The ATP and Saudi Arabia’s Public Investment Fund (PIF) announced a new multi-year strategic partnership on Wednesday that includes the PIF becoming the official naming partner of the ATP Rankings, with the year-end ATP world No 1, presented by PIF, to be crowned at the ATP Finals in Turin in November.
A statement released by the ATP said the new deal marked “a significant shared commitment to enhancing global tennis for players, fans, tournament organisers and stakeholders at all levels of the sport”.
The PIF will also partner with ATP Tour events in Indian Wells, Miami, Madrid, Beijing and the ATP Finals, as a sponsor with branding and activation opportunities, and will be the presenting partner of the Next Gen ATP Finals, hosted in Jeddah until 2027.
“Following the launch of the ATP’s Baseline programme earlier this year, PIF has further committed to develop and unlock new opportunities for young players and player pathway initiatives, providing a significant boost to the game’s next generation of stars,” read the ATP’s press release.
Former world No 1 Andy Murray was asked to share his thoughts on the announcement, which came just a few minutes after he lost 6-2, 6-4 to French fifth seed Ugo Humbert in the second round of the Dubai Duty Free Tennis Championships on Wednesday.
Murray explained he wasn’t aware of the full details of the deal just yet, but told The National: “I don’t know exactly what it means by sponsoring the events. I don’t know what that will look like.
“One of my concerns is actually more about the investment in lower levels of the game and the grassroots of the sport. I think that’s extremely important.
“Obviously there’s going to be a lot of money coming in, I would imagine, but I hope that that’s not just coming into the top of the game.
“I hope that there’s a plan in place to help actually, if this is what the sport is wanting to happen, there’s a plan in place for the grassroots of the sport down the Futures levels, the junior events, investing in that level to show there’s a real care for the sport and the future of the sport. And if that’s the case then I guess it can be positive. Let’s see.”
The ATP partnership forms the PIF’s first major involvement with professional tennis, which comes on the heels of numerous investments made by the fund in football, golf, boxing, and mixed martial arts to name a few.
The ATP and PIF will also collaborate to “elevate the long-term future of tennis”. PIF will actively contribute to ATP’s OneVision Strategic Plan, which focuses on driving unity, enhancing fan experiences and leveraging scalable growth opportunities across the sport.
“Our strategic partnership with PIF marks a major moment for tennis. It's a shared commitment to propel the future of the sport. With PIF’s dedication to the next generation – fostering innovation and creating opportunities for all – the stage is set for a transformative new period of progress,” said ATP CEO Massimo Calvelli.
Mohamed Al Sayyad, Head of Corporate Brand at PIF, said: "As PIF expands its portfolio of innovative sponsorships, our commitment to 'Invested in Better' remains unwavering.
"Through our collaboration with ATP, PIF will be a catalyst for growth of the global tennis landscape, developing talent, fostering inclusivity and driving sustainable innovation. This strategic partnership aligns with our broader vision to enhance quality of life and drive transformation in sport both within Saudi and across the world.''
Tennis is rapidly becoming a key sport in Saudi Arabia. According to the press release, between 2019 and 2023, the number of registered players increased by 46 per cent. PIF will leverage the ATP’s expertise to develop further opportunities for young Saudis in tennis, including via state-of-the-art facilities, coaching, and an enhanced player pathway in Saudi Arabia.
Last month, 22-time grand slam champion Rafael Nadal was announced as an ambassador of the Saudi Tennis Federation.
Nadal, who made a surprise visit to a junior tennis clinic in Riyadh hosted by the STF, will spend time in Saudi Arabia each year to help nurture and plan the development of boys and girls in the sport as well as grow further interest in tennis among the country’s young population.
Discussions between the WTA Tour and Saudi Arabia have also been in the works regarding the staging of the WTA Finals in the Kingdom.
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
Role Model - My father, Yiannis Davos
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
More on animal trafficking
The burning issue
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.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
SCORES IN BRIEF
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.
Dunki
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Rajkumar%20Hirani%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Shah%20Rukh%20Khan%2C%20Taapsee%20Pannu%2C%20Vikram%20Kochhar%20and%20Anil%20Grover%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
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
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
