Kipruto holds off surprise Frenchman



The world champion Brimin Kiprop Kipruto held off a surprise French challenge to win the Olympic men's 3000m steeplechase today and retain Kenya's 24-year iron grip on the event. The unheralded Frenchman Mahiedine Mekhissi-Benabbad nearly spoiled the Kenyan party with a rip-roaring last lap but 23-year-old Kipruto held off his charge to win in 8 minutes 10.34 seconds. "It was really nice, but it wasn't easy for me to win, I had to try my best," Kipruto told reporters. "When I crossed the line, I could see my friends. I was so happy."

Reims-born Mekhissi-Benabbad did manage to outsprint Richard Kipkemboi Mateelong after the final jump to claim silver in a personal best 8.10.49 and the Kenyan had to be content with bronze in 8.11.01. "Since the beginning of the year I wanted to be the Olympic champion," Mekhissi-Benabbad said. "My strategy was to be at the front and wait for the last lap before attacking." Mateelong and Kipruto said they had never seen the Frenchman before.

"I must say it was a good race, I was strong," Mateelong added. "I couldn't predict who would win the race. I'm happy to be the bronze medallist but it's unfortunate (Kipruto) got away." Defending champion Ezekiel Kemboi, who beat Kipruto to gold in a Kenyan podium sweep four years ago in Athens, had a disappointing evening and finished seventh. The early pace of the race was slow with the Kenyans happy to let other runners lead the way and bide their time in the pack.

American Anthony Famiglietti tried to up it with four laps to go but nobody else responded and the race seemed set for a quick last few laps. It was not until just after the bell, though, that Mateelong and Kemboi finally hit the front with Kipruto seemingly boxed in. The rangy Mekhissi-Benabbad made his presence felt after the jump on the back straight and showed he would not be bossed around by the Kenyans.

"I have been studying all my races and also my opponents, I've seen the videos from Athens and Osaka," said the 23-year-old, who failed to reach the final at the world championships in Osaka last year. "I have studied the three Kenyans in particular." Kemboi had faded by now and it was a straight race between the three medallists, Kipruto surging to the line after he cleared the final jump. Such has been the Kenyan dominance of this event, Mekhissi-Benabbad is the first non-Kenyan to win a silver medal let alone a gold since his compatriot Joseph Mahmoud finished second in Los Angeles in 1984.

"I wanted to hear the French national anthem tonight in the stadium. I'll wait for the next time," he said. The last non-Kenyan to win the event was Pole Bronislaw Malinowski at the 1980 Moscow Games, which the Kenyans boycotted. * Reuters

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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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The specs
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Company profile

Date started: December 24, 2018

Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer

Based: Dubai Media City

Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)

Sector: ConsumerTech and FinTech

Cashflow: Almost $1 million a year

Funding: Series A funding of $2.5m with Series B plans for May 2020

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

THE SPECS

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