Anthony Joshua broke down in tears in the post-fight press conference in Jeddah. He had fought gallantly, come at one point to within a whisker of beating Oleksandr Usyk, but it wasn’t enough. And at this point that was all too much for him.
Usyk retained the WBA, WBO and IBF heavyweight titles with a split decision win over Joshua, the man he had taken the titles from 11 months earlier in London. But, unlike last time, this wasn't a case of Joshua coming up short, this was a case of the brilliance of Usyk.
Joshua fought a great fight. He tactics at times seemed to be working. But the story of the fight came down to two rounds – the ninth and the tenth.
The fight was in the balance when Joshua had a brilliant ninth round, rocking Usyk repeatedly, driving him around the ring. He seemed just one clean blow from victory.
But the minute’s rest at the end of the round did wonders for Usyk. After all the punishment Joshua had dished out to Usyk in the ninth round, Usyk did the same to Joshua in the tenth, as he landed a series of hooks that stiffened Joshua’s legs and had him gritting his teeth in an attempt to stay upright.
The fight was won right there. Joshua’s tank was emptied and try as he might, as brave as he was, he couldn’t match Usyk in the last two rounds on his tired legs. It was the difference between victory and defeat. If Joshua had won one of the last three rounds, it would have been a draw.
Frustration quickly grew for Joshua in the aftermath, as he seemed to attempt to present two of the championship belts to Usyk, only to be held back by Usyk’s security and then threw the belts out of the ring. He then walked out of the ring and was halfway back to the dressing room before returning.
He grabbed the ring microphone for a slightly bizarre rant, praising Usyk but justifying himself. It was as if all the snipes he had taken over the years from critics all caught up with him in one moment of failure.
But this was not a failure. He had just found his limit when an extraordinary boxer went higher.
Usyk was inspired by the war-torn nation behind him, it meant more to him than just self pride. He said afterwards that he had seen victory in Joshua’s eyes in the eighth round but couldn’t let his nation down. This was a victory for Ukraine at one of the most crucial times in its existence.
It was his remarkable talent that got him through, though. Whenever Joshua had success, Usyk was able to stick with him and then find something extra.
“Size doesn’t matter when you are fighting in the ring,” Usyk said. “That is when spirit counts.”
Back in England, Tyson Fury typically tried to play down Usyk’s performance on social media. Soon, at least, the on-off retirement talk should be in the past.
“I am sure that Tyson Fury is not retired yet, I am convinced he wants to fight me,” Usyk said.
“I want to fight him and if I am not fighting Tyson Fury, I am not fighting at all. Only God knows whether I will fight him or not, but all these gentlemen here around me, my team, they are going to help me.”
This will not be the end of Joshua, although his streak of appearing in 12 consecutive world title fights will come to an end.
With the spotlight shifting to an Usyk-Fury fight, it gives Joshua the chance to regroup and be more active. While Usyk’s dominance over two fights would make a trilogy fight unlikely, there will always be interest in a Fury-Joshua fight down the line.
As for Usyk, he underlined his position as a boxing master and he will go down as an all-time great, having previously held the undisputed world title at cruiserweight. All that in only 20 professional bouts.
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
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The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
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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Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
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Fuel economy, combined: 5.9L / 100km
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
