Manchester United and Scotland midfielder Darren Fletcher will miss the rest of the season after undergoing surgery to resolve his chronic bowel condition.
United have stressed the move is part of a "planned procedure", but they admit it is "frustrating" for the 28-year-old who has made just two short substitute appearances since starting the Barclays Premier League win at Reading on December 1.
A United statement read: "Darren Fletcher will be unavailable for the remainder of this season having undergone surgery to resolve his ulcerative colitis condition.
"We wish to stress this was a planned procedure undertaken at the optimal time having achieved a period of sustained good general health, as illustrated by the fact that Darren has trained with the team regularly this season and been available for selection right up to the operation.
"Whilst it is frustrating for both Darren and the club that he won't be able to contribute further during this campaign, this decision has been taken with our full support in the best interests of his long term health and we look forward to him returning next season with this problem firmly behind him.
"We would be grateful if his privacy could be respected at this time and in the coming months in order to aid his recuperation."
Not only are United affected, but Scotland must cope without their captain for the first matches of Gordon Strachan's spell as national coach, next month's friendly against Estonia and the World Cup qualifiers against Wales, Serbia and Croatia.
Strachan tonight said: "On behalf of the Scotland supporters, the national squad and backroom team, I wish Darren the best of luck in his recovery from the surgery that has been confirmed by his club.
"I spoke with Darren on Tuesday and know that the decision to have the operation has been taken in the interests of his long-term health and with the full backing of the medical staff at Manchester United.
"Darren's commitment and pride in playing for his country is an example to any professional footballer, as has been demonstrated by his availability for the recent World Cup qualifiers and the international challenge match against Luxembourg.
"I'm sure I speak for all Scotland fans when I say I hope that the operation allows Darren to overcome his condition and resume his role as a major influence for club and country in his own time.
"In the meantime, I have stressed to him that, as captain, he remains an integral part of the international set-up and that he is welcome to join up with the squad at any time during his recovery."
Fletcher has been struggling with the problem since March 2011, although his extended absences from the United side were dismissed by manager Sir Alex Ferguson as a virus.
However, once it became obvious the midfielder could not play his way through the injury, United eventually confirmed the extent of the condition and confirmed he was going to take a full break.
Fletcher even missed pre-season training last summer to ensure his comeback was a success, making his reappearance as a substitute against Galatasaray at Old Trafford in September.
Although he initially eased his way back into the first-team fray, the Reading game represented his third start in four games and he spoke optimistically about his role in the coming weeks.
Instead, after another substitute appearance the following Wednesday against CFR Cluj, matches against Sunderland and Swansea - where he did not come off the bench - and Newcastle on Boxing Day, when he was introduced for the final minute for his 10th and final appearance of the campaign, he was not seen again on first-team duty.
When questioned about Fletcher's absence at a time when matches were being encountered every three days, Ferguson said the pitches were too heavy for the Dalkeith-born player.
However, when he did not make the bench for last night's FA Cup tie with West Ham, when Ferguson made 10 changes to his starting line-up, it was obvious there was a more significant problem.
Now Fletcher, one of the most popular players in the United dressing room, is once again facing an extended period on the sidelines - and question marks about his future.
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Strait of Hormuz
Fujairah is a crucial hub for fuel storage and is just outside the Strait of Hormuz, a vital shipping route linking Middle East oil producers to markets in Asia, Europe, North America and beyond.
The strait is 33 km wide at its narrowest point, but the shipping lane is just three km wide in either direction. Almost a fifth of oil consumed across the world passes through the strait.
Iran has repeatedly threatened to close the strait, a move that would risk inviting geopolitical and economic turmoil.
Last month, Iran issued a new warning that it would block the strait, if it was prevented from using the waterway following a US decision to end exemptions from sanctions for major Iranian oil importers.
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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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
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Sectors: Internet, e-commerce
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