World No 1 Novak Djokovic adjusting well to life of parenthood

ABU DHABI // Growing up on Mount Kopaonik, a Serbian ski resort where his parents ran a fast-food restaurant, Novak Djokovic probably never imagined he would be the owner of seven grand slam titles and 20 Masters 1000 crowns, as well as winning US$72 million (Dh264m) in prize money before his 28th birthday.

The world No 1 has also spent 127 weeks at the top of the men's rankings, and he has done all this in an era that boasts two definite claimants to the greatest-of-all-time tag, Roger Federer and Rafael Nadal.

Yet Djokovic says these achievements pale in comparison to the joy he felt when he and wife, Jelena Ristic, had a son they named Stefan on October 21 last year.

“It has definitely given me a larger dimension and perspective in life,” Djokovic said as he talked about parenthood.

“It has deeply fulfilled me like nothing before. Everything that I have achieved so far and done in my life – and I have experienced some very joyful moments – but nothing could really compare to becoming a parent. My wife and I were really blessed to have this opportunity to become a parent, and we try to enjoy every moment of it.”

Parenthood has brought about a few changes in Djokovic’s normal routine. Although he has been kept awake by his son on a few nights, the proud father is not complaining.

“Well, you wake up a few times in the night here and there, but there are worse things in life that can happen,” Djokovic said.

“It’s not easy, but I find it a source of positive energy and just pure love. I don’t look at it as a commitment or engagement – something that I have to do. It is something that just comes naturally as a parent.

“This is what my wife and I have planned and wished for – to be parents. We have been blessed and now we are enjoying it.

“It’s going to require a little bit more organisation, more people travelling and more bags, more overweight. But generally, it’s just a very positive thing that happened.”

Djokovic plays his first match in this year's Mubadala World Tennis Championship on Friday when he faces No 4 seed Andy Murray at Zayed Sports City.

arizvi@thenational.ae

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MATCH INFO

Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD

* Second leg in Australia scheduled for October 10

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.”

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