Miroslav Stoch, right, earned man of the match honours for his effort against Al Ittihad on Tuesday night. a 3-1 Al Ain win that delivers them to the semi-finals of the Asian Champions League. AFP Photo
Miroslav Stoch, right, earned man of the match honours for his effort against Al Ittihad on Tuesday night. a 3-1 Al Ain win that delivers them to the semi-finals of the Asian Champions League. AFP PhoShow more

After visit to Mecca, summit of Asian Champions League is now just four steps away for Al Ain



And so it goes on, Al Ain's class of 2014 bounding toward their date with destiny.

Those 2003 trailblazers, mentored by the late Bruno Metsu and mentioned with reverence ever since, do not seem so distant now.

Al Ain’s current crop stand four matches from Asian Champions League glory, from etching their names into Garden City lore. Mohammed Omer and Salem Johar, integral in 2003, may have to make room in the tomes that chronicle the club’s celebrated past. Budge up, boys, you could finally have company.

Comparing generations often constitutes an exercise in futility, and Al Ain have had some vintage artists between then and now, but a group crafted around Omar Abdulrahman’s precision and chiselled by Asamoah Gyan’s prowess suddenly appears worthy of the contrast.

Make no mistake: given Al Ain’s history in this competition, and the pressure that comes with it, their quarter-final with Al Ittihad provided the greatest test in recent memory.

The Saudi Arabians are genuine West Asian heavyweights and twice continental champions.

Over two legs, though, they were dismantled and dispatched.

In the first half of the tie last week, Al Ain overran their physically imposing opponents at the Hazza bin Zayed Stadium, suggesting it was in fact they who entered the match with two competitive domestic matches already under their belts.

The hosts, breathless despite being still in the preparation stage for the 2014/15 UAE season, were not the least bit hospitable. Ittihad simply had nothing in reply.

To finish the job yesterday, in a traditionally uninviting locale – albeit the match was intentionally played behind closed stadium doors – sets this Al Ain apart from those that have struggled since the club’s last Asian semi-final appearance, back in 2005.

The intervening period, usually barren, only buttressed the burden.

In their past three Champions League campaigns – 2007, 2010 and 2013 – Al Ain failed to emerge from the group stage.

Until now, emulating 2003 seemed an improbable dream, yet the latest squad foster a cautious optimism.

Abdulrahman and Gyan are obvious standouts, but summer recruits Miroslav Stoch and Lee Myung-joo have excelled in two appearances, despite still settling in a new environment.

They bring energy and expertise.

Jires Kembo Ekoko, recently returned from a yearlong loan, is a powerful forward, robust and resolute, well-suited to perform in Asia.

A batch of talented Emiratis – Ismail Ahmed, Mohammed Fayez and Ahmed Barman – furnishes Al Ain with a formidable local contingent to complement Abdulrahman.

The UAE club boast arguably the finest playmaker and striker in the region.

With the pair present, belief abounds.

With Ittihad negotiated, Al Ain will look forward with particular relish to Al Hilal in the semis.

The separation of East and West Asia until the final, introduced this year, enhances chances of reaching a first final in nine years.

Should they get there, a clash with a traditionally stronger Eastern side awaits.

Al Ain would undoubtedly enter as underdogs: since 2006, the title all but once has gone to a team from South Korea, Japan or China.

Whether manager Zlatko Dalic’s men boast the requisite talent to go all the way, to replicate 2003, remains to be seen.

But the swatting aside of Ittihad offers fresh ambition, imbues them with a newfound confidence.

Those hopes remain intact, will intensify, and feel almost tangible. This is their moment.

Four matches from greatness.

jmcauley@thenational.ae

Follow us on twitter at @SprtNationalUAE

Oppenheimer
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2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

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Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Lewis Hamilton in 2018

Australia 2nd; Bahrain 3rd; China 4th; Azerbaijan 1st; Spain 1st; Monaco 3rd; Canada 5th; France 1st; Austria DNF; Britain 2nd; Germany 1st; Hungary 1st; Belgium 2nd; Italy 1st; Singapore 1st; Russia 1st; Japan 1st; United States 3rd; Mexico 4th

The smuggler

Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple. 
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.

Khouli conviction

Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.

For sale

A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.

- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico

- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000

- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950

Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

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Brief scores:

Day 2

England: 277 & 19-0

West Indies: 154

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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