Top two to miss Dubai



DUBAI // The loss of Roger Federer, who as a four-time champion topped the bill at the star-studded Barclays Tennis Championships, is the latest in a series of major blows to hit this year's tournament. The gloss has been taken off the one of the most attractive women's events outside the grand slams by the Sharar Peer visa controversy and now next week's men's showpiece, already threatened by another potential visa problem involving the Israeli doubles player Andy Ram, might by deprived of the world's best two players. Before Federer announced his withdrawal late on Tuesday night, Rafael Nadal who last year deposed the Swiss at the top of the rankings, indicated he may also have to pull out of the 32-man tournament through injury. Both men suffered badly at the end of last season with their respective fitness problems. Federer's back pain is evidently more serious than Nadal's knee because he has declared an intention to take "a few weeks" off to give the damage time to heal. Nadal has given notice that the recurrence of the knee injury which kept him out of the end-of-season Masters Cup in Shanghai and Spain's Davis Cup final win over Argentina would not allow him to play in Dubai and in his country's ensuing Davis Cup tie against Serbia. His preference is likely to be the Davis Cup tie. Damaging though Nadal's absence would be to the US$2million (Dh7,346m) tournament, it is overshadowed by Federer not appearing in his adopted home for the first time since 2002. Colm McLoughlin, Managing Director of Dubai Duty Free, who organised this two-week tennis festival and were the original title sponsors, said: "Roger is a four-time winner here and a great fan of Dubai and the tournament. We are sorry that injury has prevented him from playing this year but we wish him a speedy recovery." "This decision was very difficult for me," said Federer, who will also miss Switzerland's Davis Cup tie away to the United States next month. "I won't just be missing one of my favourite tournaments of the tour, but also the chance to go through to the next round with my teammates." Federer, 27, who has not played since losing an epic five-set Australian Open final to Nadal last month, believes the problem which forced his withdrawal from the Paris Masters in October and impaired his challenge for the ensuing Masters Cup in Shanghai, has not been given enough time to heal. "After injuring my back last autumn, I did not have enough time to strengthen it completely," he said. " So I will use the next few weeks to make sure it is fully rehabilitated." Federer, so close to equalling Pete Sampras's record of 14 grand slam titles in Melbourne, is determined to be at his peak for the three other majors of the year, particularly Wimbledon where he has triumphed five times and the US Open which he won for the fifth time last year. His Dubai withdrawal and the considerable doubts about the participation of French Open and Wimbledon champion Nadal increases the prospects of Britain's Andy Murray completing a Middle East treble, the Scotsman having retained his Doha title last month a week after his splendid triumph in the inaugural Abu Dhabi exhibition tournament. Andy Roddick, the big serving American who capitalised on Federer's first round Dubai exit at the hands of Murray 12 months ago, will also be eyeing a repeat win, while Novak Djokovic, winner of the Masters Cup in Nadal's absence, is another contender whose chances have dramatically improved.

wjohnson@thenational.ae

How has net migration to UK changed?

The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.

It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.

The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.

The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.

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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.”

UAE currency: the story behind the money in your pockets
Volvo ES90 Specs

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Lexus LX700h specs

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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

Winners

Best Men's Player of the Year: Kylian Mbappe (PSG)

Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)

TikTok Fans’ Player of the Year: Robert Lewandowski

Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)

Best Women's Player of the Year: Alexia Putellas (Barcelona)

Best Men's Club of the Year: Chelsea

Best Women's Club of the Year: Barcelona

Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)

Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)

Best Coach of the Year: Roberto Mancini (Italy)

Best National Team of the Year: Italy 

Best Agent of the Year: Federico Pastorello

Best Sporting Director of the Year: Txiki Begiristain (Manchester City)

Player Career Award: Ronaldinho

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Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

MISSION: IMPOSSIBLE – FINAL RECKONING

Director: Christopher McQuarrie

Starring: Tom Cruise, Hayley Atwell, Simon Pegg

Rating: 4/5

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 
How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
The specs

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MATCH INFO

Arsenal 1 (Aubameyang 12’) Liverpool 1 (Minamino 73’)

Arsenal win 5-4 on penalties

Man of the Match: Ainsley Maitland-Niles (Arsenal)

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.