Britain's Special Olympics athletes are getting set for an "amazing" experience in Abu Dhabi - less than two months from the huge sporting spectacle.
On a cold morning in Sheffield, it wasn't just the prospect of sunnier climes that brightened the mood of the squad and organisers, who are looking forward to lining up for a history-making Special Olympics World Games in the UAE capital in March.
A 16-strong UAE delegation, including Rawdha Al Otaiba, deputy head of mission at the UAE Embassy in London, made a cultural connection to help the British contingent get ready for action during a get-together at the English Institute of Sport in Manchester.
Given the surroundings, it was perhaps no surprise that the competitive juices were soon flowing
The visiting party warmed up alongside the Great Britain football team, before taking part in an impromptu basketball game.
Joe McKenzie, a central midfielder, will be hoping to channel the abilities of former England captain Steven Gerrard, who now manages the 24-year-old's favourite football side, Glasgow Rangers, when he lines up for the Great Britain football team.
Mr McKenzie, originally from Inverness, Scotland, can't wait to fly off to the Middle East and broaden his sporting horizons.
"I've been playing football since I was 12. I'm looking forward to the experience. I'd like to see the sites and venue, just being there will be amazing," he told The National, as he gears up for his first visit to the UAE.
He will join more than 7,500 athletes from 192 countries at an event celebrating the achievements of athletes with special needs, which is being held in the capital from March 14 to 21.
Michelle Carney, chief executive officer of Special Olympics Great Britain, has been overwhelmed by the sheer scale of the first Special Olympics to be held in the Middle East
“I’m super excited, like a kid. It just blows your mind - over 20,000 volunteers. It’s brilliant,” she said.
“Abu Dhabi have done an amazing job in terms of bringing the games and their local organising committee, which involves people with intellectual disabilities as well.
“What they’ve done is ensured those with intellectual disabilities are involved in all aspects.”
After being put through their paces by Great Britain's footballers, the UAE delegation took to the court for a basketball game, with the home team netting the win.
It took a while for Damir Davis, who turned 26 on Saturday, to catch his breath after the fast-paced game.
He has been playing the sport for about five years and can't wait to represent his country on the world stage.
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Read more:
The British swimmer flying the flag for the UAE at the Special Olympics
The UAE explained: Everything you need to know about the Special Olympic World Games
Training under way at Special Olympics camp in Dubai — in pictures
Special Olympics team coach tells of the lessons he learnt from athletes
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“I want to have a good time, do my best and hopefully help the team and work together and have a lot of fun.
“I believe we can win.”
It was a busy day for the UAE visitors as they also tried their hand at table tennis, toured the institute and met athletes and organisers.
The Special Olympics not only exemplifies the spirit of competition, it is a shining beacon of hope, tolerance and inclusiveness.
Ms Al Otaiba is eager for the thousands of athletes descending on the UAE capital to embrace the country and feel at home.
“We want them to come and be engaged, know the society, know the culture, know the history and of course the heritage of the UAE. We are so delighted to host,” said Ms Al Otaiba, who led the delegation.
Citing the UAE’s 2019 Year of Tolerance, she said the Special Olympics was a crucial milestone in promoting respect and acceptance in the country.
“We have to think about how important it is for us to empower the youth.”
Abdulla Al Kaabi, cultural attache at the UAE Embassy in London, said the eyes of the world will be focused on the country when the Special Olympics begin in less than two months.
“We are focused on how we can present the UAE in good terms - we need people from all over the world to see our culture to know about the UAE. These events show that the UAE as a country believes in tolerance around the world.”
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.”
JAPANESE GRAND PRIX INFO
Schedule (All times UAE)
First practice: Friday, 5-6.30am
Second practice: Friday, 9-10.30am
Third practice: Saturday, 7-8am
Qualifying: Saturday, 10-11am
Race: Sunday, 9am-midday
Race venue: Suzuka International Racing Course
Circuit Length: 5.807km
Number of Laps: 53
Watch live: beIN Sports HD
The specs
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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
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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Asia Cup 2018 Qualifier
Sunday's results:
- UAE beat Malaysia by eight wickets
- Nepal beat Singapore by four wickets
- Oman v Hong Kong, no result
Tuesday fixtures:
- Malaysia v Singapore
- UAE v Oman
- Nepal v Hong Kong
Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg