Gerard Pique scores Barcelona's third goal against Racing Santander after an exquisite back heel from Zlatan Ibrahimovic.
Gerard Pique scores Barcelona's third goal against Racing Santander after an exquisite back heel from Zlatan Ibrahimovic.

Barca are just warming up



They have scored 14 goals in four league games, but the Barcelona defender Dani Alves says the Catalans still need to improve. Barca have won five trophies in the last six months, and that success looks set to continue this term with Pep Guardiola's men already seemingly well into their stride.

Tuesday night's 4-1 win at Racing Santander continued Barca's 100 per cent start to the league campaign, but Alves says the team can still step up a few more gears. "We are recovering the tone that maybe at the start [of the season] we didn't have. Every time we are better, that's our objective," said Alves following the defeat of Racing, where Barca again had the points wrapped up early on after going 3-0 up in the opening 30 minutes.

"We had a great game," added the Brazilian. "We moved the ball well and created a lot of chances. We've also scored goals, which is the most important thing. The guys up front have done very well." Gerard Pique, the Barca centre-back, also moved to dispel over confidence. "The game appeared easier than it actually was. We maintained possession of the ball well. This is Barca, but we cannot think that we are invincible," said the Spain international, who did admit he felt there may be a gap between his side and big-spending Real Madrid compared to the rest of the division.

"We've started well and we hope to continue winning. It seems that Barca and Madrid are playing at a different level," he said. Leo Messi was the star of the show, scoring twice at El Sardinero and setting up Zlatan Ibrahimovic's opener in the 20th minute. Messi made it 2-0 four minutes later and on 27 minutes Pique controlled Ibrahimovic's back heel to score a third. Messi scored his fifth goal of the season in the 68th minute, drifting past the entire Santander defence on the edge of the area and sending a shot into the top corner before Oscar Serrano scored a consolation for Racing.

Meanwhile, Messi hit back over criticism of his performances for Argentina and said they would reach the 2010 World Cup in South Africa. "We have to get together and go forward because Argentina can't stay out of the World Cup," he said. Diego Maradona's team, who lost their last two qualifiers 3-1 to Brazil and 1-0 in Paraguay, are in fifth place in the South American group, which equates to a play-off berth.

"I alone won't win a match ... this is down to all of us who are in the team," Messi told a radio station in Rosario, the city of his birth. Argentina face Peru at home and Uruguay away in their last two qualifiers in October, looking to climb into the top four for an automatic World Cup berth or remain fifth for a two-leg play-off with the Concacaf's fourth-placed team. Messi also denied reports that he and Maradona did not speak to each other, saying: "The relationship with Diego is great. There are no fights, on the contrary. When we started with Diego [as coach]we won all the friendlies, we played well. Now it's important to win these two remaining matches."

twoods@thenational.ae

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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.”

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

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Name: Hassan Mohsen Elhais

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

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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