Spain's Rafael Nadal send in a whipping forehand return to Tomas Berdych of the Czech Republic.
Spain's Rafael Nadal send in a whipping forehand return to Tomas Berdych of the Czech Republic.

Nadal gets his due on Wimbledon grass



LONDON // Tomas Berdych had suggested in outplaying Roger Federer, the defending champion, and then outclassing Novak Djokovic, the new world No 2, that he had the capabilities to go all the way to claim the most coveted title in tennis. Rafael Nadal had suggested otherwise as he ruthlessly destroyed the challenge of Andy Murray, the British No 1, to reach yesterday's final. The Spaniard's powerful message always seemed the more likely to ring true. So it proved in front of an expectant, but ultimately deflated Centre Court crowd, as Nadal found devastating answers to all the questions Berdych asked of him, raising his game when it mattered - as he had done so brilliantly in disposing of Murray - to ensure that the final was settled in straight sets. Viewers of this annual summer showpiece had been spoiled in the last three years with Federer and Nadal locking horns in two nail-biting five-setters, winning one apiece, before Federer regained the title in a 16-14 final set thriller against Andy Roddick 12 months ago. Hopes were high of another classic, but those hopes were sadly misplaced.

Nadal, who did not need to rise to the level he reached against Murray, was troubled only occasionally in carving out a comfortable 6-3, 7-5, 6-4 result, which he greeted by falling flat on his back and then performing the silliest of forward somersaults. It was a thoroughly justifiable victory roll, though, for the injury-prone Nadal because he has proved himself here to be the world's top player again - this time by a distance. Relieved of the top ranking by Federer after failing to defend his maiden Wimbledon title, Nadal regained the honour by re-establishing his King of Clay reputation at Roland Garros last month and now he can lay claim to being the new King of Grass. Federer, six times the Wimbledon champion, cannot argue with that after departing meekly to Berdych with some of his 16-major-winning aura lost. Nadal is now halfway to that total and, still only 24, has time on his side to go well beyond the treasured mark of his career-long main rival. Fitness permitting, and that is a big proviso. Nadal's knees remain the most worrying barrier to continued grand slam success. They troubled him again here, not that you would know it, such was his remarkable movement around the two show courts and occasionally unbelievable shot-making. Nadal, who made an untypically large number of 21 unforced errors during the 2hr 13min contest which was affected by a capricious breeze, was in no mood to dwell on the negatives from his return to dominance. Richer by £1 million (Dh5.57m) and enjoying a rankings boost of 2,000 points - which takes him well clear of Djokovic - Nadal said yesterday: "This is amazing for me. It's a very important and emotional moment for me because it has been very difficult for me to get back to my best. "In the second half of last year my main concern was not to lose in the first round of tournaments. I knew I wasn't ready to win them but I had to stay positive and get myself ready for 2010 which is what I've done." Berdych, who will rightly take great encouragement from the best month of his career - semi-finals in the French Open and a first grand slam final to follow - pinpointed the clear edge Nadal has over lesser mortals. "The big difference between us was that when he got a chance, he just took it," said the tall Czech, referring to the match-defining running forehand down the line which set up the first break of serve for his opponent. Berdych, who surrendered the crucial second set when his most destructive forehand weapon let him down with three uncharacteristic errors, added: "He gave me a chance in the second set and another in the third but I couldn't take mine. "That shows how strong he is when it really matters," he said. The missed opportunity in the third set for the 12th seed came when he held his fourth break point of the match in the third game. As in the preceding set when the other three were squandered, Nadal averted the danger and then waited for the irresistible moment to make the clinching break with a trademark forehand crosscourt winner. After a maiden grand slam final, the first here for a Czech since Ivan Lendl in 1987, Berdych will move up to eighth in the world when the new rankings are published today. "I can play well on all of those surfaces, which is really important for today's tennis, I think this is my biggest weapon." wjohnson@thenational.ae

Tax authority targets shisha levy evasion

The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.

Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".

The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.

He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.

"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.

As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.

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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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TRAP

Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue

Director: M Night Shyamalan

Rating: 3/5

RESULTS

West Asia Premiership

Thursday
Jebel Ali Dragons 13-34 Dubai Exiles

Friday
Dubai Knights Eagles 16-27 Dubai Tigers

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