Women just not up to the challenge


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"Now that the curtain raiser is complete, we can get down to the real business." That seems to be a popular perspective when comparing last week's WTA Dubai Tennis Championships to this week's men's event. For 10 years now, the women's tournament has been the precursor to the ATP competition, but rarely has it been so obvious who would be departing the Aviation Club, amid smiles and fireworks, with the title firmly in her grasp at the end of the week.

Venus Williams's victory did not simply ensure she became the most decorated player on the WTA Tour, but also strengthened widespread beliefs that the women's game is seriously lacking in consistent challengers to the 29-year-old American and her younger sister Serena. Such was the lack of battling strength on show in the Emirates last week that Venus, ranked fifth in the world, was able to claim her 42nd Tour title without even dropping a set.

Yet it was not due to a lack of effort - or funds - from the tournament organisers. Despite being dealt a US$300,000 (Dh1.1 million) fine last year as a result of the Shahar Peer shambles, the tournament still managed to, initially at least, attract the top 10 women in the world to these shores. The top two seeds, Serena and Dinara Safina, unavoidably withdrew injured from the $1.6m event late in the preceding week, but history indicates the Russian, had she been forced to face Venus, would not have fared much better than eventual finalist Victoria Azarenka, who went down 6-3, 7-5 on Saturday night.

A humiliating 6-1, 6-0 defeat suffered at Wimbledon last year backs up such a damning indictment. Likewise, Caroline Wozniacki, the world No 3 who has never beaten either of the Williams sisters, was unlikely to be up to the task: the Dane fell in the quarter-finals to Peer, the same 22-year-old who Venus dominated in the final four. The fourth-ranked Svetlana Kuznetsova, meanwhile, bowed out as early as the third round after losing to a qualifier.

In a nutshell, last year the women's event at the Dubai Tennis Championships lacked an Israeli; this year it lacked a Belgian. Or two. The recent return of Kim Clijsters and Justine Henin has done for women's tennis what the return of Floyd Mayweather Jr did for boxing and Lance Armstrong for cycling: it has reinvigorated the game by adding a sense of romanticism to a sport sorely lacking in it. Henin's marvellous voyage to the final of the Australian Open four weeks ago followed Clijsters's successful US Open campaign last year and proved to the world that there is more to women's tennis than a sister act from California.

Between May 2007, when Clijsters retired, and August 2009, when she returned at Flushing Meadows, the Williams sisters won six of the 11 grand slams on offer. Remove Henin's victories at the 2007 French Open and the US Open that same year before she temporarily quit the sport in May 2008, and Venus and Serena, between them, have triumphed at two-thirds of the sport's biggest events in the past three years.

Or, in other words, of the 13 grand slam titles since the 2007 Australian Open, only two players other than the Williams and the two Belgians have managed to stop them from adding to their tallies. Such facts, while acknowledging neither Serena, Clijsters or Henin travelled to the UAE, made it apparent from day one who was the favourite to win in Dubai. And Venus was, as we have become accustomed, up to the task.

gmeenaghan@thenational.ae

MATCH INFO

Juventus 1 (Dybala 45')

Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')

Red card: Rodrigo Bentancur (Juventus)

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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Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed 

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