From left to right: Bjorn Borg, Pete Sampras, Roger Federer and Rod Laver are the greatest living tennis players in the world.
From left to right: Bjorn Borg, Pete Sampras, Roger Federer and Rod Laver are the greatest living tennis players in the world.

'Staggered' Federer could win 20 majors



LONDON // Pete Sampras has given up travelling since conquering the world on the way to what was for seven years a record haul of 14 grand slams. The American superstar promised to make one trip, however, to be able to offer his personal congratulations when his friend Roger Federer went past that magnificent mark.

Sampras, glad that he did not have to board a flight to Melbourne thanks to Rafael Nadal's heroics over the last 12 months, made a last-minute transatlantic booking after Federer had safely accounted for Tommy Haas to reach a seventh successive Wimbledon final. It was as high profile an entrance as any of the famous visitors to the All England Club's Royal Box has made. Sampras, tired and jet-lagged, arrived just after the final had started and had to wait until the first changeover to take his seat alongside Rod Laver and Bjorn Borg - the only other two men alive today whose achievements can be compared with those of Federer.

The Centre Court crowd were swift to acknowledge the appearance of their seven-time champion and alerted Federer, who was happy to allow his concentration to be broken for the only time in more than four hours of epic battle with Andy Roddick to say hello to his old pal. Sampras may have felt like taking 40 winks in the warm afternoon sun but he - like Laver, Borg and everybody else lucky enough to witness an impending moment of sporting history - sat riveted as a hugely courageous Roddick traded blow for blow with Federer until succumbing 16-14 in the longest final set of a grand slam.

"Andy played brilliantly and had his chances but Roger fully deserves this honour," said Sampras as he, Laver and Borg waited under Wimbledon's famous Kipling quotation "If you can meet with triumph and disaster and treat those twin impostors just the same..." to embrace the man who can now safely be called the greatest player of all time. "And he has not finished yet," warned Sampras. "Roger can go on to win 18 or 19 majors, perhaps even 20 because his style is so effortless and relaxed. He doesn't waste energy. He is a legend and a credit to the game. A stud."

As Federer posed for pictures with the three stars of bygone eras it was clear that the magnitude of his accomplishment had not properly sunk in. Even an hour later at his official media conference his mind was still in a whirl as he referred to being "staggered" by the "craziness" of what had gone on that afternoon. "Things didn't look so good when I lost in the final of the Australian Open, which was still just an unbelievable result," the 27-year-old said.

"I'm still processing the whole thing because a lot has happened in the last few weeks. It was such a historic day in tennis and me being the main character in this... I have so many pictures going through my mind." When he composes himself, he will believe that a sixth successive US Open and a 16th grand slam is well within reach, especially if his nemesis Rafael Nadal, the only man to beat him in major finals (five of them) continues to struggle for fitness.

Nadal's absence meant that Federer regained the world No 1 ranking by winning Wimbledon and the Swiss was asked whether the achievement is in any way tarnished by his Spanish rival not being able to defend the title. "No, I don't think it should," Federer responded. "That's the way it goes in tennis. Injuries are a big part of the game. Everybody expected [Andy] Murray to be in the final. He wasn't there. It's not the fault of the one who wins.

"Of course, I would have loved to play him [Nadal] again. But, then again, I've also played Andy Roddick now in three great Wimbledon finals and I think he deserves the credit, too, for playing so well. "You never know how Rafa would have played, but it's sad he couldn't even give it a fair chance. Tennis moves very quickly, you know." Apart from a bad back and illness which hampered him at the end of last year and the beginning of this, Federer has been blessed with a relatively trouble-free career which is endorsed by his remarkable record of reaching the semi-finals of all of the last 20 grand slams.

He said before the final that he wants his first child which is due imminently - it was a wonder it did not arrive during the match as his wife Mirka went through a spectrum of emotions - to see him play. So Sampras may be right. Twenty grand slams is a possibility. wjohnson@thenational.ae

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
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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.”

Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company

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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

 

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

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'Unrivaled: Why America Will Remain the World’s Sole Superpower'
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Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.

India will also cut automotive tariffs to 10% under a quota from over 100% currently.

Indian employees in the UK will receive three years exemption from social security payments

India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery

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Company name: baraka
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Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
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Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)

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