Drew Brees  has no regrets about choosing New Orleans ahead of Miami five years ago.
Drew Brees has no regrets about choosing New Orleans ahead of Miami five years ago.

A quarterback's inspired call



MIAMI // Five years ago, Drew Brees found himself a free agent with a straight choice - a laid back Florida lifestyle with the Miami Dolphins or the challenge of a New Orleans still recovering from the devastation of hurricane Katrina. The highly rated quarterback chose the New Orleans Saints and is one win away from taking the team in black and gold to the Super Bowl for the first time, an achievement that would be an enormous boost to the city's comeback from disaster.

The Texan's choice has turned out to be inspired, not only in terms of his and his team's performances on the field but also in the impact the city has had on the life of the 31-year-old Brees. "It's been unbelievable, I said this from the beginning, I felt like it was a calling," he said this week as he prepared for Sunday's NFC Championship game against the Minnesota Vikings. "An opportunity to come here and not only being a part of the rebuilding of the organisation and getting the team back to its winning ways, but to be part of the rebuilding of the city and the region. It's been very special."

Hurricane Katrina hit America's Gulf coast on August 29, 2005, killing more than 1,800 people, driving 2.16 million from their homes and causing US$75 billion (Dh275b) of damage. "A lot of people watching were like me," Brees said. "You watched Hurricane Katrina hit the Gulf Coast and New Orleans specifically on TV, and you just don't understand the magnitude of what happened here and the devastation until you actually come down and see it with your own eyes."

"So as a free agent, when I came on my visit six months post Katrina, it was still very much a shambles. Everybody was just trying to get their lives back together and rebuild their homes, figure out where their kids are going to go to school. Getting back to work and all those things. Many doubts." The Superdome that is home to the Saints and has hosted six Super Bowls became a shelter for thousands left with nowhere else to turn during Katrina and did knot reopen until a year later.

During that year the Saints had to play at venues outside the area and it was in the middle of that 'homeless period' that Brees had to decide whether to join them. "Your two choices are Miami and New Orleans," he recalled. "New Orleans 80 per cent of the city damaged and you're going there six months post Katrina. "Or Miami, you know, from an outsider's perspective you say that is an obvious choice.

"For me, it was much different. I tried to look a lot deeper than just on the surface. "You're looking around at a lot of the neighbourhoods and there are still boats in living rooms and trucks flipped upside down on top of houses. For me, I looked at that as an opportunity. An opportunity to be part of the rebuilding process. How many people get that opportunity in their life to be a part of something like that?

"What we were able to do as a team and organisation and the fans and the people of the city we were able to kind of really form a bond and come together. "That bond is I think what's helped carry us all through and given everybody hope and uplifted the spirits of everyone." * Reuters

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Results
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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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Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes. 
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com

Syria squad

Goalkeepers: Ibrahim Alma, Mahmoud Al Youssef, Ahmad Madania.
Defenders: Ahmad Al Salih, Moayad Ajan, Jehad Al Baour, Omar Midani, Amro Jenyat, Hussein Jwayed, Nadim Sabagh, Abdul Malek Anezan.
Midfielders: Mahmoud Al Mawas, Mohammed Osman, Osama Omari, Tamer Haj Mohamad, Ahmad Ashkar, Youssef Kalfa, Zaher Midani, Khaled Al Mobayed, Fahd Youssef.
Forwards: Omar Khribin, Omar Al Somah, Mardik Mardikian.