Juan Fernandez of Spain trains during a hockey practice session ahead of the Beijing Olympics.
Juan Fernandez of Spain trains during a hockey practice session ahead of the Beijing Olympics.

Conditions favour Asian teams



BEIJING // South Korea and China are at an advantage thanks to their familiarity with the steamy conditions and pose a serious threat in the Olympic women's hockey event, the Dutch coach Marc Lammers said toay. The Dutch women, silver medallists in the 2004 Games in Athens, won the World Cup in 2006 and are among the favourites for the Olympic title. "The humidity is really high, the temperature is really high. For us, it is more than normal. For China it is normal, for Korea it is normal," he said after practice, comparing conditions here to the cooler climate at home.

"We are in good shape physically, that is why we will be able to compete with those countries here," he added. The Dutch play China and South Korea in their group. Fast developing China finished fourth at the 2004 Athens Games and at the recent Champions Trophy lost the third place match to the Dutch. South Korea finished seventh in Athens. The hockey tournament starts on Sunday with the women's matches. Men and women will play on alternate days.

The Dutch are in a tough group in the preliminary phase. They open against South Africa and also play former champions Australia and Spain, as well as the Koreans and the Chinese. Defending champions Germany, Argentina, Britain, Japan, New Zealand and United States are in the other group. The top two teams from each group will play for medals. "I think six countries have a chance to win medals and it is going to be really difficult. The level is really close to each other," he said.

"We are trying to focus on the immediate game, not on the medals or the last games." Seven from the current team were part of the Athens campaign where they lost to Germany in the final and Lammers said his women had learnt from that experience. "Of course you are learning more from defeats than from winning games. We learnt a lot of mental lessons (for these Games) about playing a final, playing in the semi-finals."

The Dutch finished among the medals in the last three Olympics but won their only gold in 1984. *Reuters

How green is the expo nursery?

Some 400,000 shrubs and 13,000 trees in the on-site nursery

An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo

Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery

Approximately 340 species of shrubs and trees selected for diverse landscape

The nursery team works exclusively with organic fertilisers and pesticides

All shrubs and trees supplied by Dubai Municipality

Most sourced from farms, nurseries across the country

Plants and trees are re-potted when they arrive at nursery to give them room to grow

Some mature trees are in open areas or planted within the expo site

Green waste is recycled as compost

Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs

Construction workforce peaked at 40,000 workers

About 65,000 people have signed up to volunteer

Main themes of expo is  ‘Connecting Minds, Creating the Future’ and three subthemes of opportunity, mobility and sustainability.

Expo 2020 Dubai to open in October 2020 and run for six months

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INVESTMENT PLEDGES

Cartlow: $13.4m

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Plug and Play: $25m

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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FOOTBALL TEST

Team X 1 Team Y 0

Scorers

Red card

Man of the Match

 

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%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A
Results

Stage 4

1. Dylan Groenewegen (NED) Jumbo-Visma 04:16:13

2. Gaviria (COL) UAE Team Emirates

3. Pascal Ackermann (GER) Bora-Hansgrohe

4. Sam Bennett (IRL) Deceuninck-QuickStep

5. Caleb Ewan (AUS) Lotto Soudal

General Classification:

1. Adam Yates (GBR) Mitchelton-Scott        16:46:15

2. Tadej Pogacar (SLO) UAE Team Emirates         0:01:07

3. Alexey Lutsenko (KAZ) Astana Pro Team          0:01:35

4. David Gaudu (FRA) Groupama-FDJ         0:01:40

5. Rafal Majka (POL) Bora-Hansgrohe