For many of the billion spectators who watched the Fifa World Cup opening in Johannesburg, South Africa, the word "globalisation" may have come to mind.
From advertisers to spectators, football embodies globalisation like no other sport. And for players, football embodies globalisation like no other profession.
The market for professional footballers is by far the most globalised labour market. A Nigerian or Brazilian soccer player can more easily get a job in Europe or Japan than a skilled surgeon or engineer.
Out of some 2,600 professional players in the five top European leagues - England, Spain, Italy, Germany and France - almost 800 are expatriates.
Today, many of the best clubs have no players at all from their "own" countries. The Inter Milan team had no Italian starters only a few weeks ago when winning Europe's most prestigious competition, the Champions League.
What if that similar global mobility of labour were to spill to other professions? If medical doctors could move with equal ease from Cameroon to Spain and Italy, as Samuel Eto'o, the Inter Milan striker did; or engineers could move from Ivory Coast to France and then England, as Chelsea's Didier Drogba did?
Soccer could provide clues to what this new world of mobility, largely unhindered by national borders, might look like.
Globalisation of the world's most popular game is responsible for two developments:
The first one cannot be easily quantified but most observers agree the quality of the game has improved.
And global mobility of labour combined with a capitalist system, in which the richest clubs can buy the best players without salary caps or other limits, concentrates quality more than ever before.
The gap between the top clubs and the rest has widened in key European leagues. Winners of the European Champions League are consistently from a narrowing circle of the top, richest clubs.
At the club level, globalisation combined with commercialisation produces two outcomes: better quality of the game, which is tantamount in economics to greater output; and greater concentration of winning clubs, which is tantamount to greater inequality.
The question is, can greater output be preserved while lessening the effects of inequality? Yes, although not at the club level discussed so far.
Only at the national level - say, team US, team England - where different rules imposed by the Federation Internationale de Football Association (Fifa) apply.
At the national level, expatriates cannot play for the countries where they live but must play for countries of origin.
To some extent, this reverses the "leg drain" once every four years during the World Cup - akin to Cameroon doctors based in France returning from time to time to perform operations in Douala or Yaounde.
It would seem that this reversal should equalise the outcomes somewhat, particularly as players from small African leagues play in larger English or Spanish leagues, much as a doctor from the developing world returns with skills and connections acquired after an education at Stanford or Yale.
And indeed, differences between national teams, most notably at World Cup games, have steadily decreased.
At the last three World Cups the average difference in goals per game between winning and losing teams has ranged between 1.2 and 1.3, as opposed to 1.7 some 30 years ago.
International football suggests globalisation can be made sustainable and reduction in inequality is surely part of that sustainability. But for that, global rules must accompany globalisation, whereby losers get something for agreeing to play the game.
Translated into everyday language of economics, some brain drain may be reversed by imposing special short-term return duties on migrants.
To have a real bite, the system would require policy co-ordination by most rich countries.
Whatever its exact modalities, a more open-minded immigration policy should be combined with special duties for migrants, the biggest beneficiaries from freer movement of labour, from which their countries of origin would derive some benefit, too.
Branko Milanovic is a professor at the School of Policy, University of Maryland. His books include Income and Influence: Social Policy in Emerging Market Economies.
* Yale Global
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.”
Liz%20Truss
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What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
MATCH INFO
Uefa Champions League, Group B
Barcelona v Inter Milan
Camp Nou, Barcelona
Wednesday, 11pm (UAE)
All the Money in the World
Director: Ridley Scott
Starring: Charlie Plummer, Mark Wahlberg, Michelle Williams, Christopher Plummer
Four stars
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
More on Quran memorisation:
Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
Source: YouGov
Company Profile
Company name: OneOrder
Started: October 2021
Founders: Tamer Amer and Karim Maurice
Based: Cairo, Egypt
Industry: technology, logistics
Investors: A15 and self-funded
BABYLON
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SPEC%20SHEET
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Last-16
France 4
Griezmann (13' pen), Pavard (57'), Mbappe (64', 68')
Argentina 3
Di Maria (41'), Mercado (48'), Aguero (90 3')
The 15 players selected
Muzzamil Afridi, Rahman Gul, Rizwan Haider (Dezo Devils); Shahbaz Ahmed, Suneth Sampath (Glory Gladiators); Waqas Gohar, Jamshaid Butt, Shadab Ahamed (Ganga Fighters); Ali Abid, Ayaz Butt, Ghulam Farid, JD Mahesh Kumara (Hiranni Heros); Inam Faried, Mausif Khan, Ashok Kumar (Texas Titans
Company%C2%A0profile
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ICC Awards for 2021
MEN
Cricketer of the Year – Shaheen Afridi (Pakistan)
T20 Cricketer of the Year – Mohammad Rizwan (Pakistan)
ODI Cricketer of the Year – Babar Azam (Pakistan)
Test Cricketer of the Year – Joe Root (England)
WOMEN
Cricketer of the Year – Smriti Mandhana (India)
ODI Cricketer of the Year – Lizelle Lee (South Africa)
T20 Cricketer of the Year – Tammy Beaumont (England)
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
Torque: 370Nm @ 1,300rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.0L / 100km