Munoz targets victory that would mark breakthrough to top table



Shortly after the UFC 112: Invincible fight card was announced, Mark Munoz, the Filipino-American fighter, received a message via Twitter, the social networking site, from Kendall Grove, his opponent, to show his respect and wish him luck. Munoz, 31, replied in kind and both vowed to put on a good show on Saturday night at Yas Island. But Munoz knows a win against the experienced The Ultimate Fighter series three champion would be huge for his career, and all pleasantries will be cast aside when the cage door closes.

"Every fight is a huge fight but this is the biggest fight of my life," the father-of-four said. "Right now I am making my way up the ladder. I want to be in top spot. I am gunning for it and this fight is vital." A two-time California state wrestling champion at high school, Munoz had never set out to be a full-time fighter and after finishing school accepted a job as a wrestling coach at UC Davis, part of the University of California, where he met Urijah Faber, the mixed martial arts featherweight fighter and fellow coach.

"He stayed on me and said I would be really good at MMA, the sport was exploding," said Munoz. "But I had a wife and three kids and was doing my master's degree, so when I said I couldn't do it, he backed off a bit." A sparring session with Randy Couture, a UFC Hall of Famer, changed Munoz's mind and, after convincing his reluctant wife, began fighting. "My wife didn't want me to fight at first," he said.

"She said she didn't marry a fighter. But we spoke for a while and she understood. Now she is with me every day, she is a vital part of my training and mental well-being." Munoz trains for six hours every day. Fight or no fight, he said, he never stops training. "I train hard all the time. It's not like it is work for me, I love training," he said. He is excited about fighting in Abu Dhabi and felt well prepared for the task ahead.

"Grove is going to try and keep me away, but I am going to be pushing the pace," he added. loatway@thenational.ae

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Etihad and Emirates fly direct from the UAE to Chicago from Dh5,215 return including taxes.

The hotels

Recommended hotels include the Intercontinental Chicago Magnificent Mile, located in an iconic skyscraper complete with a 1929 Olympic-size swimming pool from US$299 (Dh1,100) per night including taxes, and the Omni Chicago Hotel, an excellent value downtown address with elegant art deco furnishings and an excellent in-house restaurant. Rooms from US$239 (Dh877) per night including taxes. 

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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.”

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Key facilities
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