Lerone Clarke of Jamaica celebrates winning gold at the Jawaharlal Nehru Stadium.
Lerone Clarke of Jamaica celebrates winning gold at the Jawaharlal Nehru Stadium.
Lerone Clarke of Jamaica celebrates winning gold at the Jawaharlal Nehru Stadium.
Lerone Clarke of Jamaica celebrates winning gold at the Jawaharlal Nehru Stadium.

Clarke does it for Jamaica in Bolt absence


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NEW DELHI // Jamaica did not need their world champion Usain Bolt to remain in the team to claim the men’s 100 metres, with Lerone Clarke winning the sprint at the Commonwealth Games.

Clarke was near the front of the pack from the start at the Jawaharlal Nehru Stadium, and crossed the line first in 10.12secs.

Mark Lewis-Francis of England was second in 10.20 and Aaron Armstrong of Trinidad and Tobago was third in 10.24.

"This means the world to me," Clarke said. "After a very long season and messing up at the world indoors I came out here because I wanted the championships and I've got it." Lewis-Francis had mixed emotions about taking the silver.
"I could have won that," he said. "My blocks slipped at the start. I'm gutted. I have had a Commonwealth Games curse."

But Lewis-Francis said he was delighted with a comeback season that has seen him take European and Commonwealth silver medals.

“There is a lot more there to come,” he said. “It’s amazing. I’m over the moon. I have had two years out with injury and I’ve come back with two silver medals.

“I don’t give up. It is about digging in and trying hard and this is the reward.”

Most of the biggest names in track and field withdrew from the competition for various reasons, including Bolt, Caster Semenya and Jessica Ennis.

In swimming, Rebecca Adlington, England's Olympic champion, won the 800m freestyle.
Adlington, who won the 400m and 800m freestyle gold medals at the 2008 Beijing Olympics, held off South Africa's Wendy Trott over the last two laps to win in 8mins 24.69secs.

“Coming here if I wanted to get a gold medal it was going to be in that event,” she said. “I just .., went for it from the start and at 400 saw I was a bit ahead and thought ‘I might as well stick at this pace, just keep it nice and smooth’.

“It wasn’t about the time at all there, this week has not been about times for anyone, it’s been about the racing. It’s been a long season so it’s nice to finish off with a gold medal.”

Alicia Coutts of Australia won her third individual gold of the games, adding the 100m butterfly title to her previous golds in the 200m individual medley and 100m freestyle.

South Africans Chad le Clos and Natalie du Toit won the 400 individual medley and the Paralympic 100m S9 event respectively, each giving them two golds for the games.

Brent Hayden gave Canada another gold medal with victory in the 100m freestyle in 47.98secs. Simon Burnett of England was second in 48.54, while Eamon Sullivan, the pre-race favourite and fastest qualifier of Australia, took the bronze in 48.69.

* Agencies

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UAE currency: the story behind the money in your pockets

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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Price, base: Dh201,153
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Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km

UAE currency: the story behind the money in your pockets
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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