Manchester City's Jo (right) and Ricardo Carvalho of Chelsea jump for the ball during Saturday's game.
Manchester City's Jo (right) and Ricardo Carvalho of Chelsea jump for the ball during Saturday's game.

Abu Dhabi trip planned for City



The Manchester City manager Mark Hughes and several leading players, including his record British signing Robinho, are to visit Abu Dhabi as part of a campaign to promote the UAE capital by the club's new owners. Hughes and his team were formally invited to Abu Dhabi over the weekend as Manchester City faced their first game against Chelsea following the takeover by investors led by Sheikh Mansour bin Zayed, which has dominated the football world in recent days.

While no date has yet been fixed, it is believed that Hughes and some of his players could be in the capital by the end of next month, depending on the team's fixture commitments. The new owners are also examining ways in which Manchester City players could be used commercially in promoting Abu Dhabi as they attempt to ensure that their investment brings benefits beyond football. The club also feel that a visit from the manager and players would help establish them within the region and develop a following among Gulf football fans.

Plans are already being made to ensure that City's youth teams take part in the annual Abu Dhabi youth tournament, one of the most competitive in the world. This year's participants included Athletico Madrid, Liverpool and several leading Brazilian teams. A Manchester City official said: "The manager and the players have had an invitation to visit Abu Dhabi and hopefully we will be able to arrange something very soon.

"Obviously we will have to look at the fixtures but we anticipate a short visit. It would be useful for both the club and the new owners. We are already working on plans for our youth teams to take part in a tournament in Abu Dhabi next year. This should just be the start of a long and fruitful relationship." Meanwhile Hughes revealed that following Saturday's 3-1 defeat to Chelsea, he hopes that some of the hysteria surrounding the club since the takeover was announced may now start to quell.

Robinho, Britain's costliest signing at £32.5million (Dh213m) signing, scored on his debut but Hughes warned that the result should serve as a reality check for some City fans. Hughes said: "It wasn't a reality check from our point of view. We are still very early in our development as a squad and a team. "But some people have got a little bit ahead of themselves and a little bit hysterical. We know the level we are at.

"Chelsea were excellent in the second half. They set traps for you. In the end, it was a fair result, we have no qualms about that." The Abu Dhabi takeover has still to be ratified by the English Premier League but was given an informal vote of confidence by the League's chief executive Richard Scudamore. Speaking on BBC radio, Scudamore said: "I know they are very decent business people and they want to do business in the right way. They want to do this with credibility. There is no point for any group from Abu Dhabi investing in English football and not enhancing their reputation in doing so.

"This money will not just be thrown at this without any sort of objectivity. I think it will be done properly, it will be done decently. If their ambition is to come in and win there is nothing wrong with that." @Email:vchaudhary@thenational.ae

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

The specs

Engine: Four electric motors, one at each wheel

Power: 579hp

Torque: 859Nm

Transmission: Single-speed automatic

Price: From Dh825,900

On sale: Now

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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.”

MATCH INFO:

Second Test

Pakistan v Australia, Tuesday-Saturday, 10am​​ daily​​​​​ at Zayed Cricket Stadium, Abu Dhabi

Entrance is free

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

Aston martin DBX specs

Engine: 4.0-litre twin-turbo V8

Transmission: nine-speed automatic

Power: 542bhp

Torque: 700Nm

Top speed: 291kph

Price: Dh848,000

On sale: Q2, 2020
 

NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

Mina Cup winners

Under 12 – Minerva Academy

Under 14 – Unam Pumas

Under 16 – Fursan Hispania

Under 18 – Madenat

RESULT

Bournemouth 0 Southampton 3 (Djenepo (37', Redmond 45' 1, 59')

Man of the match Nathan Redmond (Southampton)

Fund-raising tips for start-ups

Develop an innovative business concept

Have the ability to differentiate yourself from competitors

Put in place a business continuity plan after Covid-19

Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.) 

Have enough cash to stay afloat for the next 12 to 18 months

Be creative and innovative to reduce expenses

Be prepared to use Covid-19 as an opportunity for your business

* Tips from Jassim Al Marzooqi and Walid Hanna

A general guide to how active you are:

Less than 5,000 steps - sedentary

5,000 - 9,999 steps - lightly active

10,000  - 12,500 steps - active

12,500 - highly active

The specs

Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

Price: From Dh79,600

On sale: Now

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

BUNDESLIGA FIXTURES

Friday (UAE kick-off times)

Borussia Dortmund v Paderborn (11.30pm)

Saturday 

Bayer Leverkusen v SC Freiburg (6.30pm)

Werder Bremen v Schalke (6.30pm)

Union Berlin v Borussia Monchengladbach (6.30pm)

Eintracht Frankfurt v Wolfsburg (6.30pm)

Fortuna Dusseldof v  Bayern Munich (6.30pm)

RB Leipzig v Cologne (9.30pm)

Sunday

Augsburg v Hertha Berlin (6.30pm)

Hoffenheim v Mainz (9pm)

 

 

 

 

 

Porsche Taycan Turbo specs

Engine: Two permanent-magnet synchronous AC motors

Transmission: two-speed

Power: 671hp

Torque: 1050Nm

Range: 450km

Price: Dh601,800

On sale: now

Monster

Directed by: Anthony Mandler

Starring: Kelvin Harrison Jr., John David Washington 

3/5

 

Petrarch: Everywhere a Wanderer
Christopher Celenza,
Reaktion Books

UAE currency: the story behind the money in your pockets