Emirates airline, which has a $195 million sponsorship deal with FIFA, says it is 'disappointed' at the deepening corruption scandal. EPA/ALI HAIDER
Emirates airline, which has a $195 million sponsorship deal with FIFA, says it is 'disappointed' at the deepening corruption scandal. EPA/ALI HAIDER
Emirates airline, which has a $195 million sponsorship deal with FIFA, says it is 'disappointed' at the deepening corruption scandal. EPA/ALI HAIDER
Emirates airline, which has a $195 million sponsorship deal with FIFA, says it is 'disappointed' at the deepening corruption scandal. EPA/ALI HAIDER

World Cup sponsor Emirates 'disappointed' by Fifa bribery farce


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Emirates Airline, a key sponsor of the World Cup, has voiced its concern over the ongoing bribery allegations against several officials at the football organisation Fifa.

Fifa Farce: World Cup mired in bribery and corruption claims

Last Updated: May 31, 2011

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The airline, which paid out $195 million to become a Fifa 'partner' from 2007 to 2014, says it is "disappointed" by the corruption allegations that have plagued Fifa in recent weeks.

"Emirates, like all football fans around the world, is disappointed with the issues that are currently surrounding the administration of this sport," said Boutros Boutros, senior vice president of corporate communications at Emirates.

Mohamed bin Hammam of Qatar, president of the Asian Football Confederation, was suspended by FIFA's ethics committee on Sunday, along with three other officials. They are accused of offering bribes to other officials to secure the Fifa presidency for Mr bin Hammam. Sepp Blatter, the president of Fifa, was cleared of any wrongdoing.

The Dubai airline is the latest of several sponsors to voice concern about the corruption probe at Fifa.

Coca-Cola, which also has 'partner' status with the football association, said that the bribery allegations are "distressing and bad for the sport", the Financial Times reported. Another headline sponsor, Adidas, said that the surrounding publicity was "neither good for football nor for Fifa and its partners".

Mr Boutros said that he hoped the issue would be resolved.

"Emirates' sponsorship of all Fifa Tournaments, including the Fifa World Cup, aims to help promote football and ensure that it is accessible to the billions of football fans; something Fifa has managed to do extremely well in recent years," he said.

"We hope that these issues will be resolved as soon as possible and the outcome will be in the interest of the game and sport in general."

bflanagan@thenational.ae

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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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May 2017

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September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

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December 2024

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May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

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August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

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