A record-breaking year for UAE Team Emirates got even better on Thursday when it was announced star rider Tadej Pogacar has committed his future to the team by signing a new six-year contract.
It comes following an astounding season for the world’s most dominant cycling team and the preeminent rider of his generation.
Pogacar, 25, has continued to cement his legacy as an all-time great, becoming only the third male in history to win cycling’s triple crown of the Giro d’Italia, Tour de France and World Championships in the same year. In all, the Slovenian claimed 25 victories this year in what could be regarded as the greatest season in history, certainly of this century.
History was made, too, by UAE Team Emirates, with an unprecedented 20 different riders achieving race and stage wins this season for a total of 81 victories. To put their collective dominance into perspective, the next best team, Lidl-Trek, managed 42 wins.
It makes perfect sense, then, that the best team and cyclist on the planet – who topped the respective season-ending UCI world rankings by runaway distances reminiscent of a Pogacar breakaway – extend their relationship to 2030.
“It was really not a hard decision because I feel really good at UAE Team Emirates,” Pogacar told The National at an event at Abu Dhabi Cycling Club to celebrate the team’s season. “The team is always growing and improving, so it’s hard to look outside of here and find a better team where I would feel more comfortable, so it was a really easy decision.”
Pogacar’s new contract means the three-time Tour de France champion will eventually spend 12 years with UAE Team Emirates, in which time he has transformed from talented teenager to generational superstar. Ominously for his rivals, he should just be entering his prime, and with the guarantee of his future secured.
“It’s a nice thing that you can stay at one team for a long time,” Pogacar said. “It just makes it easier for the team and the rider because we know each other and makes you feel more comfortable. If you change team from year to year, you can miss that improvement and maybe not settle at one team, so I’m very happy I can stay so long here.”
The delight is most certainly mutual, with UAE Team Emirates president Matar Suhail Al Yabhouni Al Dhaheri praising Pogacar for his pivotal role both in the team’s historic success and in driving interest in cycling across the Emirates.
“This is a special moment for the team and for cycling here in the UAE. Tadej is an incredible talent that represents the UAE so amazingly,” Al Dhaheri said. “He is a beacon of inspiration for the next generation and is idolised and loved by so many. It has been a privilege watching him develop into the person he is today, and I couldn’t be prouder of what he’s accomplished for our team.
“As we continue to see our sport go from strength to strength across the region, there is no question that Tadej, alongside his teammates, are a massive reason for this. It’s a special day for cycling and we are so excited for the future.”
Focusing on the future is very much Pogacar’s mindset, instead of reveling in past success. While he describes his third Tour de France title as “special” – after successive runner-up finishes – and the Giro triumph as “one of the highlights of my career”, the Slovenian pays little attention to the many records he has accumulated over the years.
“There is no time for that,” he said. “I just need to keep moving forward, not backward, so we enjoy the moment and continue to look to the future, not the past.”
That future, for both Pogacar and UAE Team Emirates, now looks brighter than ever.
The specs
Engine: 3.5-litre V6
Power: 272hp at 6,400rpm
Torque: 331Nm from 5,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.7L/100km
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Price: Dh149,000
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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Squads
India (for first three ODIs) Kohli (capt), Rohit, Rahul, Pandey, Jadhav, Rahane, Dhoni, Pandya, Axar, Kuldeep, Chahal, Bumrah, Bhuvneshwar, Umesh, Shami.
Australia Smith (capt), Warner, Agar, Cartwright, Coulter-Nile, Cummins, Faulkner, Finch, Head, Maxwell, Richardson, Stoinis, Wade, Zampa.
The biog
Favourite hobby: I love to sing but I don’t get to sing as much nowadays sadly.
Favourite book: Anything by Sidney Sheldon.
Favourite movie: The Exorcist 2. It is a big thing in our family to sit around together and watch horror movies, I love watching them.
Favourite holiday destination: The favourite place I have been to is Florence, it is a beautiful city. My dream though has always been to visit Cyprus, I really want to go there.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
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Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
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UAE currency: the story behind the money in your pockets
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
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