ABU DHABI // Filipinos were left with mixed feelings after the early rise to watch their national hero, Manny Pacquiao, successfully defend his world title against the Mexican Juan Manuel Marquez yesterday.
The welterweight slug-out, which was broadcast live from the MGM Grand in Las Vegas, ended in a majority decision going Pacquiao's way, but some of his compatriots were less than impressed.
More than 200 fans watched the "pound for pound king" on four giant projector screens and 10 TVs at the Goto King Filipino restaurant in Khalidiyah Mall.
"Pacquiao felt intimidated by Marquez," said Rey Balonzo, 46, a Filipino civil engineer. "I didn't see his fire, speed and his agility in the ring. He was a disappointment."
Jay-R Angeles, 32, an engineer-consultant in Abu Dhabi, said Marquez should have won: "I'm not convinced of Pacquiao's victory. He lacked speed and power."
The main fight began at 9am, but most fans had gathered at the mall by 5am to watch the support bouts that started at 5.30.
By 6.30 there were Syrians, Jordanians, two Australians and an Emirati among the predominantly Filipino crowd.
"He shouldn't have won but that's boxing," said Stewart Moller, 40, an Australian former professional boxer who now works as a personal trainer in Abu Dhabi. "One guy gave eight rounds to Pacquiao."
Mr Moller and his friend Danny Evans, 38, a management consultant, were at the restaurant by 6am.
"Pacquiao is a great fighter," said Mr Moller. "He's polite and treats his opponents with respect."
Yesterday was the third time the two boxers have met. They fought to a draw in May 2004 and Pacquiao won a split decision during his March 2008 rematch with Marquez.
But not all Filipinos at the restaurant were as down on their hero as others.
"I'm proud of Pacquiao and the honour he gives to Filipinos and our country," said Angelo Marquez, 37, the lead vocalist and comedian of the rock and comedy band Beautiful Malditas.
Mr Marquez has not missed any of the "Pacman's" fights since moving to the UAE in 2004.
He watched from the same restaurant six months ago as Pacquiao, who has won world titles across eight divisions, beat the US boxer Shane Mosley to retain his WBO welterweight title.
Maan Darawsheh, 32, the restaurant's food and beverage manager, was among the disappointed.
"This was a very important fight for Pacquiao and the Filipinos here," Mr Darawsheh said. "But that's how it is. I'm a Pacquiao fan. I was into kickboxing when I was 18 in Jordan."
Ivan Quibuyen, 28, a nurse at Sheikh Khalifa Medical City, and his colleague Aristotle Baun, 30, had taken the day off to watch the fight.
"Pacquiao is younger and he's stronger and faster than Marquez," Mr Quibuyen said. "But I must admit that Marquez was a much better fighter today."
Carlito Atienza, 52, a foreman, said he was upset by the judge's decision.
"They favoured Pacquiao because he was a title-holder and was a 10-1 betting favourite against Marquez," Mr Atienza said. "They didn't want people to lose their money."
At Rocky's Cafe, a Filipino restaurant and bar in Regent Palace Hotel in Dubai, many of the more than 200 boxing fans in attendance also felt Pacquiao had lost. They had been looking forward to his usual commanding and impressive performance.
"But many were disappointed," said Melanie Avenir, the restaurant's supervisor. "Some even booed when Pacquiao was proclaimed the winner."
Butch Mendoza, 23, who works at an insurance company in Dubai, did not share that sentiment. He watched the bout at home along with nine flatmates.
"We were all expecting Pacquiao to dominate the fight," Mr Mendoza said.
"When you watch the fight closely, you'll notice that Pacquiao threw and landed more punches.
"He was the aggressive fighter in the 10th to 12th rounds and he deserved to win this fight."
rruiz@thenational.ae
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
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.”
Honeymoonish
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The BIO
Favourite piece of music: Verdi’s Requiem. It’s awe-inspiring.
Biggest inspiration: My father, as I grew up in a house where music was constantly played on a wind-up gramophone. I had amazing music teachers in primary and secondary school who inspired me to take my music further. They encouraged me to take up music as a profession and I follow in their footsteps, encouraging others to do the same.
Favourite book: Ian McEwan’s Atonement – the ending alone knocked me for six.
Favourite holiday destination: Italy - music and opera is so much part of the life there. I love it.
Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Opening Premier League fixtures, August 14
- Brentford v Arsenal
- Burnley v Brighton
- Chelsea v Crystal Palace
- Everton v Southampton
- Leicester City v Wolves
- Manchester United v Leeds United
- Newcastle United v West Ham United
- Norwich City v Liverpool
- Tottenham v Manchester City
- Watford v Aston Villa
Two products to make at home
Toilet cleaner
1 cup baking soda
1 cup castile soap
10-20 drops of lemon essential oil (or another oil of your choice)
Method:
1. Mix the baking soda and castile soap until you get a nice consistency.
2. Add the essential oil to the mix.
Air Freshener
100ml water
5 drops of the essential oil of your choice (note: lavender is a nice one for this)
Method:
1. Add water and oil to spray bottle to store.
2. Shake well before use.
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
It's Monty Python's Crashing Rocket Circus
To the theme tune of the famous zany British comedy TV show, SpaceX has shown exactly what can go wrong when you try to land a rocket.
The two minute video posted on YouTube is a compilation of crashes and explosion as the company, created by billionaire Elon Musk, refined the technique of reusable space flight.
SpaceX is able to land its rockets on land once they have completed the first stage of their mission, and is able to resuse them multiple times - a first for space flight.
But as the video, How Not to Land an Orbital Rocket Booster, demonstrates, it was a case if you fail, try and try again.
Predictions
Predicted winners for final round of games before play-offs:
- Friday: Delhi v Chennai - Chennai
- Saturday: Rajasthan v Bangalore - Bangalore
- Saturday: Hyderabad v Kolkata - Hyderabad
- Sunday: Delhi v Mumbai - Mumbai
- Sunday - Chennai v Punjab - Chennai
Final top-four (who will make play-offs): Chennai, Hyderabad, Mumbai and Bangalore
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
