• TOKYO, JAPAN - AUGUST 05: Gold medalist Emmanuel Kipkurui Korir of Team Kenya poses during the medal ceremony for the Men's 800m Final.
    TOKYO, JAPAN - AUGUST 05: Gold medalist Emmanuel Kipkurui Korir of Team Kenya poses during the medal ceremony for the Men's 800m Final.
  • Sandor Totka, of Hungary, reacts after finish first in men's kayak single 200m final A to win the gold medal at the 2020 Summer Olympics.
    Sandor Totka, of Hungary, reacts after finish first in men's kayak single 200m final A to win the gold medal at the 2020 Summer Olympics.
  • Hansle Parchment of Jamaica reacts after winning the gold medal in the men's 110m hurdles.
    Hansle Parchment of Jamaica reacts after winning the gold medal in the men's 110m hurdles.
  • Gold medalist Hansle Parchment of Team Jamaica, bronze medalist Ronald Levy of Team Jamaica and silver medalist Grant Holloway of Team United States compete in the Men's 110m Hurdles Final.
    Gold medalist Hansle Parchment of Team Jamaica, bronze medalist Ronald Levy of Team Jamaica and silver medalist Grant Holloway of Team United States compete in the Men's 110m Hurdles Final.
  • Germany's Florian Wellbrock celebrates after finishing first to take the gold medal in the men's 10km marathon swimming event.
    Germany's Florian Wellbrock celebrates after finishing first to take the gold medal in the men's 10km marathon swimming event.
  • Florian Wellbrock, of Germany, holds up his gold medal during a victory ceremony for the men's marathon swimming event at the 2020 Summer Olympics.
    Florian Wellbrock, of Germany, holds up his gold medal during a victory ceremony for the men's marathon swimming event at the 2020 Summer Olympics.
  • Florian Wellbrock of Team Germany.
    Florian Wellbrock of Team Germany.
  • Gold medalist Florian Wellbrock of Team Germany, centre, silver medalist Kristof Rasovszky of Team Hungary, left, and bronze medalist Gregorio Paltrinieri of Team Italy pose after the Men's 10km Marathon Swimming.
    Gold medalist Florian Wellbrock of Team Germany, centre, silver medalist Kristof Rasovszky of Team Hungary, left, and bronze medalist Gregorio Paltrinieri of Team Italy pose after the Men's 10km Marathon Swimming.
  • Gold medalist Wojciech Nowicki, centre, of Poland, silver medalist Eivind Henriksen, left, of Norway and bronze medalist Pawel Fajdek of Poland during the medal ceremony for the men's Hammer Throw.
    Gold medalist Wojciech Nowicki, centre, of Poland, silver medalist Eivind Henriksen, left, of Norway and bronze medalist Pawel Fajdek of Poland during the medal ceremony for the men's Hammer Throw.
  • Ryan Crouser of the United States competes en route to winning the men's shot put final at the Tokyo Olympics.
    Ryan Crouser of the United States competes en route to winning the men's shot put final at the Tokyo Olympics.
  • Ryan Crouser, of United States, holds a sign while celebrating winning the gold medal in the final of the men's shot put with his father and coach, Mitch Crouser, at the 2020 Summer Olympics.
    Ryan Crouser, of United States, holds a sign while celebrating winning the gold medal in the final of the men's shot put with his father and coach, Mitch Crouser, at the 2020 Summer Olympics.
  • Ryan Crouser, of United States, holds a sign while celebrating winning the gold medal in the final of the men's shot put.
    Ryan Crouser, of United States, holds a sign while celebrating winning the gold medal in the final of the men's shot put.
  • Keegan Palmer of Australia competes during the Men's Park Skateboarding Finals at the Tokyo 2020 Olympic Games at the Ariake Urban Sports Park.
    Keegan Palmer of Australia competes during the Men's Park Skateboarding Finals at the Tokyo 2020 Olympic Games at the Ariake Urban Sports Park.
  • Silver medalist Pedro Barros of Brazil, gold medalist Keegan Palmer of Australia and bronze medalist Cory Juneau of the USA show their medals during the Men's Park Skateboarding Finals awarding ceremony.
    Silver medalist Pedro Barros of Brazil, gold medalist Keegan Palmer of Australia and bronze medalist Cory Juneau of the USA show their medals during the Men's Park Skateboarding Finals awarding ceremony.
  • Gold medalist Nevin Harrison of Team United States celebrates at the medal ceremony following the Women's Canoe Single 200m Final.
    Gold medalist Nevin Harrison of Team United States celebrates at the medal ceremony following the Women's Canoe Single 200m Final.
  • Gold medalist Sandor Totka of Team Hungary celebrates at the medal ceremony following the Men's Kayak Single 200m Final.
    Gold medalist Sandor Totka of Team Hungary celebrates at the medal ceremony following the Men's Kayak Single 200m Final.
  • Jean van der Westhuyzen and Thomas Green of Team Australia celebrate winning the gold medal following the Men's Kayak Double 1,000m Final.
    Jean van der Westhuyzen and Thomas Green of Team Australia celebrate winning the gold medal following the Men's Kayak Double 1,000m Final.
  • Silver medalist Max Hoff and Jacob Schopf of Team Germany, gold medalists Jean van der Westhuyzen and Thomas Green of Team Australia and bronze medalists Josef Dostal and Radek Slouf of Team Czech Republic celebrate at the medal ceremony following the Men's Kayak Double 1000m Final.
    Silver medalist Max Hoff and Jacob Schopf of Team Germany, gold medalists Jean van der Westhuyzen and Thomas Green of Team Australia and bronze medalists Josef Dostal and Radek Slouf of Team Czech Republic celebrate at the medal ceremony following the Men's Kayak Double 1000m Final.
  • From left: silver medalist Koki Ikeda of Team Japan, gold medalist Massimo Stano of Team Italy and bronze medalist Toshikazu Yamanishi of Team Japan pose during the medal ceremony for the Men's 20km Race Walk.
    From left: silver medalist Koki Ikeda of Team Japan, gold medalist Massimo Stano of Team Italy and bronze medalist Toshikazu Yamanishi of Team Japan pose during the medal ceremony for the Men's 20km Race Walk.
  • Gold medalist Albert Batyrgaziev of the Russian Olympic Committee at an award ceremony for the men's featherweight (52-57kg) boxing at the 2020 Summer Olympic Games.
    Gold medalist Albert Batyrgaziev of the Russian Olympic Committee at an award ceremony for the men's featherweight (52-57kg) boxing at the 2020 Summer Olympic Games.
  • Gold medalist Matthew Walls of Team Great Britain poses while holding the flag of his country during the medal ceremony after the Men's Omnium points race.
    Gold medalist Matthew Walls of Team Great Britain poses while holding the flag of his country during the medal ceremony after the Men's Omnium points race.
  • Great Britain's Matthew Walls celebrates gold in the Men's Omnium Points Race.
    Great Britain's Matthew Walls celebrates gold in the Men's Omnium Points Race.
  • Gold medallist Shanne Braspennincx of Netherlands poses with her medal after the women's track cycling keirin final.
    Gold medallist Shanne Braspennincx of Netherlands poses with her medal after the women's track cycling keirin final.
  • Gold medallist Pedro Pichardo of Portugal poses with his medal on the podium after the men's triple jump event.
    Gold medallist Pedro Pichardo of Portugal poses with his medal on the podium after the men's triple jump event.
  • Gold medalist Pedro Pichardo (C) of Portugal, silver medalist Zhu Yaming (L) of China and bronze medalist Hugues Fabrice Zango of Burkina Faso during the medal ceremony.
    Gold medalist Pedro Pichardo (C) of Portugal, silver medalist Zhu Yaming (L) of China and bronze medalist Hugues Fabrice Zango of Burkina Faso during the medal ceremony.
  • From left: Silver medalist Kenneth Bednarek of Team United States, gold medalist Andre De Grasse of Team Canada and bronze medalist Noah Lyles of Team United States pose with their for the 400m Final medal ceremony.
    From left: Silver medalist Kenneth Bednarek of Team United States, gold medalist Andre De Grasse of Team Canada and bronze medalist Noah Lyles of Team United States pose with their for the 400m Final medal ceremony.
  • Gold medallist in the men's 200m final, Andre De Grasse of Canada, poses as he celebrates on the podium REUTERS / Dylan Martinez
    Gold medallist in the men's 200m final, Andre De Grasse of Canada, poses as he celebrates on the podium REUTERS / Dylan Martinez

World

Storm heading for Tokyo as Olympics draw to a close

Tropical Storm Mirinae may hit Tokyo on day of closing ceremony

The National

August 06, 2021

  • English
  • Arabic

A tropical storm is forecast to hit Tokyo on the last day of the Olympic Games, organisers said on Friday, but did not announce any changes in the schedule.

Japan's weather agency predicted strong winds, high waves and the risk of landslides and floods along the eastern coast from Saturday afternoon to Sunday, when Tropical Storm Mirinae is expected to pass over the capital.

The Olympics' closing ceremony is on Sunday evening, with medal events including water polo and rhythmic gymnastics taking place at indoor venues in the city during the day.

Cycling track races are also scheduled in Shizuoka, south-west of Tokyo, while the men's marathon will kick off early on Sunday in the far northern city of Sapporo.

"We are firmly and calmly paying attention" to the path of the storm, Tokyo 2020 organising committee spokesman Masa Takaya said.

"It is necessary to inform you objectively, so that we can avoid excessive overreaction," he said.

A storm hit Japan last week, forcing Games organisers to reschedule some rowing and archery events, although they brought forward the surfing finals to take advantage of powerful waves.

On Friday, Mirinae was about 100 kilometres north of Minamidaito island, near the southern archipelago of Okinawa.

It was moving east, with gusts of up to 108 kilometres per hour.

Another tropical storm is hovering in the Taiwan Strait, moving towards Japan.

Japan's typhoon season runs from about May to October, peaking in August and September.

In 2019, Typhoon Hagibis smashed into Japan as it hosted the Rugby World Cup, killing more than 100 people.

Meanwhile, Covid-19 case numbers continue to rise in Japan, with the country deciding this week to expand Covid-19 curbs to more than 70 per cent of its population. In contrast to the stringent lockdowns in some countries, authorities are relying mainly on requests for self-restraint and peer pressure.

With nationwide new cases topping 15,000 a day for the first time this week, expectations are that Prime Minister Yoshihide Suga may declare a nationwide state of emergency, although he said on Thursday he was not considering this now.

Some ruling legislators suggested legal changes to allow stricter enforcement of curbs, but any move to a western-style lockdown would be controversial and take time.

Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

W.
Wael Kfoury
(Rotana)

Company profile

Name: Thndr

Started: October 2020

Founders: Ahmad Hammouda and Seif Amr

Based: Cairo, Egypt

Sector: FinTech

Initial investment: pre-seed of $800,000

Funding stage: series A; $20 million

Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC,  Rabacap and MSA Capital

While you're here
MATCH INFO

Manchester United 1 (Greenwood 77')

Everton 1 (Lindelof 36' og)

UAE currency
While you're here
If you go

The flights

The closest international airport for those travelling from the UAE is Denver, Colorado. British Airways (www.ba.com) flies from the UAE via London from Dh3,700 return, including taxes. From there, transfers can be arranged to the ranch or it’s a seven-hour drive. Alternatively, take an internal flight to the counties of Cody, Casper, or Billings

The stay

Red Reflet offers a series of packages, with prices varying depending on season. All meals and activities are included, with prices starting from US$2,218 (Dh7,150) per person for a minimum stay of three nights, including taxes. For more information, visit red-reflet-ranch.net.

 

More on this story

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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