Gabriel Agbonlahor, left, is barged off the ball by United's Nemanja Vidic in their 0-0 draw at Villa Park.
Gabriel Agbonlahor, left, is barged off the ball by United's Nemanja Vidic in their 0-0 draw at Villa Park.

United fail to close the gap



BIRMINGHAM // Wayne Rooney was guilty of a glaring miss at Villa Park as Manchester United missed the chance to close the gap on the Barclays Premier League leaders Chelsea and Liverpool. Martin O'Neill's side ended their 14-match losing sequence against the Red Devils but the visitors could have cut the deficit on the pacesetters to six points after the leading two were both held earlier in the day. The fit-again Rooney squandered United's best chance when he fired over the bar from close range in the second half. Villa had received a massive confidence boost with their win at Arsenal last weekend and they were well worth a share of the spoils over the 90 minutes. United were the better side in the opening 45 minutes although clear-cut chances were at a premium. In the second period it was Villa who looked the more likely to make the breakthrough as they hustled the visitors out of their stride for long spells with James Milner in splendid form. Gabriel Agbonlahor, Villa's only out-and-out striker, was on the receiving end of a hefty early challenge from behind by the defender Rio Ferdinand but shook it off and was on the end of the first decent chance of the game. A long free-kick by Luke Young was headed on by the Villa captain Martin Laursen and the first-time effort from Agbonlahor was not sweetly struck and hit straight at the United goalkeeper Edwin Van der Sar. The Villa keeper Brad Friedel was called into meaningful action for the first time after 14 minutes to turn aside a swerving drive from Cristiano Ronaldo, who had cut inside the recalled Nigel Reo-Coker with ease. Van der Sar went down at his left-hand post to comfortably save a 20-yard effort from Reo-Coker after he had made a powerful break from the halfway line. Ronaldo fouled Stiliyan Petrov in an area ideal for the free-kick skills of Ashley Young in a central position but it was James Milner who stepped forward and scuffed his low shot across the face of goal. The game opened up more towards half-time and Ashley Young produced a superb tackle to deny Ji-Sung Park in the Villa box as the South Korean prepared to shoot after being found in space by Rooney. Rooney set up another possible opportunity for Park when he arced a low ball across the area but the United player just failed to make contact. O'Neill was incensed when the referee Chris Foy awarded a no foul against Nemanja Vidic after he held on to the shirt of Agbonlahor when the striker was in full flight as he cut in from the left flank into the penalty area. However, the home side were relieved to see Rooney squander a golden opportunity after 62 minutes. Michael Carrick's overhead kick dropped into the path of the England striker, who volleyed high and wide when he would have been expected to at least hit the target. Ferguson made his first substitution after 71 minutes with Nani replacing O'Shea. Van der Sar went down to his right to cling onto a testing low drive across him from Ashley Young, before Curtis Davies became the first player to be booked after a 76th minute touchline foul on Ronaldo. Sir Alex Ferguson's side pressed for a winner in the closing stages but rarely looked like finding it, completing an unusual day when none of the Premier League's so-called "big four" could muster a goal between them. *PA Sport

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

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.

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

UAE currency: the story behind the money in your pockets
Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

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Specs

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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.”

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At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind
The specs

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