rogers Cup title defence. EPA

Rafael Nadal rallies to beat Fabio Fognini in Montreal: Rogers Cup round-up


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Rafael Nadal needed a set to get adjusted before unloading on Fabio Fognini for a 2-6, 6-1, 6-2 victory and a place in the ATP Montreal Masters semi-finals.

Nadal, who won his fourth title in Canada a year ago, needed almost two hours on Friday to overcome the Italian veteran who shocked him on clay at Monte Carlo in April.

"It was an up-and-down match, but a positive match for me because I played better and better as it went on," Nadal said. "I lost the first set feeling that I was not playing badly. Things were just going too fast.

"Things happen quickly here because the court is fast. Sometimes in the first set, the player who is taking advantage has the adrenaline very high. It's difficult to quickly stop that momentum."

World No 2 Nadal was the only major seed to survive a quarter-final cull after defeats for Dominic Thiem and Alexander Zverev.

He won't know who he will play for a place in the final until Saturday, when Gael Monfils and Roberto Bautista Agut return to complete a rain delayed match.

Steady rain began as Monfils and Bautista took the court and they were unable to complete a game before play was suspended for the night.

Austrian second seed Thiem, coming off an emotional home victory in Kitzbuehel last week, hit the wall in a 6-3, 6-1 thrashing at the hands of Russia's eighth-seeded Daniil Medvedev.

Third seed Zverev was unable to make an impression on Russian sixth seed Karen Khachanov, losing 6-3, 6-3 in 74 minutes.

Zverev suffered the first blemish on what had been a perfect 7-0 record in Montreal after winning the 2017 edition in his maiden visit to the city, which alternates with Toronto as host venue each year.

Khachanov and Medvedev are 1-1 in their rivalry, having played each other in Moscow last season and in 2017 at the NextGen final in Milan.

"It's never easy to play a good friend, especially from the same country," Khachanov said. "Daniil is having a great season. The match will be difficult.

"He's a dangerous opponent. He has been destroying everyone this week. It should be a great match."

Two-time Roland Garros finalist Thiem, who had never won a match in Canada over five years of trying before this week, said he did not have a chance against Medvedev as a hectic travel schedule caught up with him in his 56-minute loss.

"With all the traveling and short transition, two very tough matches yesterday and two days ago, I think the battery was empty today. I was not on my 100 percent," he said.

"This is just not enough in the quarter-finals of a Masters 1000, especially against a guy like Daniil, who is in a great shape, who is playing amazing tennis."

Medvedev admitted he was expecting Thiem to be tougher.

"I was happy that I was able to play so well, to beat him so easily," Medvedev said. "It saved me a lot of energy. It gave me a lot of confidence, so I'm very happy."

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Cryopreservation: A timeline
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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.”

The biog

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Favourite Al Wasl player: Alexandre Oliveira

First started supporting Al Wasl: 7

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Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

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Canada

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Singapore

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Australia

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Saudi Arabia

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South Korea

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PROFILE OF STARZPLAY

Date started: 2014

Founders: Maaz Sheikh, Danny Bates

Based: Dubai, UAE

Sector: Entertainment/Streaming Video On Demand

Number of employees: 125

Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners

Company%20Profile
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UAE currency: the story behind the money in your pockets
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