Rafael Nadal defeated Milos Raonic to win his third Mubadala World Tennis Championship title.  Mona Al Marzooqi/ The National
Rafael Nadal defeated Milos Raonic to win his third Mubadala World Tennis Championship title. Mona Al Marzooqi/ The National

MWTC Day 3 Live: Rafael Nadal tames the Milos Raonic serve to win title



Match updates from the final day of the Mubadala World Tennis Championship in Abu Dhabi.

ABU DHABI // Rafael Nadal is off to a winning start in 2016, beating big-serving Canadian Milos Raonic in 7-6(2), 6-3 to clinch the Mubadala World Tennis Championship crown on Saturday night.

The world No 5, who has been on the mend since the US Open after struggling with his confidence in the first nine months of 2015, clinched the 54-minute first set 7-2 in the tie-break. He then broke Raonic in the fourth game of the second set to take charge and wrapped up the match in 90 minutes.

This is Nadal’s first Mubadala title since winning two on the trot in 2010 and 2011. Losing to Andy Murray in the final of the inaugural edition in 2009, the Spaniard beat Robin Soderling in the final 12 months later and then defended his title against Roger Federer in January, 2011.

‘5-2 curse’ strikes again for Stan Wawrinka

It is a probably a trigger point, for 5-2 on the scoreboard seems to do funny things to Stan Wawrinka.

On Friday night, the reigning French Open champion was leading 5-2 in the first set against Canadian Milos Raonic when he imploded, losing five games in a row and then the semi-final 7-5, 7-5.

On Saturday evening, Wawrinka found himself trailing 2-5 in the opening set against David Ferrer and, this time, the Swiss staged a remarkable recovery himself, winning the next four games on the trot. He did drop his serve serving for the set, but faced few problems in the tie-break, winning 7-1.

Ferrer took the second set, forcing the third-place playoff into super tie-break and Wawrinka was cruising until 5-2 happened. There was another twist in the tale as Ferrer won 10 of the last 13 points in that tie-break to edge the match 6-7(1), 6-4, 10-8 in an hour and 28 minutes.

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Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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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Number of Chinese tourists coming to UAE in 2017 was... 1.3m

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China’s investment in the MIddle East in 2016 was... $29.5bn

The world’s most valuable start-up in 2018, TikTok, is valued at... $75bn

Boost to the UAE economy of 5G connectivity will be... $269bn 


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