Jorge Valdivia has said that his reported US$7.5 million (Dh27.5m) move to Fujairah is not motivated by money.
The Chilean midfielder, 30, who spent two years at Al Ain from 2008, is returning to the Arabian Gulf League in the headline transfer deal of the summer. He left Brazilian side Palmeiras to join promoted Fujairah and said critics in Brazil have questioned his reason for agreeing to the move.
“In Brazil they are never happy. When talks were taking place for this deal the first thing people were talking about is that players come here for the money,” Valdivia, who was part of Chile’s World Cup squad, told Emarat Al Ayoum. “But the main reason for coming here is that I have a lot of love and respect for this country ... and when I begin the first minute of the first match, everyone will realise that I came here to win and play my best for Fujairah.
“I do not care [about criticism], because when I came to [Al Ain] they said the same thing, but I am respected a lot by all of the players and this time I’m coming from the World Cup in very good physical state, and have so much energy to play and reap results.
“When the first minute of the first match for Fujairah begins, everyone will realise that I came here to win.”
Valdivia said his previous experience of life in the UAE, where he won the President’s Cup, the League Cup and the Super Cup with Al Ain, helped him make the decision to come back.
“I’m very happy, I came back after a long time to a place that was very good to me, and my family are really happy to return to the UAE,” he said. “This is a new experience and a new challenge for me with a new team. I’m looking forward to this experience being more successful than that with Al Ain.”
Valdivia is part of a strong Fujairah squad for 2014/15 as the promoted side look to make their mark in the top flight.
Ivorian striker Boubacar Sanogo, Ghanaian midfielder Charles Takyi and Hassan Maatouk, the veteran Lebanese midfielder, complete Fujairah’s foreign quarter.
“I usually do not offer promises, but I can say that I will give 150 per cent to get the desired results,” said Valdivia, “and I hope that the team reaps good results and fights a good season.”
He is looking forward to playing against his former club – and beating them.
“It would be nice when I play in front of a team that I had a very good experience with him,” he said. “But I’m currently with Fujairah and I will do everything possible to beat Al Ain.”
Fujairah’s summer spending spree could continue with the signing of Madjid Bougherra, the Algerian World Cup captain.
Despite already filling their four foreign squad places, Fujairah may be pre-empting a move by the Football Association to increase each club’s foreign allocation to five players for 2014/15.
The FA are investigating the possible rule change following a proposal from Al Wahda. Centre-back Bougherra, 30, is a free agent after his deal with Lekhwiya, the team he led to last year’s Qatar Stars League title, expired.
In three years in Doha, he lifted two league crowns and the Qatar Crown Prince Cup.
Bougherra, who also won three Scottish Premier League trophies during his time with Rangers, featured in three of Algeria’s four matches at the Brazil World Cup.
The north Africans surprised by making it out of Group H as runners-up to Belgium, before they took Germany, the eventual champions, to extra-time in the last 16 only to lose 2-1.
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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.”
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
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War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
COMPANY PROFILE
Name: Mamo Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua Based: Dubai, UAE Number of employees: 28 Sector: Financial services Investment: $9.5m Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. The specs
Price, base / as tested Dh100,000 (estimate)
Engine 2.4L four-cylinder
Gearbox Nine-speed automatic
Power 184bhp at 6,400rpm
Torque 237Nm at 3,900rpm
Fuel economy, combined 9.4L/100km
Company%20Profile
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Heavily-sugared soft drinks slip through the tax net
Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.
Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.
A 680ml can of Arizona Iced Tea costs just Dh6.
Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.
UAE currency: the story behind the money in your pockets
