Liverpool successful in third bid for Newcastle's Andy Carroll
Liverpool have had a club-record bid for Newcastle United striker Andy Carroll accepted by the north-east club.
The figure is believed to be in the region of £35 million (Dh205m) after an earlier bid of £30m was turned down.
The news, confirmed by both clubs, seems to pave the way for the Liverpool striker Fernando Torres to make his move to Chelsea for a reported £50m.
Carroll is believed to be on his way to the north west to discuss personal terms with the Anfield club and undergo a medical.
"Liverpool FC confirmed this afternoon that Newcastle United had accepted a club-record offer for the transfer of Andy Carroll," the Anfield club in a statement.
Newcastle confirmed the development in a statement, too.
The statement said: "A British record transfer fee has been agreed between Newcastle United and Liverpool for Magpies striker Andy Carroll.
"The 22-year-old England international has this afternoon handed in a transfer request, which has reluctantly been accepted by the club, and Carroll is currently in talks with the Reds over a move to Anfield."
Birmingham confirm Martins capture
Birmingham City have completed the signing of the former Newcastle United striker Obafemi Martins on loan for the remainder of the season, the club have confirmed.
The Nigeria international has completed his temporary move from Rubin Kazan after obtaining a work permit.
He becomes City's third signing of the transfer window after winger David Bentley joined on loan from Tottenham Hotspur and central defender Curtis Davies arrived from Aston Villa in a £3.5 million (Dh20.5m) deal.
City's acting chairman, Peter Pannu, told the club's official website: "We are thrilled to have secured the three players in this window.
"It represents a comprehensive strengthening and support for our back four in Curtis, rejuvenation of the midfield in Bentley and further strengthening of the attack line in Martins.
"I am certain these new additions will augment and supplement what we already have and create some competition within the team for places which benefits the whole squad."
Pannu is also hopeful that winger Sebastian Larsson will sign a new contract after failing to agree personal terms with Newcastle and Villa.
Larsson is out of contract in the summer and previous attempts to reach agreement over a new deal at St Andrew's have faltered.
Pannu said: "Regarding Seb, although his agent had failed to reach any agreement with Newcastle and Villa , their loss may be our gain.
"Hopefully closer to the [summer] window, we can sit down with Seb again and, with the market tested by his agent, we can come to a sensible agreement finally."
The addition of Martins should help the offset of Nikola Zigic, with the giant Serbian striker likely to rejoin former Spanish club Racing Santander before tonight's 11pm (GMT) deadline.
US midfielder Bradley jets in to tie up Villa loan move
The United States international midfielder Michael Bradley is undergoing a medical examination and is close to joining Premier League club Aston Villa on loan.
The 23-year-old son of the US coach Bob Bradley is set to join the English club until the end of the season from Germany's Borussia Moenchengladbach.
Bradley could then sign a permanent contract if he impresses manager Gerard Houllier during his time at Villa Park.
Houllier said Bradley "is 23 and a very hard working midfielder who can score goals".
Villa have already signed Darren Bent, Jean Makoun and on-loan Kyle Walker during the January transfer window.
Holloway warns Liverpool: hands off Adam
Ian Holloway claims Blackpool chairman Karl Oyston is refusing to answer calls from Liverpool regarding midfielder Charlie Adam.
The Reds have had two bids, the latest of £6.5 million (Dh38m) made on Friday, rejected and Holloway, the Blackppol manager, claims their director of football strategy Damien Comolli has been trying to get back in touch to continue negotiations.
However, Holloway said Oyston was refusing to return calls or answer messages.
"He's my player and that is the situation at the moment," said Holloway. "I spoke to Kenny Dalglish the other day and he made an improved offer.
"I talked to the chairman about it and he turned it down. Damien Comolli has now tried to contact Karl but he hasn't returned his calls.
"He hasn't got to has he? It's pretty rude isn't it but if we run out of time ...
"He [Oyston] is trying to get people in before he deals with someone else. But I can't run that because it is none of my business. It's all been out of my hands.
"He's under contract, Liverpool want to sign him but they keep saying they don't want to sell Fernando Torres so they obviously know how we feel.
"I strongly suggest to them, I don't think my chairman will sell him and I don't think we've got enough time to replace Charlie."
Reid moves to Blackpool
Blackpool have signed midfielder Andy Reid from Premier League rivals Sunderland for an undisclosed fee.
The 28-year-old Republic of Ireland international has made 70 appearances for the Black Cats since his £4 million (Dh23.4m) switch from Charlton Athletic in January 2008.
However, he became surplus to requirements under Steve Bruce and follows Paulo da Silva (Real Zaragoza) and David Healy (Glasgow Rangers) out of the Stadium of Light over the past few days.
Amauri rejected both Fulham and West Brom, says agent
Amauri, the Juventus forward, has turned down moves to Fulham and West Bromwich Albion, his agent has claimed.
The Italy international has struggled to make an impact this season for Juventus and has yet to score a Serie A goal in the current campaign.
Amauri has been strongly linked with a move during the winter transfer window, and his agent, Ernesto Bronzetti, told Sky Italia: "The truth is that we have said no to two English clubs – West Bromwich and Fulham.
"These two clubs are not at his level.
"I don't think it would have been good for Amauri to join these teams because they are in the low positions in the standings.
"Moreover, it would have meant they would have had to adapt to a new life, with neither he or his wife speaking the language."
Amauri, 30, has been linked in recent hours with a move to Serie A side Parma as well as a return to his former club Palermo.
Veteran Legrottaglie joins AC Milan
AC Milan have signed the veteran defender Nicola Legrottaglie from Juventus, the Serie A leaders have confirmed.
The 34-year-old Legrottaglie completed his transfer after Juve signed Andrea Barzagli from Wolfsburg last week.
A statement from AC Milan read: "Milan announce the signing of Juventus player Nicola Legrottaglie on a permanent deal.
"Legrottaglie has signed a contract until June 30, 2011."
Milan had been looking for defensive cover with Alessandro Nesta sidelined through injury.
Legrottaglie is Milan's fifth signing of the transfer window following the arrivals of Urby Emanuelson, Didac Vila, Mark van Bommel and Antonio Cassano.
The former Italy international could make his debut in Tuesday's match against Lazio.
Aguero staying put
Sergio Aguero has ended speculation linking him with a move to the Premier League with Tottenham Hotspur after signing a contract extension with the Spanish club Atletico Madrid.
As reported in today's edition of The National, the north London club had lodged a club record €45 million (Dh225m) bid for the 22-year-old Argentina striker.
But Aguero has ended all the speculation surrounding his future after he agreed a two-and-a-half-year extension to his existing deal earlier this month and formally signed the contract at a presentation in Madrid earlier today.
The new deal is thought to reduce the buy-out clause in the player's contract but Aguero himself insists he will not be leaving the Vicente Calderon.
"I'm staying here because I want to," Aguero told Atletico's official website.
Torres flying to London?
Reports in the UK say Fernando Torres, the Liverpool striker, has left the club's training ground in a helicopter, adding to speculation that the Spaniard could be on his way to London to sign for Premier League champions Chelsea.
After having one bid of £35 million (Dh204m) rejected by Liverpool on Thursday, it has been suggested that only an offer in the region of £50m will persuade the club's American owners to sell the unhappy Spaniard, who handed in a transfer request the day after learning of Chelsea's offer.
Torres, who is under contract at Anfield until 2013, was at the club's Melwood training ground earlier this morning. Liverpool fans will be hoping it was not to say goodbye to his teammates before flying down to London to sign for Carlo Ancelotti's side before the 11pm (GMT) transfer window deadline tonight.
He has scored 81 goals in 142 games for Liverpool.
Tuncay in talks with Wolfsburg
Tuncay Sanli has confirmed he is holdings talks with German club Wolfsburg ahead of a proposed move to the Bundesliga club from Stoke City.
The Turkish striker revealed in a brief statement on his official website that he has travelled to Germany for contract negotiations and a medical.
Tony Pulis, the Stoke manager, said yesterday they had received an offer from Wolfsburg. Tuncay would link up with former England coach Steve McClaren at the VW Arena.
The Wolves, who are struggling in 12th place in the Bundesliga, are on the look-out for a striker after selling Edin Dzeko to Manchester City earlier this month.
They are also reportedly set to sign Germany striker Patrick Helmes from Bayer Leverkusen, subject to a medical.
Helmes, whose career has been hampered by injury, told the Bild newspaper: "I am happy to be here."
Martins update
Birmingham City have confirmed that the British Home Office have granted the Nigerian striker Obafemi Martins a work permit.
The former Newcastle United player is now free to complete his five-month loan deal to Alex McLeish's side from Russian club Rubin Kazan.
Done deal
Wolverhampton Wanderers have signed the former Bristol City goalkeeper Adriano Basso on a short-term contract until the end of the season. Basso, who has been a free agent since leaving Bristol City last March, will provide cover for Wayne Hennessey, Marcus Hahnemann and Aaron McCarey after Carl Ikeme was sidelined with a shoulder injury.
Kenny Dalglish, the Liverpool manager, has reaffirmed the club's position that they do not want to sell star striker Fernando Torres before tonight's 11pm (GMT) transfer deadline.
The club rejected a transfer request from the Spain international on Friday night, reminding the player of his commitment to a long-term contract, having turned down a £35 million (Dh204m) bid from Chelsea the previous day.
With Luis Suarez, the Uruguayan striker, having passed a medical at Anfield today, it has been reported that the club would reluctantly be willing to sell Torres if the Premier League champions came back to them with an offer of £50m. However, Dalglish insists that Suarez has been signed to partner Torres, rather than replace him.
"We've not brought anyone in as a replacement for anyone else," said the Scot.
The club have not given up hope of persuading Torres to stay, although Dalglish tellingly reiterated his belief that his concern was players who were committed to the club.
"Movement is part and parcel of football but the most important people at Liverpool Football Club are the ones who want to be here," he added.
Torres, who trained yesterday after the squad were given a couple of days off, was at the club's Melwood training ground this morning.
Newcastle United have rejected a £30 million (Dh175m) bid from Liverpool for striker Andy Carroll.
According to the Press Association Sport, the Magpies have turned down the offer from Anfield, just as they did Tottenham Hotspur's approach last week.
The St James' Park club have spent much of the transfer window insisting the 22-year-old is not for sale amid Tottenham's concerted pursuit, and now it remains to be seen if their resolve to hang on to their 11-goal hitman can be broken during the remaining hours of the transfer window, which is due to shut at 11pm (GMT).
Fernando Torres is at the centre of what could be a busy final day of the January transfer window with Chelsea showing interest in the Liverpool striker.
If he does go for the reported £50 million (Dh291.5m) , it could lead to a chain reaction of moves from other clubs scrambling to add to their squads.
Elsewhere, Tottenham have been unsuccesful in their bids to sign Sergio Aguero from Atletico Madrid and Giuseppe Rossi from Villarreal during this window.
Will Dani Alves leave Barcelona for possible English Premier League suitors?
Follow updates of breaking deadline day signings as the January transfer window draws to close.
Done deals so far
Paul Konchesky, the Liverpool defender, has joined Nottingham Forest on loan, Kenny Dalglish, the manager, has confirmed.
Konchesky joined Liverpool from Fulham in August. Having already played for two Premier League clubs, he could not join another club in England's top flight meaning he has stepped down to the Championship club to get game time.
Sunderland confirm that Paulo Da Silva, the Paraguay international defender, has completed his move to Spanish side Real Zaragoza for an undisclosed fee.
West Ham confirm yesterday Robbie Keane has joined the club on loan from Tottenham.
Other speculation
The Press Association reports that Birmingham City are confident of completing the loan signing of Obafemi Martins, the Rubin Kazan striker, before the transfer window closes tonight.
The player flew into England yesterday to finalise terms - with a view to a permanent move to St. Andrew's in the summer - before undergoing a medical today.
Scorebox
Dubai Sports City Eagles 7 Bahrain 88
Eagles
Try: Penalty
Bahrain
Tries: Gibson 2, Morete 2, Bishop 2, Bell 2, Behan, Fameitau, Sanson, Roberts, Bennett, Radley
Cons: Radley 4, Whittingham 5
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
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.
The squad traveling to Brazil:
Faisal Al Ketbi, Ibrahim Al Hosani, Khalfan Humaid Balhol, Khalifa Saeed Al Suwaidi, Mubarak Basharhil, Obaid Salem Al Nuaimi, Saeed Juma Al Mazrouei, Saoud Abdulla Al Hammadi, Taleb Al Kirbi, Yahia Mansour Al Hammadi, Zayed Al Kaabi, Zayed Saif Al Mansoori, Saaid Haj Hamdou, Hamad Saeed Al Nuaimi. Coaches Roberto Lima and Alex Paz.
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
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
England's all-time record goalscorers:
Wayne Rooney 53
Bobby Charlton 49
Gary Lineker 48
Jimmy Greaves 44
Michael Owen 40
Tom Finney 30
Nat Lofthouse 30
Alan Shearer 30
Viv Woodward 29
Frank Lampard 29
The Baghdad Clock
Shahad Al Rawi, Oneworld
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The%20Genius%20of%20Their%20Age
%3Cp%3EAuthor%3A%20S%20Frederick%20Starr%3Cbr%3EPublisher%3A%20Oxford%20University%20Press%3Cbr%3EPages%3A%20290%3Cbr%3EAvailable%3A%20January%2024%3C%2Fp%3E%0A
PSG's line up
GK: Alphonse Areola (youth academy)
Defence - RB: Dani Alves (free transfer); CB: Marquinhos (€31.4 million); CB: Thiago Silva (€42m); LB: Layvin Kurzawa (€23m)
Midfield - Angel di Maria (€47m); Adrien Rabiot (youth academy); Marco Verratti (€12m)
Forwards - Neymar (€222m); Edinson Cavani (€63m); Kylian Mbappe (initial: loan; to buy: €180m)
Total cost: €440.4m (€620.4m if Mbappe makes permanent move)
Ticket prices
General admission Dh295 (under-three free)
Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free
Buy tickets at: wbworldabudhabi.com/en/tickets
The Specs
Price, base Dh379,000
Engine 2.9-litre, twin-turbo V6
Gearbox eight-speed automatic
Power 503bhp
Torque 443Nm
On sale now
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
Aggro%20Dr1ft
%3Cp%3EDirector%3A%20Harmony%20Korine%3Cbr%3EStars%3A%20Jordi%20Molla%2C%20Travis%20Scott%3Cbr%3ERating%3A%202%2F5%3C%2Fp%3E%0A
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- 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
THE DETAILS
Kaala
Dir: Pa. Ranjith
Starring: Rajinikanth, Huma Qureshi, Easwari Rao, Nana Patekar
Rating: 1.5/5
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.
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.
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
Zodi%20%26%20Tehu%3A%20Princes%20Of%20The%20Desert
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EEric%20Barbier%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EYoussef%20Hajdi%2C%20Nadia%20Benzakour%2C%20Yasser%20Drief%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
The biog
Job: Fitness entrepreneur, body-builder and trainer
Favourite superhero: Batman
Favourite quote: We must become the change we want to see, by Mahatma Gandhi.
Favourite car: Lamborghini
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
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.
How%20to%20avoid%20getting%20scammed
%3Cul%3E%0A%3Cli%3ENever%20click%20on%20links%20provided%20via%20app%20or%20SMS%2C%20even%20if%20they%20seem%20to%20come%20from%20authorised%20senders%20at%20first%20glance%3C%2Fli%3E%0A%3Cli%3EAlways%20double-check%20the%20authenticity%20of%20websites%3C%2Fli%3E%0A%3Cli%3EEnable%20Two-Factor%20Authentication%20(2FA)%20for%20all%20your%20working%20and%20personal%20services%3C%2Fli%3E%0A%3Cli%3EOnly%20use%20official%20links%20published%20by%20the%20respective%20entity%3C%2Fli%3E%0A%3Cli%3EDouble-check%20the%20web%20addresses%20to%20reduce%20exposure%20to%20fake%20sites%20created%20with%20domain%20names%20containing%20spelling%20errors%3C%2Fli%3E%0A%3C%2Ful%3E%0A
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
The specs: 2018 Jaguar E-Pace First Edition
Price, base / as tested: Dh186,480 / Dh252,735
Engine: 2.0-litre four-cylinder
Power: 246hp @ 5,500rpm
Torque: 365Nm @ 1,200rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.7L / 100km
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Sri Lanka Test squad:
Dimuth Karunaratne (stand-in captain), Niroshan Dickwella (vice captain), Lahiru Thirimanne, Kaushal Silva, Kusal Mendis, Kusal Janith Perera, Milinda Siriwardana, Dhananjaya de Silva, Oshada Fernando, Angelo Perera, Suranga Lakmal, Kasun Rajitha, Vishwa Fernando, Chamika Karunaratne, Mohamed Shiraz, Lakshan Sandakan and Lasith Embuldeniya.
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.”
More about Middle East geopolitics
Where to buy art books in the UAE
There are a number of speciality art bookshops in the UAE.
In Dubai, The Lighthouse at Dubai Design District has a wonderfully curated selection of art and design books. Alserkal Avenue runs a pop-up shop at their A4 space, and host the art-book fair Fully Booked during Art Week in March. The Third Line, also in Alserkal Avenue, has a strong book-publishing arm and sells copies at its gallery. Kinokuniya, at Dubai Mall, has some good offerings within its broad selection, and you never know what you will find at the House of Prose in Jumeirah. Finally, all of Gulf Photo Plus’s photo books are available for sale at their show.
In Abu Dhabi, Louvre Abu Dhabi has a beautiful selection of catalogues and art books, and Magrudy’s – across the Emirates, but particularly at their NYU Abu Dhabi site – has a great selection in art, fiction and cultural theory.
In Sharjah, the Sharjah Art Museum sells catalogues and art books at its museum shop, and the Sharjah Art Foundation has a bookshop that offers reads on art, theory and cultural history.
Keane on …
Liverpool’s Uefa Champions League bid: “They’re great. With the attacking force they have, for me, they’re certainly one of the favourites. You look at the teams left in it - they’re capable of scoring against anybody at any given time. Defensively they’ve been good, so I don’t see any reason why they couldn’t go on and win it.”
Mohamed Salah’s debut campaign at Anfield: “Unbelievable. He’s been phenomenal. You can name the front three, but for him on a personal level, he’s been unreal. He’s been great to watch and hopefully he can continue now until the end of the season - which I’m sure he will, because he’s been in fine form. He’s been incredible this season.”
Zlatan Ibrahimovic’s instant impact at former club LA Galaxy: “Brilliant. It’s been a great start for him and for the club. They were crying out for another big name there. They were lacking that, for the prestige of LA Galaxy. And now they have one of the finest stars. I hope they can go win something this year.”
SERIES INFO
Afghanistan v Zimbabwe, Abu Dhabi Sunshine Series
All matches at the Zayed Cricket Stadium, Abu Dhabi
Test series
1st Test: Zimbabwe beat Afghanistan by 10 wickets
2nd Test: Wednesday, 10 March – Sunday, 14 March
Play starts at 9.30am
T20 series
1st T20I: Wednesday, 17 March
2nd T20I: Friday, 19 March
3rd T20I: Saturday, 20 March
TV
Supporters in the UAE can watch the matches on the Rabbithole channel on YouTube
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
RESULT
Leeds United 1 Manchester City 1
Leeds: Rodrigo (59')
Man City: Sterling (17')
Man of the Match: Rodrigo Moreno (Leeds)
