Padel is the fastest growing sport in the UAE. EPA
Padel is the fastest growing sport in the UAE. EPA
Padel is the fastest growing sport in the UAE. EPA
Padel is the fastest growing sport in the UAE. EPA

Sport

Abu Dhabi Padel Master a breakthrough event for Middle East

Opening tournament of 2023 World Padel Tour has a prize fund of €450,000 and has drawn 128 of the world’s top-ranked players

Amith Passela
Amith Passela

December 20, 2022

  • English
  • Arabic

The Abu Dhabi Padel Master, the fast-growing sport's year-opening event with 128 of the world’s top players, will take place on Hudayriat Island from February 21-26, it was announced on Tuesday.

Hosted at Bab Al Nojoum, the padel stars will be battling for a share of the €450,000 prize fund at the Modon-sponsored event, the highest amount ever awarded in a WPT tournament.

Organised by Global MICE Organisation Limited (GMOL Events) and presented by the Abu Dhabi Sports Council in collaboration with the Abu Dhabi Department of Culture and Tourism, it’s the only master category tournament hosted by the World Padel Tour in the Middle East.

Aref Al Awani, second from left, addressing the media during the launch of Abu Dhabi Padel Master along with Bill O’Regan, CEO of Modon Properties, Saeed Ali Obaid Al Fazari, strategic affairs executive director at the Abu Dhabi Department of Culture and Tourism and Namir Hourani. Photo: ADSC
Aref Al Awani, second from left, addressing the media during the launch of Abu Dhabi Padel Master along with Bill O’Regan, CEO of Modon Properties, Saeed Ali Obaid Al Fazari, strategic affairs executive director at the Abu Dhabi Department of Culture and Tourism and Namir Hourani. Photo: ADSC

“We are excited to anchor a new master tournament in Abu Dhabi, which has positioned itself as a world-class destination for leisure and sports,” Alex Corretja, deputy president of the World Padel Tour and former professional tennis champion, said in a virtual address at the launch ceremony.

“This will not only be WPT’s first master tournament of the 2023 season, but it will also be the only Master to be held in the Middle East, leveraging on the major boom the sport continues to witness in the UAE.”

The event is the first master tournament on the WPT’s 2023 calendar as well as the only one hosted in the capital city for the next five years.

“This event joins Abu Dhabi’s ever-expanding roster of world-class sporting events as part of the nation’s drive to promote healthier and active lifestyles for all citizens,” Aref Al Awani, general secretary of ADSC, said.

“Abu Dhabi now enjoys a distinguished position as the latest city to host a WPT master, following our peers in Barcelona, Buenos Aires, Marbella, Valladolid, and Madrid.

“Padel has gained significant traction in the Gulf, particularly in the UAE. Many world-class facilities in the country have adopted the sport at a grass-roots level, which further underscores its reputation as the current local ‘IT’ sport.”

Namir Hourani, managing director of GMOL Events, said padel was the fastest-growing sport in the UAE.

“We’re extremely excited about having secured the world’s most prestigious padel tournament for Abu Dhabi,” he said.

The Master 2023 tournament will be broadcast live in more than 130 countries.

Marina Padel opens in Yas Marina — in pictures:

Marina Padel has recently opened on Yas Marina in Abu Dhabi. All photos: Khushnum Bhandari / The National
Marina Padel has recently opened on Yas Marina in Abu Dhabi. All photos: Khushnum Bhandari / The National
The space was formerly known as Yas Padel but has been rebranded to Marina Padel.
The space was formerly known as Yas Padel but has been rebranded to Marina Padel.
There are four courts that are available to book online.
There are four courts that are available to book online.
The refreshment area at Marina Padel on Yas Marina in Abu Dhabi.
The refreshment area at Marina Padel on Yas Marina in Abu Dhabi.
Georgia Watkins is the general manager of Marina Padel at Yas Marina.
Georgia Watkins is the general manager of Marina Padel at Yas Marina.
Parking spaces are available for all guests visiting Marina Padel.
Parking spaces are available for all guests visiting Marina Padel.
Players can book a padel court for Dh250 for a duration of 60 minutes, Dh350 for 90 minutes and Dh450 for 120 minutes.
Players can book a padel court for Dh250 for a duration of 60 minutes, Dh350 for 90 minutes and Dh450 for 120 minutes.
A group of friends play padel at the recently opened facility.
A group of friends play padel at the recently opened facility.
Players can enjoy a seating area for refreshments before or after a game.
Players can enjoy a seating area for refreshments before or after a game.
Professional coaches offer lessons for beginners, intermediate and advanced players.
Professional coaches offer lessons for beginners, intermediate and advanced players.
One of the water views from Marina Padel.
One of the water views from Marina Padel.
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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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Updated: December 21, 2022, 8:14 AM`
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