Usain Bolt, centre, and Tyson Gay, left, seen here competing at the Berlin world athletics championships last year, will be the star attractions in Stockholm.
Usain Bolt, centre, and Tyson Gay, left, seen here competing at the Berlin world athletics championships last year, will be the star attractions in Stockholm.

Powell pull out prevents sprint showdown



Billed as the fastest three men in the world's first encounter of the year, today's Diamond League meeting in Stockholm lost a third of its sparkle yesterday when Jamaica's Asafa Powell withdrew from the glamour event. Powell's injury-related absence leaves Usain Bolt, the world record holder and Olympic champion, and America's Tyson Gay, the second fastest man in history, in a two-man tussle for Swedish bragging rights.

In a statement on his management's website, Powell said he was "absolutely devastated" to miss the showdown, which would have been the trio's first encounter since last year's world championships in Berlin, won by Bolt in a world record time of 9.58secs. "I have been running very well and I was hoping that I would be in the race with a solid chance to win," said Powell, adding that he has been "really looking forward to the race against Usain and Tyson."

Powell cited back and hamstring problems - issues that developed following the minor groin injury he picked up in July's Paris Diamond League meet - as the reason for his withdrawal. The former 100m world record holder, who did not train for 10 days after Paris, insisted his injury problems would make it difficult for him "to even finish the [Stockholm] race." Despite worries over an Achilles tendon strain, Bolt recovered from a sluggish start to beat Powell in Paris. Having run 9.84secs to edge out his compatriot in the French capital, Bolt, who was beaten by Powell in Stockholm two years ago, is the overwhelming favourite this weekend.

"My foot is getting better, I'm training hard, I've been working out, so I'm getting there," said Bolt. "I'm feeling good, so that's the key thing. I'm in good shape." The world's fastest man did, however, confess to disappointment that Powell had been forced to withdraw. "It's sad because I think people were really looking forward to the three of us [racing]," Bolt told reporters yesterday. "But it's still going to be a quick time."

That sentiment was shared by Gay, who acknowledged his mental preparations had been geared towards facing the Jamaican pair. "It's put a little dampener on it, but it's just as big a race," Gay said. "I know I'm going to need to run my best to even be in the camera shot." After launching his new clothing range at a packed sports store in Stockholm, Bolt, who is single-handedly responsible for reigniting the global appetite for track and field, revealed that the affections of his worldwide fan base remain one of his chief motivators.

"I've got all these wonderful fans behind me so I got no worries," said Bolt, who will wear a one-off vest, featuring an image of him riding on a lion, in Stockholm. The singlet, Bolt added, could find its way into the grateful arms of one his supporters. "If the crowd are really loud and they love me, I will probably give my singlet away." With Powell out of the Swedish reckoning, another noticeable absentee in the 100m is Christophe Lemaitre, the French star who won three European championship golds in Barcelona last week.

Minus Bolt, Gay and Powell for company, Lemaitre braved a strong Spanish headwind to take 100m gold in a time of 10.11secs. That was slower than the 10.09secs which earned Lemaitre fifth in the Paris Diamond League meet - a run far slower than the sub-9.9sec bursts of Bolt and Powell. But the 20-year-old did make history by breaking the 10-second barrier for the first time during July's French national championships.

@Email:emegson@thenational.ae

UNSC Elections 2022-23

Seats open:

  • Two for Africa Group
  • One for Asia-Pacific Group (traditionally Arab state or Tunisia)
  • One for Latin America and Caribbean Group
  • One for Eastern Europe Group

Countries so far running: 

  • UAE
  • Albania 
  • Brazil 
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South Africa World Cup squad

South Africa: Faf du Plessis (c), Hashim Amla, Quinton de Kock (w), JP Duminy, Imran Tahir, Aiden Markram, David Miller, Lungi Ngidi, Anrich Nortje, Andile Phehlukwayo, Dwaine Pretorius, Kagiso Rabada, Tabraiz Shamsi, Dale Steyn, Rassie van der Dussen.

Story%20behind%20the%20UAE%20flag
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Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

The specs
Engine: 2.0-litre 4-cyl turbo

Power: 201hp at 5,200rpm

Torque: 320Nm at 1,750-4,000rpm

Transmission: 6-speed auto

Fuel consumption: 8.7L/100km

Price: Dh133,900

On sale: now 

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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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.”

Women%E2%80%99s%20T20%20World%20Cup%20Qualifier
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Company%20Profile
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