You are weighed down by the glory of gold as you stand tall on the highest platform of the winners’ podium. To your right is a silver medallist, to your left is the winner of bronze. Just as you think you couldn’t feel any better, your national anthem blares out, accompanied by a chorus of 10,000 smartphone camera clicks.
In the modern world, few events evoke such powerful feelings of national pride as the Olympic Games.
However, in our shrunken world, ideas about nationality and citizenship are changing. Occasionally, the person representing a country at the Olympics wasn’t born in that territory and may have only very recently become a citizen of that nation.
The practice of athletes switching nationality has become common and the rising incidence of this practice is viewed negatively by some sports fans. In the 2012 Olympics, the UK recruited more foreign-born athletes than ever before and London was a particularly good games for Team GB.
Some critics of the practice of naturalising athletes began referring to Team GB’s foreign-born athletes as “plastic Brits”. Of course, the UK has no monopoly on this practice.
There are even athletes who have represented more than one nation, “treacherously” competing for and then against their birth nation.
Those opposed to this practice argue that fielding such recently naturalised citizens kills the emotional spirt of the games. If the person wearing gold on the podium can’t speak the national language and is hearing their new anthem for the first time, they are hardly likely to dissolve into patriotic joyful tearfulness.
Others are against the practice on the basis that it potentially allows wealthy nations to procure all the best talent. This could lead to a situation where the national team is as international as a typical English Premier League football club.
Rich nations, like rich football clubs, will come to dominate certain events, not through passion and perseverance, but through the all-conquering power of the purse.
However, there are those who argue for the dissolution of national teams at the Olympics. Why do athletes need to represent countries anyway? Why can’t they just compete against each other without any reference to a nation? This is effectively saying that Usain Bolt won the 100m gold, not Jamaica. This actually resonates with the current Olympic charter, where article 6 states: “The Olympic Games are competitions between athletes in individual or team events and not between countries.”
Another argument for greater citizenship fluidity at the Olympics is that it would help get around the current – and occasionally cruel – national quota system. If you were the fifth best javelin thrower in the world, but couldn’t get a seat on the Olympic bus because the top-four ranked throwers happened to be your compatriots, you might be very happy to compete under another nation’s flag.
Similarly, advocates of a post citizenship-centric Olympics suggest that team events could simply comprise of individuals from various nations – why do I need to be a citizen of Bulgaria to represent Bulgaria?
In the modern era, some see the idea of the nation state as being a little dated.
In his book The End of the Nation State, Kenichi Ohmae, a Japanese management consultant suggests, “The nation state is increasingly a nostalgic fiction.”
Perhaps the increase in naturalised citizens competing in the Olympics is just an example of that.
Dr Justin Thomas is an associate professor at Zayed University
On Twitter: @DrJustinThomas
Our Time Has Come
Alyssa Ayres, Oxford University Press
Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
Emergency
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Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
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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The Dark Blue Winter Overcoat & Other Stories From the North
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Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
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Director: Magizh Thirumeni
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How Beautiful this world is!
The Sand Castle
Director: Matty Brown
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Rating: 2.5/5
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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