Roger Federer says Team Europe will be one to beat, especially if Novak Djokovic, Andy Murray and Stan Wawrinka join him and Rafael Nadal at Laver Cup. Satish Kumar / The National
Roger Federer says Team Europe will be one to beat, especially if Novak Djokovic, Andy Murray and Stan Wawrinka join him and Rafael Nadal at Laver Cup. Satish Kumar / The National

Roger Federer wants to partner Rafael Nadal for doubles at Laver Cup this year



PRAGUE // The new Laver Cup team tennis tournament is supposed to be a “tough” contest, not an exhibition, according to Roger Federer.

The competition will pit a team of the best six European players against the top six from the rest of the world. The inaugural edition is scheduled for September 22-24 at the O2 Arena in Prague. The following year, it moves to the United States.

“The idea is to absolutely have a tough tournament, tough matches, the better man wins, that’s the idea of the Laver Cup,” Federer said on Monday.

To promote the competition, Federer played some rallies against Tomas Berdych on a boat cruising the Vltava river to a crowd watching from the famed Charles Bridge.

Bjorn Bjorg will captain Europe while John McEnroe will do the same for the opponents. The tournament is to honour Rod Laver, an 11-time major champion who won two calendar-year Grand Slams.

No ATP rankings points will be awarded, but Federer insisted that an exhibition “is not how the captains see it, that’s not how Rod Laver sees it. He wants us to represent our part of the world with pride and try our very best and also win for our teammates”.

The teams will not be named until after the US Open, but it is not clear yet if all players who will formally qualify via the rankings will be available.

What is for certain, organisers said, is that Federer and Rafael Nadal, the finalists at this year’s Australian Open, will be on the European team.

With Andy Murray, Novak Djokovic and Stan Wawrinka possibly on the team, Europe seems to be the one to beat.

“On paper, we look as the big favourites,” Federer said. “We have more depth in Team Europe that we can choose from.”

The tournament will include three singles and one doubles match every day. Federer was clear about his choice of his possible partner for the doubles.

“I guess I would love to play with Rafa just because of our rivalry has been so special,” Federer said.

* Associated Press

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Engine: 1.5-litre turbo

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Starting price: Dh79,000

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The flights

Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.

The hotel

Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.

The tour

Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg

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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Engine: 2.7-litre 4-cylinder Turbomax
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