Dennis Rodman trained with North Korean basketball players on his last trip in anticipation of Wednesday's exhibition. David Guttenfelder / AP
Dennis Rodman trained with North Korean basketball players on his last trip in anticipation of Wednesday's exhibition. David Guttenfelder / AP

Dennis Rodman bringing Vin Baker, Doug Christie and others to North Korea for exhibition



Dennis Rodman has named a team of former National Basketball Association players to participate in an exhibition basketball game in Pyongyang, North Korea.

Rodman leads a team that includes former NBA All-Stars Kenny Anderson, Cliff Robinson, and Vin Baker. Craig Hodges, Doug Christie and Charles D Smith are on the team, as well. They will play against a top North Korean Senior National team on Wednesday, marking North Korean leader Kim Jong Un’s birthday.

Rodman is the highest profile American to meet Kim since the leader inherited power after his father died in late 2011.

Rodman calls the game his version of “basketball diplomacy.”

“My previous travels have allowed me to feel the enthusiasm and warmth of fans,” Rodman said. “The positive memories and smiles on the faces of the children and families are a testament to the great efforts we have put into fulfilling our mission wherever we go of avoiding any politics. We are all looking forward to arriving in Pyongyang, meeting the citizens, visiting various charities and using the opportunity to develop new relationships that result in our annual return.”

Rodman made his latest visit to North Korea shortly before Christmas to train the North Korean basketball team, though he did not meet with Kim. Rodman, known as much for his piercings, tattoos and bad behaviour as he was for his basketball skills, travelled to the secretive state for the first time last February with the Harlem Globetrotters for an HBO series produced by New York-based VICE television. Rodman has called Kim a “friend for life.”

Rodman said his trips would not be affected by the recent execution of Kim’s uncle.

Smith, who played for the New York Knicks, said he was looking forward to participating in the game with Rodman.

“Dennis and I are total opposites but we work very well together,” Smith said. “Dennis is one of the few people I know that doesn’t just talk but actually lives a culturally diverse life. We have travelled everywhere together so I was not surprised with his first visit to North Korea.

“Cultural exchange is about sharing. Sharing ideas and thoughts on education, culture and life.”

Rodman has been criticised for not talking about North Korea’s human rights record, described as one of the world’s worst by activists, the US State Department and North Korean defectors. The defectors have repeatedly testified about the government’s alleged use of indiscriminate killings, rapes, beatings and prison camps holding as many as 120,000 people deemed opponents of authoritarian leader Kim Jong Un, the third generation of his family to rule.

Europe wide
Some of French groups are threatening Friday to continue their journey to Brussels, the capital of Belgium and the European Union, and to meet up with drivers from other countries on Monday.

Belgian authorities joined French police in banning the threatened blockade. A similar lorry cavalcade was planned for Friday in Vienna but cancelled after authorities prohibited it.

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 

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

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.”