Some astute signings and Ioan Andone's guiding hand helped CFR Cluj to lift the Romanian double.
Some astute signings and Ioan Andone's guiding hand helped CFR Cluj to lift the Romanian double.

Andone is full of surprises



Ioan Andone was a distinguished Romania international, and has enjoyed some striking successes as a manager. But Al Ahli's new coach must surely now realise that whatever he achieves in the rest of his life, his career will be remembered for an incident that took place 21 years ago. Other players have received lengthy suspensions, but no other, surely, has been banned for a year for exposing themselves to the son of one of Europe's most capricious dictators.

The 1988 Romania cup final had been particularly tense. Dinamo Bucharest were improving under Mircea Lucescu, and the suspicion was that had their city rivals Steaua not enjoyed the benefit of a number of refereeing decisions - perhaps because their president was Valentin Ceausescu, Nicolae's son - Dinamo might have overcome them in the league. As it was, they had the cup in which to make their protest. With seconds remaining, and the score at 1-1, the Steaua midfielder Gavrila Balint headed what looked to be the winner, only for the linesman to flag for offside.

Steaua were furious and - apparently ordered by Valentin Ceausescu, although he denies it - stormed off the pitch. At which Andone, sick of the constant intrigue, dropped his shorts and staged his unique protest. With Steaua refusing to play the remaining time, Dinamo were awarded the cup. "We waited for half an hour and then we went home," Lucescu remembers, "but the next day they took the cup off us because Ceausescu had decided that Steaua had won. Steaua were a tool of the generals and they were afraid Dinamo were growing too powerful."

Andone, an elegant central defender, returned from his ban to help Dinamo to the championship in 1990 - a sure sign, Lucescu insists, that "the generals were losing their grip", although it was the third league title Andone had claimed with the club. Aged 30, he left Romania that summer, taking advantage of the opening up of boundaries with the collapse of Communism to join the Spanish side Elche, before ending his career in the Netherlands with Heerenveen.

His coaching career began with Sportul Studentesc in Bucharest, and took him through a series of mid-ranking Romanian clubs before he returned to Dinamo in 2002. Three successful seasons there brought him a league title and three cups, but it was when he returned to Romania after a spell in Cyprus that he really made headlines. CFR had always been the second team in Cluj, and six seasons earlier had been third-flight nonentities, but thanks to the money of their car-dealer owner, Arpad Paszkany, some astute signings and Andone's guiding hand, they saw off the machinations of the present Steaua owner Gigi Becali - himself facing corruption charges - to lift the Romanian double.

Managers in Romania, though, have a lifespan that makes most mayflies look geriatric, and he was soon gone after a handful of poor results at the beginning of the following season. Romanian football, it would seem, can never escape its turbulent nature, but at least these days Andone has calmed down enough to keep his trousers on. jwilson@thenational.ae

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

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

MATCH DETAILS

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WHAT IS THE LICENSING PROCESS FOR VARA?

Vara will cater to three categories of companies in Dubai (except the DIFC):

Category A: Minimum viable product (MVP) applicants that are currently in the process of securing an MVP licence: This is a three-stage process starting with [1] a provisional permit, graduating to [2] preparatory licence and concluding with [3] operational licence. Applicants that are already in the MVP process will be advised by Vara to either continue within the MVP framework or be transitioned to the full market product licensing process.

Category B: Existing legacy virtual asset service providers prior to February 7, 2023, which are required to come under Vara supervision. All operating service proviers in Dubai (excluding the DIFC) fall under Vara’s supervision.

Category C: New applicants seeking a Vara licence or existing applicants adding new activities. All applicants that do not fall under Category A or B can begin the application process through their current or prospective commercial licensor — the DET or Free Zone Authority — or directly through Vara in the instance that they have yet to determine the commercial operating zone in Dubai. 

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

A Cat, A Man, and Two Women
Junichiro
Tamizaki
Translated by Paul McCarthy
Daunt Books 


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