Uzbekistan players celebrate at the final whistle after defeating the UAE 1-0 in Sharjah.
Uzbekistan players celebrate at the final whistle after defeating the UAE 1-0 in Sharjah.

UAE lose Asian Cup qualifier



SHARJAH // Server Djeparov, Asia's leading footballer, dealt a harsh lesson to the UAE's youthful national side as he guided Uzbekistan to three points in their Asian Cup qualifier at Sharjah Stadium. Djeparov, the Uzbek playmaker, was named the Asian Footballer of the Year in 2008 for his dynamic displays for their champion club side, FC Bunyodkor, as well as the national team. The Tashkent club have been training at the Jebel Ali Centre of Excellence this week. While the majority of international interest still surrounds their marquee Brazilian signing Rivaldo, Djeparov, 26, is their most important player on the field. He is said to be a target for the big-spending English Premier League side Chelsea, and he proved to be a cut above everything else on show in Sharjah. It was the national team's second match in the qualifying competition for the 2011 tournament, which will be staged in Qatar. They went into the encounter with spirits soaring following a 5-0 demolition of an abject Malaysia last time out. However, Dominique Bathenay, the Frenchman in charge of the UAE, warned against overconfidence in the build-up, suggesting the poor standard of the Malay side had skewed perspective. It was immediately apparent the Uzbeks would provide a far tougher opposition. The Emirates were giving away 45 places in the Fifa rankings to their visitors, and they barely touched the ball for the first 20 minutes. Yet they still had the best chance to take the lead. An incisive move down the right flank reached a disappointing terminus when Ali Wehaibi, the Al Ain winger, stroked a lame cross into the grateful arms of Ignatiy Nesterov, with Mohammed Omar waiting to pounce. Uzbekistan made them pay soon after, when Farhod Tadjiyev, their centre-forward, headed home at the near-post from an appetising right-wing cross by Ildar Magdeev. As the UAE chased the game, their recent punishing schedule started to tell. It was their seventh match in the space of a month ? an unusually high workload for an international team ? and they flagged visibly during the second-half. Despite the tiredness, they threatened twice after the restart, first when Mohammed al Shehhi dragged a shot wide after Wehaibi and Ismail Matar forged an opening. Matar, the UAE's star No 10, then drilled a powerful shot through the Uzbekistan wall from the edge of the box. The away side were lucky to see the ball rebound to safety off the goalkeeper, Nesterov. Djeparov nearly capped his masterclass with a goal in injury-time, after charging down an attempted clearance by the home keeper, Majid Naser, but his audacious lob from the left-touchline drifted just wide. pradley@thenational.ae

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.”

Last-16

France 4
Griezmann (13' pen), Pavard (57'), Mbappe (64', 68')

Argentina 3
Di Maria (41'), Mercado (48'), Aguero (90 3')

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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes

%E2%80%98White%20Elephant%E2%80%99
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What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

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Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

Section 375

Cast: Akshaye Khanna, Richa Chadha, Meera Chopra & Rahul Bhat

Director: Ajay Bahl

Producers: Kumar Mangat Pathak, Abhishek Pathak & SCIPL

Rating: 3.5/5

Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
Squid Game season two

Director: Hwang Dong-hyuk 

Stars:  Lee Jung-jae, Wi Ha-joon and Lee Byung-hun

Rating: 4.5/5

SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
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