Dejected Al Ahli players trudge off the pitch at the Mohammed bin Zayed Stadium after their defeat to Auckland City.
Dejected Al Ahli players trudge off the pitch at the Mohammed bin Zayed Stadium after their defeat to Auckland City.

Al Rumaithi berates Al Ahli



ABU DHABI // Al Ahli, the inaugural UAE Pro League champions, yesterday received a stinging rebuke from the leader of the nation's Football Association for not taking the Club World Cup seriously enough. Mohammed Khalfan al Rumaithi blamed the Dubai team for failing to push on from last season's domestic title win and being badly prepared to go under the international spotlight alongside visiting teams from around the world.

Rumaithi was commenting on poor attendances in the early stages of the Fifa showpiece tournament in Abu Dhabi. He thinks that gates would have been significantly higher had Ahli remained involved longer than the opening match in which they were comprehensively defeated by the New Zealand amateurs of Auckland City. "We dreamt of a better participation by Al Ahli here," said al Rumaithi. "They did not plan properly for this competition. I urge whoever wins this year's league to prepare themselves well.

"The longer the host team stay in, the better for the tournament. This is no joke. This is a hugely prestigious event. Let us all take a lesson from this first year and not repeat the mistakes we have made when we organise it again next year." Rumaithi took an apologetic stance alongside Fifa's hierarchy at a press conference to discuss the success or otherwise the first of Abu Dhabi's two Club World Cups.

"We know that a good job has been done, but for us in the UAE we always seek excellence. And to do that the first task is to increase the number of spectators." Those negative comments were dismissed by Sepp Blatter, Fifa's president, and Chuck Blazer, who chaired the organising committee on behalf of Fifa Blatter said: "You are being a bit too humble when you say you need to do better next time. That is not possible because the organisational skills, the hospitality, the stadia, transport and other arrangements have been at the top level.

"I can only congratulate the government of Abu Dhabi and the Football Association here. The lack of spectators in the early rounds was mainly due to the early elimination of the UAE team." Blazer took the view that competition has been a learning curve for the local community. "The public will be responding to the fact that this is an event that they should not have missed. I don't think that we will be facing these issues next year. The fans will want to sample the great experience that this has been."

The aggregate attendance for the eight-match tournament reached the 100,000 mark after Barcelona's semi-final against Atlante on Wednesday night and there is a probability of the figure going past 140,000 if the expected full house for the final materialises tomorrow night. The Club World Cup was secured for the UAE by Abu Dhabi Sports Council at a Fifa Congress meeting in Sydney, Australia in May of last year. Leading the delegation that day was Mohammed al Mahmood, the organisation's secretary general.

He was disappointed to see the capital city's two sparkling stadia sparsely populated in the first week of the tournament and promised that "the picture will be totally different next year". Mahmood ruled out offering free entry to the preliminary matches, however. "We are not allowed to do that. The tickets must be paid for and collected in order to gain admission, but we will certainly consider reducing the ticket prices for the less attractive matches," he said. "But if we get strong representation from the UAE we shouldn't have a problem. I think this is a great lesson for all of our local teams. If you win the league it does not end with the final whistle of the league season. It ends with the final whistle of the Club World Cup and they should remain focused until their commitments in this tournament are over."

wjohnson@thenational.ae

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

If you go

The flights

There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.

The trip

Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.

The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.

 

Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

The specs

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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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Final round

25 under -  Antoine Rozner (FRA)

23 - Francesco Laporta (ITA), Mike Lorenzo-Vera (FRA), Andy Sullivan (ENG), Matt Wallace (ENG)

21 - Grant Forrest (SCO)

20 - Ross Fisher (ENG)

19 - Steven Brown (ENG), Joakim Lagergren (SWE), Niklas Lemke (SWE), Marc Warren (SCO), Bernd Wiesberger (AUT)

Business Insights
  • Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
  • The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
  • US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs

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