(FILES) This file photo taken on December 02, 2010 shows FIFA President Sepp Blatter holding up the name of Qatar during the official announcement of the 2022 World Cup host country at the FIFA headquarters in Zurich.
The opening this week of the glittering Louvre Abu Dhabi museum marks the latest stage in a multi-billion-dollar "soft power" showdown between energy giants Qatar and the United Arab Emirates. Culture, media and sports have turned into battlegrounds for branding and global recognition.
 / AFP PHOTO / Philippe DESMAZES
Then Fifa president Sepp Blatter declares Qatar the host of the 2022 World Cup. Philippe Desmazes / AFP

Amid allegations of corruption, football fans deserve better



Mystery payments to Swiss bank accounts, high-level bribery, meetings with politicians and multimillion dollar business deals: all relate to Qatar's successful bid to host the 2022 Fifa World Cup, according to a report by the newly launched Foundation for Sports Integrity. Although an official inspection team had ranked Qatar last out of nine potential host countries in terms of suitability to host the competition, the nation's bid was successful. According to the foundation, the "bidding process was the most blatant example of Fifa's corruption...Qatar's victory was completely illegitimate". The World Cup is universally adored as a spellbinding demonstration of athleticism, competitiveness and national pride. Many of the controversies surrounding Qatar's hosting rights will no doubt be forgotten when the first ball is kicked –but the thrill of the tournament cannot eclipse the deeply disturbing revelations which continue to emerge about the scale of corruption within football's upper echelons and Doha's readiness to exploit it for national gain.

Nearly a year into the Arab quartet's boycott of Qatar, the allegations of Doha's murky dealings continue to multiply, not least when it comes to the World Cup. Qatar reportedly paid about Dh17.6 million into the Swiss bank account of the late Fifa executive Julio Grondona, who went on to support Qatar's bid. A Dh245m debt owed by the Argentinian football association was also allegedly paid off. A large business deal between Qatar Airways and French firm Airbus allegedly followed a meeting between the emir of Qatar, then French president Nicolas Sarkozy and former Uefa president Michel Platini, who also voted for Qatar. These and other damaging allegations appear to explain how an ill-prepared outsider secured the game's biggest spectacle and offer a worrying insight into how Doha conducts business. Another extraordinary scandal, reported by The Washington Post, links multi-million dollar Qatari sponsorship of the Big3 basketball league, co-run by former rapper Ice Cube, with alleged efforts to procure influence in the administration of US President Donald Trump, through his former confidante Steve Bannon. Quite apart from the Arab quartet's concerns about Doha's sponsorship of terrorism, Qatar has allegedly sought to boost its soft power through bribes to multiple institutions, from Fifa to the US government.

It is no secret that football’s governing body is rotten to the core. Fifa’s former president Sepp Blatter, who was in charge when Qatar won the 2022 bid, is serving a six-year ban for corruption and financial mismanagement and is currently facing sexual assault accusations. When Mr Blatter was ejected in 2015, there was hope that the organisation would leave its corrupt past behind. It will rightly come under renewed pressure to strip Qatar of the competition and carry out an internal investigation in the wake of the most recent allegations. The millions of fans eagerly anticipating 2022’s festival of football deserve better.

SERIES INFO

Schedule:
All matches at the Harare Sports Club
1st ODI, Wed Apr 10
2nd ODI, Fri Apr 12
3rd ODI, Sun Apr 14
4th ODI, Sun Apr 16

UAE squad
Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed

Zimbabwe squad
Peter Moor (captain), Solomon Mire, Brian Chari, Regis Chakabva, Sean Williams, Timycen Maruma, Sikandar Raza, Donald Tiripano, Kyle Jarvis, Tendai Chatara, Chris Mpofu, Craig Ervine, Brandon Mavuta, Ainsley Ndlovu, Tony Munyonga, Elton Chigumbura

A QUIET PLACE

Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou

Director: Michael Sarnoski

Rating: 4/5

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat

Five famous companies founded by teens

There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:

  1. Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate. 
  2. Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc. 
  3. Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway. 
  4. Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
  5. Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
COMPANY PROFILE

Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

Last-16

France 4
Griezmann (13' pen), Pavard (57'), Mbappe (64', 68')

Argentina 3
Di Maria (41'), Mercado (48'), Aguero (90+3')

Generational responses to the pandemic

Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:

Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.

Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.

Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.

How to help

Call the hotline on 0502955999 or send "thenational" to the following numbers:

2289 - Dh10

2252 - Dh50

6025 - Dh20

6027 - Dh100

6026 - Dh200

All We Imagine as Light

Director: Payal Kapadia

Starring: Kani Kusruti, Divya Prabha, Chhaya Kadam

Rating: 4/5

The specs

Engine: 6.2-litre V8

Transmission: seven-speed auto

Power: 420 bhp

Torque: 624Nm

Price: from Dh293,200

On sale: now

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.”

MWTC

Tickets start from Dh100 for adults and are now on sale at www.ticketmaster.ae and Virgin Megastores across the UAE. Three-day and travel packages are also available at 20 per cent discount.

ATP RANKINGS (NOVEMBER 4)

1. Rafael Nadal (ESP) 9,585 pts (+1)
2. Novak Djokovic (SRB) 8,945 (-1)
3. Roger Federer (SUI) 6,190
4. Daniil Medvedev (RUS) 5,705
5. Dominic Thiem (AUT) 5,025
6. Stefanos Tsitsipas (GRE) 4,000 (+1)
7. Alexander Zverev (GER) 2,945 (-1)
8. Matteo Berrettini (ITA) 2,670 (+1)
9. Roberto Bautista (ESP) 2,540 (+1)
10. Gaël Monfils (FRA) 2,530 (+3)
11. David Goffin (BEL) 2,335 (+3)
12. Fabio Fognini (ITA) 2,290
13. Kei Nishikori (JPN) 2,180 (-2)
14. Diego Schwartzman (ARG) 2,125 (+1)
15. Denis Shapovalov (CAN) 2,050 (+13)
16. Stan Wawrinka (SUI) 2,000
17. Karen Khachanov (RUS) 1,840 (-9)
18. Alex De Minaur (AUS) 1,775
19. John Isner (USA) 1,770 (-2)
20. Grigor Dimitrov (BUL) 1,747 (+7)