DUBAI // Yousuf Al Serkal, the president of the UAE Football Association, is confident the country’s strong tradition of hosting major football events gives them an edge in the four-nation race to host the 2019 Asian Cup.
A delegation comprising members of the UAEFA and the Abu Dhabi Sports Council are leaving for Kuala Lumpur today to officially present their bid for the 2019 continental championship.
They are expected to meet the chief of the Asian Football Confederation’s competitions committee and deputy secretary general of the AFC on Thursday to present their file, which includes approvals from the concerned ministries along with details of the match venues, practice facilities and hotels for the visiting delegations.
The last date for presenting bids is on Friday and Saudi Arabia, Iran and Thailand are the other nations vying to host the 2019 Asian Cup. Al Serkal is confident the UAE can be successful given their history.
The country hosted the Asian Cup in 1996 and, since then, the UAE have played host to four Fifa events – the Youth World Cup in 2003, the 2009 and 2010 Club World Cup, and the 2013 Under 17 World Cup.
“They [Fifa and the AFC] have seen how efficient we are in hosting such events and the UAE is now hoping to get the 2019 Asian Cup,” Al Serkal said. “Our chances are high in this area.
“I believe we have put together a really good file, meeting all the requirements. In the end, it is going to be a fair competition between all the bidding member associations, but we are hoping we will be lucky in the end because we have good infrastructure, experience and ability to host such events.”
An eight-member AFC delegation visited the UAE in March to inspect the proposed venues – the Mohammad bin Zayed Stadium and Zayed Sports City in Abu Dhabi, the Hazza bin Zayed and Khalifa bin Zayed stadiums in Al Ain, the cricket stadium in Dubai Sports City and a new 60,000-capacity venue that should be ready by 2018.
Sheikh Salman bin Ibrahim Al Khalifa, the president of the AFC, had given tacit endorsement to UAE’s bid. “The UAE have successfully hosted many international competitions and major events in the past, and that is what is helping their bid,” he said.
Meanwhile, reacting to the AFC’s request to member associations to appoint an integrity officer, Al Serkal said he does not believe the UAE needs such an official, but will consider appointing one to meet the AFC’s requirement.
The AFC have given their member associations a June 30 deadline to appoint an integrity officer as they try to battle the scourge of corruption and match-fixing. “In the UAE, I do not believe we need such an officer, but if it is a must, according to the AFC, we will cooperate and appoint an integrity officer, and make sure he has a clear mandate,” Al Serkal said.
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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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Getting there
The flights
Emirates and Etihad fly to Johannesburg or Cape Town daily. Flights cost from about Dh3,325, with a flying time of 8hours and 15 minutes. From there, fly South African Airlines or Air Namibia to Namibia’s Windhoek Hosea Kutako International Airport, for about Dh850. Flying time is 2 hours.
The stay
Wilderness Little Kulala offers stays from £460 (Dh2,135) per person, per night. It is one of seven Wilderness Safari lodges in Namibia; www.wilderness-safaris.com.
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