Kaka, centre, currently with the Brazil squad in Rio de Janeiro as they make preparations for their Wolrd Cup qualifiers.
Kaka, centre, currently with the Brazil squad in Rio de Janeiro as they make preparations for their Wolrd Cup qualifiers.

Berlusconi: Kaka move decided by Monday



There could be a new world record transfer deal in place by Monday as the AC Milan president Silvio Berlusconi sets a deadline on Kaka's proposed £56 million (Dh335.5m) move to Real Madrid. Premier League side Chelsea have moved to distance themselves from reports they were in the running for the Brazilian playmaker's signature, while Berlusconi's ominous and somewhat defeatist words suggest he is resigned to losing his man, with the player having the final say on the outcome. "I will meet Kaka on Monday and then I'll tell you," Berlusconi said on Italian state television station Rai. "It is always the players who decide on their future, who have to decide how to pursue their career. I did all I could but in the end he took his decision." Reports on Wednesday night suggested that Chelsea had tabled a huge bid worth £73.5 million, but the club denied making any offer. A statement on the club's official website read: "We have never made an offer to AC Milan for Kaka and therefore not one at this extraordinary level. "As a consequence we have not discussed a salary with the player either. "Any reports to the contrary are totally untrue." Milan general manager and vice president Adriano Galliani confirmed today that a move to London was not in the pipeline and that the player would remain at the San Siro unless a deal with Real was concluded. He told Italian newspaper Gazzetta dello Sport: "An agreement with Chelsea could not exist. Kaka goes to Real or he remains at Milan. "That is his choice and we are doing everything in complete agreement. "Negotiations (with Real) do exist, but an agreement is not done." Kaka, who was granted Italian citizenship in 2007, has continually stated his desire to remain with the Rossoneri, for whom he is a catalyst of the team and a hero to the fans. On Tuesday an exasperated Kaka pleaded in Gazetto dello Sport for questions on his future to desist, saying he was committed to the Milan cause. "I'll say it for the last time. The last time. I don't want to leave Milan. To the millions of Milan supporters, I say that I have made my choice. I have said I want to stay. Leave me in peace, please." However, Milan's admissions that they are in negotiations with the Spanish giants suggests that the former World Player of the Year could be the first signing in a new 'Galactico' era at Madrid under the returning Florentino Perez as club president. Perez decorated Los Merengues' playing staff with the best players on the planet during his first tenure between 2000-06, with stars like Zinedine Zidane, David Beckham, Ronaldo and Luis Figo all acquired to create a team capable of dominating on the domestic and European front. As Real flexed their financial muscle to lure the cream of the footballing crop, the rest of the world could only sit by and watch with jaws dropped as superstar followed superstar through the door at El Santiago Bernabeu. If Kaka can be tempted to switch Serie A for La Liga, Perez's second presidency will pick up where his first left off, meaning several of the world's top performers including Manchester United's Cristiano Ronaldo and Bayern Munich's Franck Ribery, being headhunted to usher in a second generation of Galacticos.

sluckings@thenational.ae *With agencies

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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 banned).

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.

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Rating: 2/5
 
THE SPECS

Engine: 1.5-litre turbocharged four-cylinder

Transmission: Constant Variable (CVT)

Power: 141bhp 

Torque: 250Nm 

Price: Dh64,500

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

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.”

COMPANY%20PROFILE
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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.

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

North Pole stats

Distance covered: 160km

Temperature: -40°C

Weight of equipment: 45kg

Altitude (metres above sea level): 0

Terrain: Ice rock

South Pole stats

Distance covered: 130km

Temperature: -50°C

Weight of equipment: 50kg

Altitude (metres above sea level): 3,300

Terrain: Flat ice
 

UAE currency: the story behind the money in your pockets
Women's Prize for Fiction shortlist

The Silence of the Girls by Pat Barker

My Sister, the Serial Killer by Oyinkan Braithwaite

Milkman by Anna Burns

Ordinary People by Diana Evans

An American Marriage by Tayari Jones

Circe by Madeline Miller

LEAGUE CUP QUARTER-FINAL DRAW

Stoke City v Tottenham

Brentford v Newcastle United

Arsenal v Manchester City

Everton v Manchester United

All ties are to be played the week commencing December 21.