'Easy-living culture' hobbles UAE sport



BEIJING // As the UAE faces the prospect of leaving the Beijing Olympics without a single medal, the country's top Olympics official has admitted that hopes of attracting more young Emiratis into sport and challenging for future international honours rest on changing their "easy-living culture". "The Emirati youth has little interest in sport compared to young people in other countries, with the exception of football," Ibrahim Abdul Malik, the secretary general of the UAE's Olympic Committee, said from the Chinese capital.

"The life of the people has changed. Emiratis have a soft and easy lifestyle. But sport is not easy - it is hard." Mr Malik said sport failed to register in the culture of young Emiratis. "It is really important to realise this," he said. "The UAE youth prefers to go to the shopping centre rather than to do sport. "This is the big challenge for the future. We have to work really hard to make sports a part of their cultural life. Then we can get a good pool of talent from which to select the best to represent the country."

He acknowledged that the UAE's policy for sport at school was also in need of improvement. "We have also not had a good policy for building sports in schools," he said. "This is incredibly important. If sport is to become a part of the national culture we must get children into it from an early age, so they grow up with it." In Beijing, the last UAE athlete with a theoretical chance of winning a medal is Sheikha Maitha bint Mohammed bin Rashid. She has been handed a tough draw against the double world tae kwon do champion and 2004 Olympic bronze medallist Hwang Kyung-seon on Friday, diminishing the UAE team's hopes of gaining a medal.

"We had a gold last time and now people are expecting we get the same result," Mr Malik said. "But we may well not get any medals this time." He and the rest of the UAE International Olympic Committee recognise the need to build on the country's showing in China, where the national squad numbers eight, more than at any previous Olympic Games. "Now we need to think about the individual sports and choose the ones we can build up," he said. "Some sports are unsuitable. Sprinting, wrestling or basketball, for example, are almost impossible. Emiratis just don't have the right physique for such sports. Instead, we need to target sports such as shooting, cycling and sailing."

One possible quick solution - offering citizenship to talented athletes and following the example of Qatar and Bahrain - was a sensitive matter for the politicians to decide upon, Mr Malik said. He is concentrating his efforts on targeting individual emirates to encourage them to improve on their sporting participation. He says Abu Dhabi, Dubai and increasingly Sharjah are leading the way. Meanwhile, Mr Malik said a dearth of medals did not mean the country could not be proud of its showing.

Obaid Ahmed Obaid set a new national record in his 100-metre swimming freestyle event, while the sprinter Omar Juma al Salfa ran a season's best in the 200-metre heats, despite finishing last. "Our players did their very best and put in some good performances by UAE standards," he said. "All the athletes are getting good experience here. You need to work very hard and you need a bit of luck, too."

tspender@thenational.ae

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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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