Roger Federer's merger proposal is thrilling but needs to be treated with caution


Reem Abulleil
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It was the tweet that launched a thousand more; millions more actually.

Roger Federer singlehandedly sent the tennis ecosystem into frenzy by posting on social media that it was time the men's and women's tours merged into one.

Rafael Nadal endorsed him shortly after. Vasek Pospisil jumped in on the action and revealed that the subject has been on the table since January, brought forward to the men’s players by the ATP.

It wasn’t long before many of the WTA’s top players backed Federer’s sentiments, including the likes of Simona Halep, Petra Kvitova, Garbine Muguruza and WTA Player Council members Sloane Stephens and Donna Vekic.

Even Billie Jean King herself – the founder of the WTA and the woman who fought tooth and nail to create a tour worthy of her and her peers, and help make women’s tennis the most successful female sport in the world – voiced her approval.

“I agree, and have been saying so since the early 1970s. One voice, women and men together, has long been my vision for tennis. The WTA on its own was always Plan B. I’m glad we are on the same page. Let’s make it happen,” tweeted King on Wednesday.

The reaction from the tennis world hit meteoric levels of excitement at such an unexpectedly rapid rate, that it left no room for scepticism. Almost no room for scepticism!

While the big win here is that a compelling conversation has started that could possibly result in a stronger and less fragmented structure in professional tennis, it’s important to analyse the various factors that come into play, and revisit the relevant historical facts that led to the existing divisions that are so deep-rooted in tennis.

King has always maintained that her initial plan was to have the men’s and women’s tours under one umbrella. In the early ‘70s, the men wouldn’t accept that and turned her away.

“They still don't want us, but some day, I don't know if it's before I die or not, but if they were smart we would have been together from day one, because we should have owned the Grand Slams too,” King told reporters in Singapore at the end of the 2018 season.

“If I had had my vision, it's very different from what I envisioned, but we were pretty good with Plan B, I think.”

Since King’s early days fighting for this cause, the subject has been brought up many times but a merger never materialised. In the late ‘90s, the then ATP CEO Mark Miles proposed a seven-stop combined tour in efforts to create a unified product that would be stronger in the marketplace. The women’s tour snubbed his proposal worrying it would weaken their identity.

In 2009, Larry Scott, who was the WTA’s chairman and CEO at the time, resigned from his position citing frustration over failed merger talks as one of the reasons behind his decision.

"What I really thought the sport needed to do to unlock its full potential was for the WTA and the ATP to merge," Scott told Tennis.com. "I have a deep belief that that needs to happen. It's obviously not going to happen on my watch."

More recently, ex-world No 1 Halep told reporters in 2018 at the combined ATP/WTA tournament in Madrid that she wished the men’s and women’s tours weren’t separate circuits.

“If one day it's going to be one tour, it's going to be nice to be together every tournament. I like that. I think it's much better to have that,” the Romanian said.

At last year’s Australian Open, when Nadal was asked if he fancied the idea of the tours joining forces, the Spaniard was unsure if that would be beneficial.

Serena Williams and Simona Halep with their trophies after the Wimbledon final last summer. Winner Halep is backing a joint tour. USA Today
Serena Williams and Simona Halep with their trophies after the Wimbledon final last summer. Winner Halep is backing a joint tour. USA Today

“Why? I don't know. I don't get the point,” said Nadal. When the reporter suggested that it might result in a stronger product, Nadal responded: “Why is a stronger product? I don't know.

“I don't know. I don't have the whole information to know if that would be a stronger product or not.”

Success story

Squash provides a decent example to look at. At the end of 2014, the men’s and women’s squash tours were brought together under one governing body – the PSA (Professional Squash Association). The women were making far less money on their tour, compared to the men, and the WSA (Women’s Squash Association) was barely sustainable.

PSA chairman Ziad Al-Turki was adamant on changing that and believed in having both tours unified as one.

"You cannot develop a sport just concentrating on one sex," the Saudi supremo told The National.

According to Al-Turki, the people running the women’s tour were not keen on the merger (“they were narrow-minded”), which forced the female players themselves to step up and lead the discussions with the PSA. Eventually the WSA was dissolved and became part of the PSA.

“It’s been very good for both sexes. Prize money went up, more tournaments emerged, social media went up 258 per cent in three years,” added Al-Turki. “It’s a perfect example why the two should be working side by side.”

Al-Turki says the majority of the male players were behind the unification of the tours, although a few of the top women’s players would tell you otherwise.

All the top-tier events were required to have both men’s and women’s tournaments and were told they had three years to figure out a way to offer equal prize money, without lowering the prize pot that was initially dedicated to the men. Events like the World Championships and the World Tour Finals hit parity from the get-go.

“We showed the men that we’re not going to take anything away from them. And after two or three years, they all agreed this was a great move,” insists Al-Turki.

“It also became the buzz word. We were going after this before it became fashionable to have parity.”

Within three years, the PSA’s revenues had gone up by 68.4% compared to pre-merger figures. The sport was getting more air time because there were more tournaments on offer to broadcasters through their TV rights deals.

The women’s prize fund increased by 52.9 per cent within that period, while the men’s went up by 19.4 per cent.

Women’s world No 5 Nour El Tayeb, who is married to men’s world No 2 Ali Farag, admits there has been resentment among the male players about the merger but believes they will all reap the rewards in the long run.

“They’re definitely not on board and they’re not hiding it. So many of the men’s players are unhappy about equal prize money, and in a way they have a valid reason.

Mandatory Credit: Photo by TANNEN MAURY/EPA-EFE/Shutterstock (10128536l) Nour El Tayeb of Egypt in action during their semi final match at the 2018-2019 PSA World Championship squash tournament at Union Station in Chicago, Illinois, USA, 01 March 2019. 2018-2019 PSA World Championships in Chicago, USA - 01 Mar 2019
Mandatory Credit: Photo by TANNEN MAURY/EPA-EFE/Shutterstock (10128536l) Nour El Tayeb of Egypt in action during their semi final match at the 2018-2019 PSA World Championship squash tournament at Union Station in Chicago, Illinois, USA, 01 March 2019. 2018-2019 PSA World Championships in Chicago, USA - 01 Mar 2019

"The PSA said that combining the tours would be beneficial for both the men and the women, but because our tour was originally smaller than the men's, most of the money that came into the sport went to the women so we can have equal prize money compared to the men," El Tayeb told The National in an interview last year.

Equal voice

Should a tennis merger actually happen, the women must make sure they have an equal voice at the table. It’s not just about equal prize money – which is obviously a must and still hasn’t been fully achieved in tennis – but there needs to be genuine buy-in from the ATP side, and belief in what the women will bring to the equation.

Cutting a cheque is easy, but being respectful and fair, and advocating for each other equally is a different story.

At times, the men’s tour has taken a superior or dismissive stance when it comes to the WTA. Just three and a half months ago, the ATP Cup that debuted in Australia relegated the women’s WTA Premier event in Brisbane to the outside courts in the early rounds, giving the men of the ATP Cup sole access to Centre Court for the first few days.

Few male players have openly supported equal pay in the sport, which makes you wonder whether that will change if the tours combine.

The tours have been operating so independently in many different ways, that we were shocked when we started receiving joint statements from them when the sport was hit by the coronavirus.

Another unprecedented move was the launch of the new show, Tennis United, co-hosted by the ATP and the WTA. It’s great to see those early signs of unity, but jumping into a merger sounds like a gigantic leap in comparison. It feels like such a sudden change of heart from the men who spent most of their time resisting this very notion.

With tennis now facing a crisis in the form of this global pandemic that has suspended the season for no less than five months, it’s definitely the right time to reflect, form new opinions, and examine a concept like a merger. If done the right way, the benefits could be substantial.

Combining the tours could help save costs, would give the unified circuit higher negotiating power with broadcasters and sponsors, and would eliminate a lot of confusion among fans who are currently struggling with the different rules for each tour, the numerous platforms they have to subscribe to in order to watch tennis, and the varying tournament structures and ranking systems.

‘Stronger together’ is a lovely sentiment and one we can all get behind. Let’s just hope the women get a fair shake out of it.

RIVER%20SPIRIT
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The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Bangladesh tour of Pakistan

January 24 – First T20, Lahore

January 25 – Second T20, Lahore

January 27 – Third T20, Lahore

February 7-11 – First Test, Rawalpindi

April 3 – One-off ODI, Karachi

April 5-9 – Second Test, Karachi

AVOID SCAMMERS: TIPS FROM EMIRATES NBD

1. Never respond to e-mails, calls or messages asking for account, card or internet banking details

2. Never store a card PIN (personal identification number) in your mobile or in your wallet

3. Ensure online shopping websites are secure and verified before providing card details

4. Change passwords periodically as a precautionary measure

5. Never share authentication data such as passwords, card PINs and OTPs  (one-time passwords) with third parties

6. Track bank notifications regarding transaction discrepancies

7. Report lost or stolen debit and credit cards immediately

The National photo project

Chris Whiteoak, a photographer at The National, spent months taking some of Jacqui Allan's props around the UAE, positioning them perfectly in front of some of the country's most recognisable landmarks. He placed a pirate on Kite Beach, in front of the Burj Al Arab, the Cheshire Cat from Alice in Wonderland at the Burj Khalifa, and brought one of Allan's snails (Freddie, which represents her grandfather) to the Dubai Frame. In Abu Dhabi, a dinosaur went to Al Ain's Jebel Hafeet. And a flamingo was taken all the way to the Hatta Mountains. This special project suitably brings to life the quirky nature of Allan's prop shop (and Allan herself!).

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

FIGHT CARD

 

1.           Featherweight 66kg

Ben Lucas (AUS) v Ibrahim Kendil (EGY)

2.           Lightweight 70kg

Mohammed Kareem Aljnan (SYR) v Alphonse Besala (CMR)

3.           Welterweight 77kg

Marcos Costa (BRA) v Abdelhakim Wahid (MAR)

4.           Lightweight 70kg

Omar Ramadan (EGY) v Abdimitalipov Atabek (KGZ)

5.           Featherweight 66kg

Ahmed Al Darmaki (UAE) v Kagimu Kigga (UGA)

6.           Catchweight 85kg

Ibrahim El Sawi (EGY) v Iuri Fraga (BRA)

7.           Featherweight 66kg

Yousef Al Husani (UAE) v Mohamed Allam (EGY)

8.           Catchweight 73kg

Mostafa Radi (PAL) v Abdipatta Abdizhali (KGZ)

9.           Featherweight 66kg

Jaures Dea (CMR) v Andre Pinheiro (BRA)

10.         Catchweight 90kg

Tarek Suleiman (SYR) v Juscelino Ferreira (BRA)

FA Cup fifth round draw

Sheffield Wednesday v Manchester City
Reading/Cardiff City v Sheffield United
Chelsea v Shrewsbury Town/Liverpool
West Bromwich Albion v Newcastle United/Oxford United
Leicester City v Coventry City/Birmingham City
Northampton Town/Derby County v Manchester United
Southampton/Tottenham Hotspur v Norwich City
Portsmouth v Arsenal 

THE SPECS

Jaguar F-Pace SVR

Engine: 5-litre supercharged V8​​​​​​​

Transmission: 8-speed automatic

Power: 542bhp​​​​​​​

Torque: 680Nm​​​​​​​

Price: Dh465,071

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Results

6.30pm: Dubai Millennium Stakes Group Three US$200,000 (Turf) 2,000m; Winner: Ghaiyyath, William Buick (jockey), Charlie Appleby (trainer).

7.05pm: Handicap $135,000 (T) 1,600m; Winner: Cliffs Of Capri, Tadhg O’Shea, Jamie Osborne.

7.40pm: UAE Oaks Group Three $250,000 (Dirt) 1,900m; Winner: Down On Da Bayou, Mickael Barzalona, Salem bin Ghadayer.

8.15pm: Zabeel Mile Group Two $250,000 (T) 1,600m; Winner: Zakouski, James Doyle, Charlie Appleby.

8.50pm: Meydan Sprint Group Two $250,000 (T) 1,000m; Winner: Waady, Jim Crowley, Doug Watson.

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

if you go

The flights

Fly to Rome with Etihad (www.etihad.ae) or Emirates (www.emirates.com) from Dh2,480 return including taxes. The flight takes six hours. Fly from Rome to Trapani with Ryanair (www.ryanair.com) from Dh420 return including taxes. The flight takes one hour 10 minutes. 

The hotels 

The author recommends the following hotels for this itinerary. In Trapani, Ai Lumi (www.ailumi.it); in Marsala, Viacolvento (www.viacolventomarsala.it); and in Marsala Del Vallo, the Meliaresort Dimore Storiche (www.meliaresort.it).

Countries offering golden visas

UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.

Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.

Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.

Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.

Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence. 

PROFILE OF INVYGO

Started: 2018

Founders: Eslam Hussein and Pulkit Ganjoo

Based: Dubai

Sector: Transport

Size: 9 employees

Investment: $1,275,000

Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri

At a glance - Zayed Sustainability Prize 2020

Launched: 2008

Categories: Health, energy, water, food, global high schools

Prize: Dh2.2 million (Dh360,000 for global high schools category)

Winners’ announcement: Monday, January 13

 

Impact in numbers

335 million people positively impacted by projects

430,000 jobs created

10 million people given access to clean and affordable drinking water

50 million homes powered by renewable energy

6.5 billion litres of water saved

26 million school children given solar lighting

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

TRAP

Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue

Director: M Night Shyamalan

Rating: 3/5

RESULTS
%3Cp%3E%0D%3Cstrong%3E5pm%3A%20%3C%2Fstrong%3EWathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(Turf)%202%2C200m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%20%3C%2Fstrong%3EAl%20Hazeez%2C%20Saif%20Al%20Balushi%20(jockey)%2C%20Khalifa%20Al%20Neyadi%20(trainer)%0D%3Cbr%3E%3Cstrong%3E5.30pm%3A%20%3C%2Fstrong%3EShams%20Gate%20Tower%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(T)%201%2C200m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%3C%2Fstrong%3E%20ES%20Sudani%2C%20Antonio%20Fresu%2C%20Hamad%20Al%20Marar%0D%3Cbr%3E%3Cstrong%3E6pm%3A%3C%2Fstrong%3E%20Al%20Bahr%20Towers%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C200m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%3C%2Fstrong%3E%20AF%20Musannef%2C%20Tadhg%20O%E2%80%99Shea%2C%20Ernst%20Oertel%0D%3Cbr%3E%3Cstrong%3E6.30pm%3A%3C%2Fstrong%3E%20Capital%20Gate%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(T)%201%2C600m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%3C%2Fstrong%3E%20Shugga'A%20Baynounah%2C%20Dane%20O%E2%80%99Neill%2C%20Nisren%20Mahgoub%0D%3Cbr%3E%3Cstrong%3E7pm%3A%20%3C%2Fstrong%3EEtihad%20Towers%20%E2%80%93%20Conditions%20(PA)%20Dh80%2C000%20(T)%201%2C600m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%20%3C%2Fstrong%3EAF%20Maqam%2C%20Tadhg%20O%E2%80%99Shea%2C%20Ernst%20Oertel%0D%3Cbr%3E%3Cstrong%3E7.30pm%3A%3C%2Fstrong%3E%20Fairmont%20Marina%20%E2%80%93%20Maiden%20(TB)%20Dh80%2C000%20(T)%201%2C600m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%20%3C%2Fstrong%3ETempesta%20D'Oro%2C%20Xavier%20Ziani%2C%20Salem%20bin%20Ghadayer%3C%2Fp%3E%0A
England Test squad

Ben Stokes (captain), Joe Root, James Anderson, Jonny Bairstow, Stuart Broad, Harry Brook, Zak Crawley, Ben Foakes, Jack Leach, Alex Lees, Craig Overton, Ollie Pope, Matthew Potts

 
Medicus AI

Started: 2016

Founder(s): Dr Baher Al Hakim, Dr Nadine Nehme and Makram Saleh

Based: Vienna, Austria; started in Dubai

Sector: Health Tech

Staff: 119

Funding: €7.7 million (Dh31m)

 

Liverpool's all-time goalscorers

Ian Rush 346
Roger Hunt 285
Mohamed Salah 250
Gordon Hodgson 241
Billy Liddell 228

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

The%20Caine%20Mutiny%20Court-Martial%20
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EWilliam%20Friedkin%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EKiefer%20Sutherland%2C%20Jason%20Clarke%2C%20Jake%20Lacy%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
UAE currency: the story behind the money in your pockets
Ain Issa camp:
  • Established in 2016
  • Houses 13,309 people, 2,092 families, 62 per cent children
  • Of the adult population, 49 per cent men, 51 per cent women (not including foreigners annexe)
  • Most from Deir Ezzor and Raqqa
  • 950 foreigners linked to ISIS and their families
  • NGO Blumont runs camp management for the UN
  • One of the nine official (UN recognised) camps in the region
COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Tamkeen's offering
  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
  • Option 2: 50% across three years
  • Option 3: 30% across five years 

In Search of Mary Shelley: The Girl Who Wrote Frankenstein
By Fiona Sampson
Profile

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Results

2pm Handicap (PA) Dh85,000 1,800m

Winner AF Al Baher, Tadhg O’Shea (jockey), Ernst Oertel (trainer).

2.30pm Maiden (TB) Dh75,000 1,400m

Winner Alla Mahlak, Fabrice Veron, Rashed Bouresly.

3pm Handicap (TB) Dh80,000 1,400m

Winner Davy Lamp, Adrie de Vries, Rashed Bouresly.

3.30pm Handicap (TB) Dh105,000 1,400m

Winner Ode To Autumn, Richard Mullen, Satish Seemar.

4pm Handicap (TB) Dh80,000 1,950m

Winner Arch Gold, Pat Dobbs, Doug Watson.

4.30pm Maiden (TB) Dh75,000 1,800m

Winner Meqdam, Pat Dobbs, Doug Watson.

5pm Handicap (TB) Dh90,000 1,800m

Winner Native Appeal, Sam Hitchcott, Doug Watson.

5.30pm Maiden (TB) Dh75,000 1,400m

Winner Amani Pico, Tadhg O’Shea, Satish Seemar

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.”

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

The specs

Engine: 6.2-litre supercharged V8

Power: 712hp at 6,100rpm

Torque: 881Nm at 4,800rpm

Transmission: 8-speed auto

Fuel consumption: 19.6 l/100km

Price: Dh380,000

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Europa League group stage draw

Group A: Villarreal, Maccabi Tel Aviv, Astana, Slavia Prague.
Group B: Dynamo Kiev, Young Boys, Partizan Belgrade, Skenderbeu.
Group C: Sporting Braga, Ludogorets, Hoffenheim, Istanbul Basaksehir.
Group D: AC Milan, Austria Vienna , Rijeka, AEK Athens.
Group E: Lyon, Everton, Atalanta, Apollon Limassol.
Group F: FC Copenhagen, Lokomotiv Moscow, Sheriff Tiraspol, FC Zlin.
Group G: Vitoria Plzen, Steaua Bucarest, Hapoel Beer-Sheva, FC Lugano.
Group H: Arsenal, BATE Borisov, Cologne, Red Star Belgrade.
Group I: Salzburg, Marseille, Vitoria Guimaraes, Konyaspor.
Group J: Athletic Bilbao, Hertha Berlin, Zorya Luhansk, Ostersund.
Group K: Lazio, Nice, Zulte Waregem, Vitesse Arnhem.
Group L: Zenit St Petersburg, Real Sociedad, Rosenborg, Vardar

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