Traders on the floor of the New York Stock Exchange celebrate victory over Algeria.
Traders on the floor of the New York Stock Exchange celebrate victory over Algeria.

USA fans left gasping for more



JOHANNESBURG /// All these late-game heroics are leaving United States fans feeling wrung out. The more the Americans make everybody sweat at the World Cup, though, the better it is for the game back home. "We knew it was going to have more hype than ever before," said Sunil Gulati, the president of US Soccer. "But I don't think any of us predicted what the watercooler talk is."

Landon Donovan's stoppage time goal, with the Americans on the brink of elimination on Wednesday, brought shouts and sobs of joy in restaurants and office cubicles from coast to coast. Cheers erupted on the floor of the New York Stock Exchange and even in White House auditoriums in Washington. More than six million people watched the match, a large audience by US football standards, and another large audience is expected for the last 16 match against Ghana tonight. Players have been flooded with congratulatory text messages, e-mails and posts on Facebook, the social networking site. When Tim Howard, the goalkeeper, got back to the team hotel and turned on the television, he saw David Wright, a star for baseball's New York Mets, wearing a Donovan jersey.

Even Spike Lee, the movie director, the arbiter of all things hip, sent Gulati a congratulatory e-mail. "It would be cool to be somewhere in some bar hanging out and experiencing it," Donovan said. "But I'm going to choose this [being in South Africa] over that." Much like the Olympics, the World Cup tends to attract casual fans and those who will get behind any team wearing USA on their chest. But their interest is often fleeting, and it tends to fade until the next World Cup rolls around.

"I don't think that's what this is," Gulati said. "I think we've turned some people on to the game." Part of the growing allure is the Americans' knack for scoring late to salvage a result. Donovan's goal that gave the United States a 1-0 victory over Algeria and sent the Americans to the last 16 was, without question, the most dramatic of the team's finishes. But Howard saved shot after shot in the closing minutes of the group-stage game against England. Against Slovenia, Michael Bradley levelled the game in the 82nd minute. Three minutes later, Maurice Edu had a goal controversially disallowed that would have won it.

In World Cup qualifying, Bradley's 90th-minute goal finished a 2-0 victory over Mexico; Jozy Altidore and Frankie Hejduk each scored in the last 15 minutes to gain a 2-2 draw at El Salvador; and Jonathan Bornstein's extra-time goal tied Costa Rica 2-2, knocking Costa Rica out of the World Cup and putting Honduras in. "We've definitely won a boring game before," Altidore said. "Actually, we would love to get back to that and win a very uneventful game."

The Americans have advanced to the quarter-finals only once since the first World Cup in 1930. They beat bitter rivals Mexico 2-0 eight years ago, then were eliminated after a 1-0 defeat to Germany. Some are looking ahead to the quarter-finals here, but Ghana is the team that knocked out the US in the group stage in 2006. "We're going to throw everything we can at them," Donovan said. * AP

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

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Pari

Produced by: Clean Slate Films (Anushka Sharma, Karnesh Sharma) & KriArj Entertainment

Director: Prosit Roy

Starring: Anushka Sharma, Parambrata Chattopadhyay, Ritabhari Chakraborty, Rajat Kapoor, Mansi Multani

Three stars

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 White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia

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.”

Top investing tips for UAE residents in 2021

Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.

Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.

Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.

Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.

Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.

Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.

Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”

Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI. 

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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