Borna Coric reached the semi-finals at February's Dubai Duty Free Tennis Championships. Satish Kumar / The National / February 26, 2015
Borna Coric reached the semi-finals at February's Dubai Duty Free Tennis Championships. Satish Kumar / The National / February 26, 2015

Tennis bits: Borna Coric to face compatriot Ivo Karlovic, twice his age, at ATP Bucharest



ATP Bucharest

Croatia’s 18-year-old rising star Borna Coric will get a chance at his decorated 36-year-old compatriot Ivo Karlovic after scoring his seventh ATP-level singles win of the season on Monday.

Coric defeated Sergiy Stakhovsky 6-2, 6-7 (4/7), 7-6 (7/2) on the opening day of the ATP BRD Nastase Tiriac Trophy to set up a second-round pairing with big-serving Karlovic, the world No 22 twice Coric’s age. Karlovic boasts six career ATP titles and 266 singles victory to his teenaged countryman’s 14 singles wins at the ATP level in his young career.

Coric has risen this season to world No 55 after became the youngest player to enter the top 100 last year since Rafael Nadal in 2003 with a semi-final run in Basel that included a memorable victory over Nadal.

Earlier this season Coric beat Andy Murray to reach the Dubai semi-finals to claim another famous win. His victory over Stakhovsky on Monday avenges a loss to the veteran world No 51 Ukrainian at February’s ATP Zagreb tournament in the first round.

Bucharest’s other first-day victors included Tunisian Malek Jaziri, defeating Florian Mayer on his comeback trail.

Daniel Gimeno-Traver beat world No 34 Viktor Troicki, who was the tournament’s sixth seed, and Mikhail Youzhny dashed the hopes of Romanian Marius Copil.

Youzhny arranges a meeting with second-seeded Gael Monfils, coming off a Monte Carlo Masters semi-final run. Top-seeded Gilles Simon will face either former world No 8 Janko Tipsarevic, also mounting a comeback campaign, or Thomas Fabbiano, with those two playing on Tuesday.

Fifth-seeded Guillermo Garcia-Lopez will be in action on Tuesday as well, meeting qualifier Lorenzo Giustino, seventh-seeded Jiri Vesely takes on Diego Schwartzman and eight-seeded Simone Bolelli will be challenged by Andrey Golubev.

Fed Cup

Twice French Open champion Serena Williams said her struggle to beat Sara Errani in the Fed Cup on Sunday had been a real “eye-opener” as the claycourt season gets into full swing.

World No 1 Williams eventually prevailed 4-6, 7-6 (7/3), 6-3 against the dogged Italian to take her career record over her to 8-0 but the American was not impressed.

The US were beaten 3-2 as Williams and Alison Riske were thrashed 0-6, 3-6 in the doubles rubber by Errani and Flavia Pennetta, meaning they were relegated to World Group II.

“Today has been a big eye opener,” Williams said afterwards. “I’m totally not as ready for the claycourt season as I thought I was. Now I’m in the mindset of, ‘You know what, I’m not on hard court.’ I’m playing like I’m on hard court and I’m not.

“So I have to play and be ready to hit a thousand shots if necessary.”

Williams, 33, won her 19th singles grand slam at the Australian Open and her dominance has raised talk of her claiming all the majors this year.

The French Open has been her least successful of the four though despite claiming the title in Paris in 2002 and 2013.

Her doubles defeat on Sunday blotted an otherwise flawless Fed Cup record and left the US facing a battle to get back amongst the elite nations next year.

“We have to work harder,” US captain Mary Joe Fernandez said. “We came close today and need to just keep plugging away.

“The good news is that we have a lot of players in the top 100 and, hopefully, we can get two wins next year and get back into the World Group.”

WTA Stuttgart

The Women’s Stuttgart Open kicked off on Monday with German world No 74 Karina Witthoft upsetting compatriot Mona Barthel, ranked 39th, 7-5, 6-3.

The indoor clay tournament boasts start wattage with Maria Sharapova as its top seed and second-seeded Simona Halep, with Ana Ivanovic, Caroline Wozniacki, Petra Kvitova and Carla Suarez-Navarro among the others present.

Witthoft will face a tough assignment in the second rond in either Ivanovic or talented French world No 29 Caroline Garica, 21. Those two will face off with the tournament picking up steam for real on Tuesday.

World No 8 Ekaterina Makarova will also play Bethanie Mattek-Sands, No 13 Lucie Safarova faces Katerina Bondarenko, Suarez-Navarro takes on Evgeniya Rodina and worlds No 20 and 23 collide when rising star Garbine Muguruza battles Barbora Strycova.

ATP Barcelona

Sweden’s Elias Ymer advanced to the second round of the ATP Barcelona Open on Monday to set up a meeting of 19-year-olds.

Ymer defeated Dutch veteran Thiemo De Bakker in three sets, dropping the first set 6-7 (4/7) before storming back 7-5, 6-4 to win

Ymer, who surprisingly qualified for the Australian Open tournament proper in January, next faces fellow young gun, 16th-seeded Nick Kyrgios of Australia.

Others to win on the first day of the tournament Monday included Spaniards Pablo Andujar, Marcel Granollers and unheralded world No 222 Roberto Carballes Baena, who upset No 72 Jan-Lennard Struff.

Another local, Pablo Carreno-Busta, was beaten by Russian Teymuraz Gabashvili.

Mikhail Kukushkin, Thomaz Bellucci, Andrey Kuznetsov and Benoit Paire also won their opening ties.

The Barcelona draw is highlighted by top-seeded Kei Nishikori, facing Gabashvili in the second round, and second-seeded Rafael Nadal, to meet either Paolo Lorenzi or Nicolas Almagro in Round 2.

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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

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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Rafael Nadal's record at the MWTC

2009 Finalist

2010 Champion

Jan 2011 Champion

Dec 2011 Semi-finalist

Dec 2012 Did not play

Dec 2013 Semi-finalist

2015 Semi-finalist

Jan 2016 Champion

Dec 2016 Champion

2017 Did not play

 

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The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

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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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The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
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6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Brief scoreline

Switzerland 0

England 0

Result: England win 6-5 on penalties

Man of the Match: Trent Alexander-Arnold (England)

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
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What are the regulations?
  • Fly it within visual line of sight
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