Fans watch the match between Andy Murray and Andy Roddick in the NRG bar in Le Meridien hotel in Abu Dhabi.
Fans watch the match between Andy Murray and Andy Roddick in the NRG bar in Le Meridien hotel in Abu Dhabi.

Tennis fans' love is undiminished despite agonising defeat



ABU DHABI AND DUBAI // Andy Murray's shot at Wimbledon greatness lifted fans' spirits and hopes as he squared off against Andy Roddick last night. But in the end - when the Scot fell short in four sets after being tied one-all - they were left with only a familiar feeling of disappointment. The elusive prospect of having a British man in the final was again just out of reach.

"I'm absolutely gutted," said Phillip Brown, a British expatriate who watched the match at the NRG sports bar in Abu Dhabi. "He should have won. He was under too much pressure from the UK crowd; he was in a Henman-type situation. The crowd didn't support him for the first two sets, not until his back was to the wall." His words were echoed by Katheryn Roberts: "It's sad. It wasn't his day, and [he was] unlucky to have missed shots. The UK will be upset - it's been a long time since we've had a winner, and a lot of hope was pinned on him. At the match point, the crowd were expecting him to fight back. It's a shame. The expectation had got too much."

Fans can at least console themselves that Murray will be back next year and, at the age of 22, he has plenty of time to capture the crown the country wants so badly. Murray supporters had arrived at the bar hours before he was due on court, to soak up the atmosphere and secure the best seats to view the big-screen televisions. Ross Broadstock, a business development manager, was in ebullient mood before the game, saying: "He should win, no problem. I will be delighted if he wins, watching tennis all my life, and it's the moment I've been waiting for.

"It will mean more to Scotland, but probably everyone will want to play tennis for the next three months. There will be completely over-the-top celebrations in the UK." In Dubai, there were similar scenes at the Studio One sports bar in the Hilton Dubai Jumeirah, where fans holed up to watch the match. "It's a British thing," said Andy Jarvis, 35, who left his native UK five years ago. "We haven't been in the finals since 1938, so I'd like to see him put the UK back on the international map. It makes us look good. "I was never interested in Wimbledon when I was in the UK but I think Brits are patriotic, especially when they are away from home."

Sadie Coughlan, 34, a recruitment consultant who has been in Dubai for a year, said: "I grew up near Wimbledon and it was a big part of my summer. I used to watch it at home. We are all away from family and friends here, and it is nice to have that common ground and feel the connection despite the distance." Ben Craig, 27, a teacher and fellow Glaswegian who moved to Dubai a year ago, said: "He's a fellow Scotsman, so I just had to come out with my friends to celebrate. He has a great attitude and is very good. I normally watch Wimbledon at home, because it signals the start of the summer. My mum and sister will be watching it back in Scotland and some friends back home have brought big TVs into work - I imagine a lot of offices will be shutting early today."

Mr Craig was planning to return to his homeland today and added: "I will be back in time to see Murray given a hero's welcome when he returns to Glasgow, whether he makes it to the final or not." glittle@thenational.ae tyaqoob@thenational.ae

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
UAE currency: the story behind the money in your pockets

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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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