Members of the UAE Embassy H.E. Rawdha Al Otaiba, Deputy Head of UAE Mission, Mr Marwan Al Naqbi, Head of UAE Economic Affairs and Mr Ahmed Al Abdooli, Head of UAE Political Affairs. (Photo by Jack Thomas/Getty Images for Special Olympics World Games Abu Dhabi)
Members of the UAE Embassy H.E. Rawdha Al Otaiba, Deputy Head of UAE Mission, Mr Marwan Al Naqbi, Head of UAE Economic Affairs and Mr Ahmed Al Abdooli, Head of UAE Political Affairs. (Photo by Jack Thomas/Getty Images for Special Olympics World Games Abu Dhabi)
Members of the UAE Embassy H.E. Rawdha Al Otaiba, Deputy Head of UAE Mission, Mr Marwan Al Naqbi, Head of UAE Economic Affairs and Mr Ahmed Al Abdooli, Head of UAE Political Affairs. (Photo by Jack Thomas/Getty Images for Special Olympics World Games Abu Dhabi)
Members of the UAE Embassy H.E. Rawdha Al Otaiba, Deputy Head of UAE Mission, Mr Marwan Al Naqbi, Head of UAE Economic Affairs and Mr Ahmed Al Abdooli, Head of UAE Political Affairs. (Photo by Jack Th

UAE Special Olympics celebrated at British parliament


Damien McElroy
  • English
  • Arabic

The success of the Great Britain team at the Special Olympics World Games in Abu Dhabi last month has inspired calls for London to bid to host the competition.

At a celebration in the Houses of Parliament on Tuesday, politicians, diplomats and organisers met with competitors and praised role of the third member of the Olympic family in granting new opportunities for all who participate in the movement.

David Jones, the Conservative MP and chair of the All- Party Parliamentary Group for the UAE, told gold medalists such as swimmer Philip Nichols and tennis player Lilly Mills that their success was a triumph for the country.

"We're very proud of everything you did," he said.

Suleiman Al Mazroui, the UAE ambassador to Britain, said the country had been very proud to host the tournament, which was a highlight of the Year of Tolerance.

"The UAE chooses to call [competitors] people of determination who focus on opportunities not the things that hold them back," he said. "We are expanding opportunities for people of determination."

The Summer Games was one of the largest sporting events to held globally in 2019.

More than 7,500 athletes and 3,000 coaches from 190 nations will compete in 24 events held in nine venues across Abu Dhabi and Dubai.

The Special Olympics Great Britain team came home with 169 medals, 63 of them gold for the 128-strong squad.

Representatives of the Special Olympics in Britain praised the level of organisation and funding that had allowed such a large delegation to compete in the first of its kind competition in the UAE between March 14 and 21.

"The level of support we've had from the UAE has been incredible," said Murton Mann, the chairman of Special Olympics GB. "I would just say we get no direct government funding here in Britain, which is pretty incredible for the third member of the Olympic family."

Mr Mann called for a bid backed for the authorities to host the summer games in Britain in the future. Britain hosted the 2012 Olympics and Paralympics.

Lawrie McMemeny, a former Northern Ireland soccer manager who is honorary president of the Special Olympics GB, said he hoped the country's current pre-occupation with Brexit would not scupper hopes for more official support.

"It would be something fantastic to have the Special Olympics here and the government should start remembering that and forget about things like Brexit," he said. "When the government starts behaving properly we could have a wonderful experience.

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Tamkeen's offering
  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
  • Option 2: 50% across three years
  • Option 3: 30% across five years 
TUESDAY'S ORDER OF PLAY

Centre Court

Starting at 2pm:

Elina Svitolina (UKR) [3] v Jennifer Brady (USA)

Anastasia Pavlyuchenkova (RUS) v Belinda Bencic (SUI [4]

Not before 7pm:

Sofia Kenin (USA) [5] v Elena Rybakina (KAZ)

Maria Sakkari (GRE) v Aryna Sabalenka (BLR) [7]

 

Court One

Starting at midday:

Karolina Muchova (CZE) v Katerina Siniakova (CZE)

Kristina Mladenovic (FRA) v Aliaksandra Sasnovich (BLR)

Veronika Kudermetova (RUS) v Dayana Yastermska (UKR)

Petra Martic (CRO) [8] v Su-Wei Hsieh (TPE)

Sorana Cirstea (ROU) v Anett Kontaveit (EST)

Innotech Profile

Date started: 2013

Founder/CEO: Othman Al Mandhari

Based: Muscat, Oman

Sector: Additive manufacturing, 3D printing technologies

Size: 15 full-time employees

Stage: Seed stage and seeking Series A round of financing 

Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now. 

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

The Pope's itinerary

Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport


Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial


Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport

Scoreline

Ireland 16 (Tries: Stockdale Cons: Sexton Pens: Sexton 3)

New Zealand 9 (Pens: Barrett 2 Drop Goal: Barrett)

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.”

UAE currency: the story behind the money in your pockets