Tadej Pogacar produced a sensational performance on the summit of Hautcam to secure a third stage win at this year's Tour de France, while also grabbing back the yellow jersey in some style.
The UAE Team Emirates-XRG rider had started the day 29 seconds behind overnight leader Ben Healy but would blow away the opposition with an 11km solo ascent in what is the latest unforgettable ride of an already a remarkable Tour career.
Pogacar looked unstoppable as he powered to victory, finishing a whopping two minutes 10 seconds ahead of rival Jonas Vingegaard (Visma-Lease a Bike) meaning the Slovenian enjoys an overall lead over the Dane of three minutes 31 seconds. Olympic champion Remco Evenepoel is third, a daunting 4 min 45 sec back.
It defeated Pogacar's previous best Grand Tour winning margin by three seconds, achieved on the final mountain stage of last year’s Giro d’Italia. And it was achieved on a climb where had he been thoroughly beaten by Vingegaard in 2022.
German rider Florian Lipowitz (Red Bull-Bora-Hansgrohe) was third, a further 13 seconds back behind three-time champion Pogacar who also secured his 20th Tour win and 102nd overall victory.
“The first time I rode Hautacam, when I did a recon, it was a super nice climb,” Pogacar said. “I was looking forward to riding this climb and then it was in the Tour de France in 2022.
“I was trying with my head through the wall to get back the yellow jersey but Visma was too strong back then.
“I almost forgot about that. I was just looking forward to today, then all the people, all the time were, coming to me saying 'oh yeah, this is the revenge time', blah blah blah.
“Then when we approached the bottom of the climb it was the reverse story of a few years ago. One Belgian guy again on the front, Tim [Wellens], and our team. I'm super happy to take time [out of Vingegaard] and win on this climb.”
Dr Adrian Rotunno, medical director of UAE Team Emirates-XRG, confirmed he was good to go despite the fall.
“After a full examination post-stage, fortunately Tadej suffered no serious injury – no concussion or fractures,” he said before Thursday's stage. “He has some general bruising, and abrasions to his left forearm and hip, but is otherwise OK.
“We will continue to monitor him, but at this stage he is medically cleared to continue racing.”
Pogacar would make a mockery of any concerns by producing an imperious ride that would end with French President Emmanuel Macron being on hand at the mountain top finish to offer his congratulations.
“For sure, you don't know how the body reacts after the crash but it was not too bad,” added Pogacar. “It was not a bad crash. I feel my hip only if I do acrobatics, but I'm just riding a bike so it's not flexing. I sweat a bit more but maybe it's good.
“We did a super job. The team rode really well … It was hard for everybody but we were super strong. We had this stage in mind for a long time and we did it.”
Worse for any pretenders hoping to stop the defending champion is that Friday's Stage 13 comes in the shape of an uphill individual time-trial from Loudenvielle to Peyragudes that the Slovenian said this week he was looking forward to.
Irish rider Healy took a beating on his second day defending the yellow jersey as he slipped off the pace on the first climb, while doggedly trying to limit his losses. He is now eleventh, more than 13 minutes behind Pogacar.
The 21-stage race will conclude on July 27 in Paris.
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.”
The bio
His favourite book - 1984 by George Orwell
His favourite quote - 'If you think education is expensive, try ignorance' by Derek Bok, Former President of Harvard
Favourite place to travel to - Peloponnese, Southern Greece
Favourite movie - The Last Emperor
Favourite personality from history - Alexander the Great
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Lahore Qalandars 186 for 4 in 19.4 overs
(Sohail 100,Phil Salt 37 not out, Bilal Irshad 30, Josh Poysden 2-26) bt Yorkshire Vikings 184 for 5 in 20 overs
(Jonathan Tattersall 36, Harry Brook 37, Gary Ballance 33, Adam Lyth 32, Shaheen Afridi 2-36).
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood. Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues. Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity. Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
White hydrogen: Naturally occurring hydrogen Chromite: Hard, metallic mineral containing iron oxide and chromium oxide Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
