RIO DE JANEIRO // Emirati swimmer Nada Al Bedwawi says there is no greater honour in the world for an athlete as she prepares to lead the UAE into the Maracana stadium at the 2016 Rio Olympics opening ceremony.
The 18-year-old learned she would be going to Brazil only four weeks ago when she was handed a wildcard to contest the 50-metre freestyle race. She was then given another surprise last week when, while surfing Facebook, she discovered the National Olympic Committee had selected her to be flag-bearer for the curtain-raiser in Rio, which will start at 2.45am in the UAE on Saturday morning. The event is expected to be watched by three billion people.
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"I was sitting in my room scrolling through Facebook and then, like two seconds later, my mum called me and was like 'Nada, you're going to be the flag-bearer!'," Al Bedwawi told The National from inside the Olympic Village. "I was really shocked; I never thought they would give me the honour. I am already imagining what it will be like. It is the greatest privilege any athlete can be given from their country. It is such a rare opportunity."
Al Bedwawi, one of 13 athletes representing the UAE this month, will be only the second female flag-bearer in the Emirates’ 32-year Olympic history. She follows in the footsteps of Sheikha Maitha bint Mohammed bin Rashid, who led the country at the opening ceremony in Beijing eight years ago as a taekwondo competitor.
Last August, Al Bedwawi — alongside Alia Al Shamsi — became the first Emirati female to represent the UAE at swimming’s World Championships when she competed in the 100m backstroke. Now, when she enters the pool for her heat on August 12, she will make history once more, becoming the first female swimmer to represent the Emirates at an Olympic Games.
“I feel both nervous and excited,” she added. “I am really nervous about actually going to the event, but I will do my best and feel like I am going to do well. I am confident.”
Expectations though must be tempered; a medal is unrealistic. Yet the biology student at NYU Abu Dhabi can bring to the UAE something more substantial than a metal pendant. Alongside Yaqoub Al Saadi, she is one of just two swimmers in the Emirates’ delegation and intends to help change the image of the sport in the country — and with it change the country’s medal prospects.
“I’ve came here to Rio and I see all the other swimming teams and they all have a lot of athletes, but for us we are only two,” she said. “When it comes to the UAE, maybe we still see swimming a little bit different culturally, so I am trying to break down barriers and pave the way for other Emirati swimmers. Hopefully we can come back in four years or eight years with a lot more swimmers.”
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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Ticket prices
General admission Dh295 (under-three free)
Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free
Buy tickets at: wbworldabudhabi.com/en/tickets
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.”
Non-oil%20trade
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LIVING IN...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Engine: 6.75-litre twin-turbocharged V12 petrol engine
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Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
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