Al Hassane Keita seeks Swiss solution to problems after Emirates exit

RAS AL KHAIMAH // Al Hassane Keita is hoping to resurrect his career and rediscover his confidence in Switzerland after losing his place in the Emirates team.

Keita arrived at the Ras Al Khaimah club from the Saudi Arabian side Al Shabab at the start of the season, but an injury forced him out for three months.

He has made just eight appearances for the team – three in the Etisalat Cup and five in the Pro League – and the frustrated Emirates management decided to replace him during the January transfer window.

Moving to Switzerland is the best option for the Guinean now as the transfer window has closed nearly everywhere else. The 28-year-old striker has played there before, scoring 58 goals in five seasons at FC Zurich.

"The time I heard the news that Keita is out, it was a bad time because almost everywhere is closed," Keita said.

"But Switzerland is open until February 15 and I have been there before. I know everybody there, so I think I have an option."

Keita is unhappy with the way he has been treated at Emirates and claims no club official has spoken to him as yet.

"Everything in this world is based on respect," he said. "Even your son, you have to respect him. I respect everybody here, but I am seeing these guys have no respect for me.

"People have just been talking around, but nobody has come to me, to tell me, 'Keita this is it' or 'this is how it is supposed to be'. Nobody has told me anything.

"I am just hearing things from people from outside. I have called up people to know what is really going on but until now nobody can tell me nothing."

"I can move any time. I know I am good player and I can play anywhere I want. So finding a club is not a problem. I have options, but first I need to finish with them [Emirates] and I can see nobody to talk to."

A club spokesman said last night that they had still not finalised their fourth foreign player, but once that has been decided, they will talk with Keita.

arizvi@thenational.ae

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UAE currency: the story behind the money in your pockets

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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Date started: Okadoc, 2018

Founder/CEO: Fodhil Benturquia

Based: Dubai, UAE

Sector: Healthcare

Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth

Funding stage: Series B fundraising round to conclude in February

Investors: Undisclosed