Hector Cuper lasted just 13 Arabian Gulf League matches with Al Wasl after his hiring in November before his sacking on Tuesday March 4, 2014. Razan Alzayani / The National
Hector Cuper lasted just 13 Arabian Gulf League matches with Al Wasl after his hiring in November before his sacking on Tuesday March 4, 2014. Razan Alzayani / The National

Al Wasl part ways with Hector Cuper after brief, disappointing tenure



Manager sacked

Club reportedly are looking to bring in a Brazilian coach

Ahmed Rizvi

DUBAI // Al Wasl could make a return to the Brazilian school of coaching as they hunt for a new coach after parting ways with Argentine Hector Cuper yesterday.

Arriving at the Zabeel Stadium in November amid much fanfare, Cuper was given the marching orders after a disappointing four months in which his team only won four of their 16 matches and lost 10.

The club announced the decision through their official Twitter account, saying both parties had agreed to part ways through “mutual consent” following a meeting yesterday between the coach and the club’s technical committee.

“Al Wasl management wish the best for the Argentine coach Hector Cuper and we thank him for all that he has done at his time as first team coach,” the post said.

Saleem Abulrahman, who had won two of his three matches as interim coach earlier in the season after Laurent Banide was sacked, will return to the job as Wasl look for Cuper’s replacement.

According to a club source, the new manager could most likely be a Brazilian.

Wasl have enjoyed better times under Brazilian managers and their last success – the league and President’s Cup double in 2006/07 – also came under the guidance of Brazilian Ze Mario.

“Looking at our past, we believe the Brazilian coaches are better for us,” said the source.

“So the club is keen to turn back to a coaching school that has worked well for us in the past. No decision has been made yet, but our next coach could most likely be a Brazilian.”

Ze Mario left the club at the end of the 2007/08 season after failing to repeat his success, and his successors were a Czech (Miroslav Beranek), a Croat (Srecko Juricic), a Brazil-born Costa Rican (Alexandre Guimaraes) and a Brazilian (Sergio Farias) before Argentine legend Diego Maradona took the job in 2011.

Maradona met the same fate as the earlier managers after failing to win any silverware and was sacked midway through his two-year contract.

Since then, Frenchmen Bruno Metsu, Gilles Morriseau, Guy Lacombe and Banide, Emiratis Eid Baroot and Abdulrahman, and Argentine Cuper have all occupied the Wasl dugout.

Banide was sacked last October after three wins from eight games in charge, four each in the Arabian Gulf League and the League Cup, but Cuper failed to turn things around. The former Valencia and Inter Milan manager started his tenure with a 3-1 win at Dubai, but in the following 12 league matches, Wasl could win only two more matches – against Al Ahli (2-1) and Al Shaab (1-0).

They had eight defeats, including an embarrassing 6-1 loss in the Bur Dubai derby at Al Nasr.

In the President’s Cup, they defeated Ajman but then lost to Al Ain on penalties in the quarter-finals.

A second loss to Nasr – a 3-2 defeat at home in an inconsequential League Cup match on Monday – proved to be costly for the Argentine and the club’s management decided to cut short Cuper’s tenure, with Wasl languishing in 10th on the league table.

arizvi@thenational.ae

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Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

When Umm Kulthum performed in Abu Dhabi

  

 

 

 

Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.

 

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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The rules on fostering in the UAE

A foster couple or family must:

  • be Muslim, Emirati and be residing in the UAE
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  • not have been convicted of offences or crimes involving moral turpitude
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  • have the ability to support its members and the foster child financially
  • undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
  • A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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