On a daily basis, almost 2,500 students train in 50 football pitches at the spectacular $185 million football academy run by Chinese top division football club Guangzhou Evergrande.
In 2015, China was the first across Asia to adopt a reform programme that included a little over 20,000 schools offering specialised education in football, with the overall intention of converting China into a football powerhouse by 2050.
In the West, the domestic league (Major League Soccer) in the United States recently announced that its clubs will be recompensed for the costs of developing players within their youth academies who choose to sign with a non-US based club, conforming with Fifa regulations concerning training compensation and solidarity payments. Current professional players who would fall into this category include DeAndre Yedlin. As a youth, Yedlin played for the US Soccer Development Academy club Crossfire Premier. He signed for the English side Tottenham in 2014 before he was sold to his current team Newcastle United for £5 million (Dh24m in 2016. Seattle-born Yedlin, 25, also plays for the US national team.
Fifa rules state that 5 per cent of the transfer fee of a player should be paid directly to the youth clubs associated with the player's development between the ages of 12 and 23. Additionally, a compensation fee would have to be paid to the youth clubs associated with the player between the ages of 12 and 21.
In some cases all that could add up to a tidy sum. According to a study earlier this year by Swiss independent research and education organisation CIES Football Observatory, Paris-Saint Germain's Kylian Mbappe, 20, is the world's most valuable player. His price tag stands at €218 million (Dh897.6m). His youth career consisted of stints with AS Bondy (2004–2013) and Monaco (2013-2015). French national Mbappe moved from Monaco to PSG last year for a fee of €180m. Although official figures are unavailable, a 5 per cent fee of €10.9m would likely have been due to his youth clubs upon him joing the French giants.
In the UAE, meanwhile, programmes have been developed to enourage football uptake among the population and provide them with the best opportunities and faclities available.
In April 2018, the UAE government approved a federal decree that, as of last September, allows men married to Emirati women as well as children born in the UAE and any player who resides in the Emirates to register for sports clubs and, potentially, represent the country. The move is designed to identify talented individuals and develop a sense of accord across all nationalities.
UAE football clubs can register an unlimited number of expatriates in all age-group competitions, male and female, from ages 4 to 18. However, teams can register only six foreign players - three born in the UAE, three residing in the country - in their 18 and 21-year-old squads and senior squads.
“This is a long-awaited need for the expatriate community. Their participation in local sports will create a bigger pool of players for the national federations aside from the competition they will provide for the Emirati players,” Mohammed Khalfan Al Rumaithy, president of the General Sports Authority, said at the time.
As well as the government's move to develop organised football education, training and playing, some top European teams have set up youth academies in the Emirates, aimed at finding and developing young talent.
At a cost of about Dh2,000 for 30 sessions for a single child to be enrolled in one of these programmes – excluding the registration fees and optional kit fees - academies include Real Madrid Foundation Academy UAE, inaugurated in 2011 and established in both Abu Dhabi and Dubai.
Another is Barca Academy, established in 2008 and based in Dubai.
“The core vision is to train, develop and improve young players in UAE on and off the field and give them an exclusive opportunity to learn the methodology and values from the unmatched Barca style of play and philosophy in the ever-growing football culture present in the country,” says Jordi Martinez, project director at Barca Academy.
As majority of the academy candidates across the UAE tend to be children of expats, the very nature of the enrolment tends to be primarily short term – some parents send their children to keep them busy after school while others recognise their kids' talents and want to further nurture those skills. profesasional success is a very long-shot for most but there are a few success stories.
“One of our former members was scouted for FC Barcelona and moved to La Masia [Barca's youth acdademy in Spain] and became top scorer in his age category for two seasons in a row," says Mr Martinez, who previously was project director of the Barca Academy in Dammam, Saudi Arabia.
"Among other clubs our members were scouted for are Getafe FC in Spain, Al Wasl in Egypt and Fenerbahce FC in Hungary. One of our players was selected for National Team of Faroe Islands," he adds.
The value of a successful youth academy programme can be many fold. Outside the UAE, Amsterdam-based AFC Ajax, currently enjoying their best run in the Uefa European Champions League in decades, exemplifies the benefits of a strong youth set up. The club's progress in the Champions League this season - they play London-based Tottenham on Wednesday night in a game that may secure them a place in the final - is in large part thanks to the youthfulness of the side.
And Europe's premier club competition is a prize well worth pursuing.
Current Champions League cup holders Real Madrid earned €88.6m in prize money from Uefa last season, while beaten finalists Liverpool pocketed €81.2m.
Ajax reaps the rewards of a strong youth development programme. The Dutch powerhouse has delivered some of the best players to big leagues out of its own youth academy over the years. Johan Cruijff, Marco van Basten and Dennis Bergkamp are just a few of the international stars who have successfully completed the training programme at the De Ajax youth academy.
Those players and others who made it had to work long and hard to get to the top.
“The kids who get to play at Ajax are solely selected by our scouting and the technical staff," says Saïd Ouaali, head of Youth Academy at Ajax. "Every player will then be judged every year, to see whether or not they can stay at the academy. There is no opportunity to register without getting scouted.
“If a player manages to stay at the academy until he reaches Jong Ajax [the club's second team], he has an 80 per cent chance of becoming a pro football player [with Ajax or somewhere else].
"The further you get, the harder it becomes to maintain your place and to reach the ultimate objective - to play in the Amsterdam Arena. One or two players make it to the first team each year,” says Mr Ouaali.
“At AFC Ajax, the training of top football players takes centre stage. That is why the youth academy is also known as the 'breeding ground of Dutch football'.
Although not every every kid who plays football will grow up to be superstar like Lionel Messi or Cristiano Ronaldo, it’s clear that playing sports from an early age can have substantial benefits later in life, no matter what you grow up to do.
And that exactly is the goal of the academies such as Barca's in the UAE, according to Mr Martinez.
“At Barca Academy Dubai, we teach players the concepts of football, aimed at raising skill levels of all participants while at the same time focusing on personal growth by teaching the core life values that are so representative of FC Barcelona: respect; effort; ambition; teamwork; humility.”
Of course, a multimillion-euro football club contract wouldn't go amiss either.
Mohammed bin Zayed Majlis
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
360Vuz PROFILE
Date started: January 2017
Founder: Khaled Zaatarah
Based: Dubai and Los Angeles
Sector: Technology
Size: 21 employees
Funding: $7 million
Investors: Shorooq Partners, KBW Ventures, Vision Ventures, Hala Ventures, 500Startups, Plug and Play, Magnus Olsson, Samih Toukan, Jonathan Labin
PROVISIONAL FIXTURE LIST
Premier League
Wednesday, June 17 (Kick-offs uae times) Aston Villa v Sheffield United 9pm; Manchester City v Arsenal 11pm
Friday, June 19 Norwich v Southampton 9pm; Tottenham v Manchester United 11pm
Saturday, June 20 Watford v Leicester 3.30pm; Brighton v Arsenal 6pm; West Ham v Wolves 8.30pm; Bournemouth v Crystal Palace 10.45pm
Sunday, June 21 Newcastle v Sheffield United 2pm; Aston Villa v Chelsea 7.30pm; Everton v Liverpool 10pm
Monday, June 22 Manchester City v Burnley 11pm (Sky)
Tuesday, June 23 Southampton v Arsenal 9pm; Tottenham v West Ham 11.15pm
Wednesday, June 24 Manchester United v Sheffield United 9pm; Newcastle v Aston Villa 9pm; Norwich v Everton 9pm; Liverpool v Crystal Palace 11.15pm
Thursday, June 25 Burnley v Watford 9pm; Leicester v Brighton 9pm; Chelsea v Manchester City 11.15pm; Wolves v Bournemouth 11.15pm
Sunday June 28 Aston Villa vs Wolves 3pm; Watford vs Southampton 7.30pm
Monday June 29 Crystal Palace vs Burnley 11pm
Tuesday June 30 Brighton vs Manchester United 9pm; Sheffield United vs Tottenham 11.15pm
Wednesday July 1 Bournemouth vs Newcastle 9pm; Everton vs Leicester 9pm; West Ham vs Chelsea 11.15pm
Thursday July 2 Arsenal vs Norwich 9pm; Manchester City vs Liverpool 11.15pm
'C'mon C'mon'
Director:Mike Mills
Stars:Joaquin Phoenix, Gaby Hoffmann, Woody Norman
Rating: 4/5
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
More from Neighbourhood Watch
RESULTS
5pm: Maiden (PA) Dh80,000 2,200m
Winner: Arjan, Fabrice Veron (jockey), Eric Lemartinel (trainer).
5.30pm: Maiden (PA) Dh80,000 1,400m
Winner: Jap Nazaa, Royston Ffrench, Irfan Ellahi.
6pm: Al Ruwais Group 3 (PA) Dh300,000 1,200m
Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinal.
6.30pm: Shadwell Gold Cup Prestige Dh125,000 1,600m
Winner: AF Sanad, Bernardo Pinheiro, Khalifa Al Neyadi.
7pm: Shadwell Farm Stallions Handicap (PA) Dh70,000 1,600m
Winner: Jawal Al Reef, Patrick Cosgrave, Abdallah Al Hammadi.
7.30pm: Maiden (TB) Dh80,000 1,600m
Winner: Dubai Canal, Harry Bentley, Satish Seemar.
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
Results
2pm: Al Sahel Contracting Company – Maiden (PA) Dh50,000 (Dirt) 1,200m; Winner: AF Mutakafel, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
2.30pm: Dubai Real Estate Centre – Maiden (TB) Dh60,000 (D) 1,200m; Winner: El Baareq, Antonio Fresu, Rashed Bouresly
3pm: Shadwell – Rated Conditions (TB) Dh100,000 (D) 1,950m; Winner: Lost Eden, Andrea Atzeni, Doug Watson
3.30pm: Keeneland – Handicap (TB) Dh84,000 (D) 1,000m; Winner: Alkaraama, Dane O’Neill, Musabah Al Muhairi
4pm: Keeneland – Handicap (TB) Dh76,000 (D) 1,800m; Winner: Lady Snazz, Saif Al Balushi, Bhupat Seemar
4.30pm: Hive – Conditions (TB) Dh100,000 (D) 1,600m; Winner: Down On Da Bayou, Royston Ffrench, Salem bin Ghadayer
5pm: Dubai Real Estate Centre – (TB) Handicap Dh64,000 (D) 1,600m; Winner: Lahmoom, Royston Ffrench, Salem bin Ghadayer
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Sav%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Purvi%20Munot%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%24750%2C000%20as%20of%20March%202023%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Angel%20investors%3C%2Fp%3E%0A
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
And%20Just%20Like%20That...
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Various%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Sarah%20Jessica%20Parker%2C%20Cynthia%20Nixon%2C%20Kristin%20Davis%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
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.”
WWE Evolution results
- Trish Stratus and Lita beat Alicia Fox and Mickie James in a tag match
- Nia Jax won a battle royal, eliminating Ember Moon last to win
- Toni Storm beat Io Shirai to win the Mae Young Classic
- Natalya, Sasha Banks and Bayley beat The Riott Squad in a six-woman tag match
- Shayna Baszler won the NXT Women’s title by defeating Kairi Sane
- Becky Lynch retained the SmackDown Women’s Championship against Charlotte Flair in a Last Woman Standing match
- Ronda Rousey retained the Raw Women’s title by beating Nikki Bella
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.