The Auckland City supporter Belinda Jane stands with team members, from left, Riki van Steeden, Milos Nikolic, Paul Urlovic and Ivan Vicelich.
The Auckland City supporter Belinda Jane stands with team members, from left, Riki van Steeden, Milos Nikolic, Paul Urlovic and Ivan Vicelich.

At Club World Cup, the first goal is winning more fans



ABU DHABI // One club has travelled 14,000km to reach Abu Dhabi. The other plays its football just up the Sheikh Zayed Road in Dubai. But on Wednesday, when Auckland City and Al Ahli look to the stands of the Mohammed bin Zayed Stadium during the opening match of the Fifa Club World Cup, both sides hope to receive more support than usual.

In the case of Auckland City, the team will be hoping to be cheered on by fans who made much shorter trips to reach the stadium than did the club. Along with a few dozen loyal fans who are making the trek across nine time zones to the capital from New Zealand, expatriate supporters who have made the UAE their home are preparing to make their voices heard and spur on their team to victory in the first match of the 11-day, eight-match tournament that guarantees US$5 million (Dh18.4m) to the champions.

Around 5,000 regular Al Ahli supporters are also expected to make the trip along the Sheikh Zayed Road from Dubai to be in Abu Dhabi for their team. The local team can expect fans from other UAE Pro League clubs to leave their usual rivalries aside and rally round the only UAE team in the competition. The loyal Al Ahli fan Mohammed Ahmed Shaker, 30, said clubs such as Al Dhafra and Al Ain have pledged their support. Mr Shaker, who works in the banking sector, said he has been in touch with supporters from those clubs as well as Al Wahda.

"Everybody should come and support because at the end of the day we should be supporting the club representing the UAE," he said. Although the expatriate Kiwi fans and the Al Ahli supporters may share the same country, when it comes to Wednesday night, they will stand as rivals, albeit friendly ones. "I'm a New Zealander so when a New Zealand sports team comes to this part of the world, New Zealanders will support that team," said Ian Hall, 63. He and several co-workers at an education consultancy in Abu Dhabi have tickets for the opening match, which is due to kick off at 8pm. "When you are away from your home country you get very patriotic and any excuse to go along and support something from your country becomes important."

The winner of the match gains a place in the quarter-finals against Atlante of Mexico. A win in that match would set up a high-profile date with the glamour club Barcelona, the European champions, in the tournament's semi-finals. It would be a fairy tale for either club should they make it that far, but some fairy tales come true, especially in football. Mehdi Ali, the coach at Al Ahli, said vocal and emotional support were important to his club. "Any game we play is for the fans and if there are no fans then there is no motivation for the players," he said. "The fans provide the inspiration for our team and our team spirit.

"I am sure we will have great support for this tournament, and that can push us to do better. I think we can use the home advantage to help us win." Al Ahli's loyal fans seem to be in a confident mood. "We are looking forward to Barcelona," said Mr Shaker, who attends every match and goes to some training sessions. "Inshallah, I am believing. I think we will win [over Auckland] 3-0." "As a fan, it's very wonderful," said Saood Belshalat, 22, a manager of Al Ahli's rugby club and a long-time fan of the football club. "I get too excited for this kind of game because it is a new kind of football."

Belinda Jane, from Auckland, is also in an ebullient mood, sensing that victory is within her team's grasp. In fact, so confident is she that she has already purchased tickets for the final and is "hoping beyond hope they are going to be there". To show her support, Mrs Jane met members of the Auckland City club yesterday as they arrived in Abu Dhabi. She was rewarded with a team shirt. "You will hear me cheering," she said. "You will hear me above anybody else."

For New Zealand expatriates, it will be a chance to show some pride in their home country. Rugby is the top sport in the country, but football fans such as Fergus Grady, 23, say the sport received a big boost last month with the national team qualifing for the World Cup finals for the first time since 1982 by defeating Bahrain in a two-match playoff. "That was pretty special" said Mr Grady, who grew up in New Zealand's capital, Wellington. The cities of Auckland and Wellington are traditional rivals, but Mr Grady is putting aside any ill-will during the tournament.

He is working for the education consultants Educating Global during the day but hopes to make it down to the match. "Al Ahli will have the home support but there's a lot of hope at the moment for New Zealand sport," he said. Ian Hall, who lived in Ras al Khaimah for five years before moving to Abu Dhabi, said: "I think the New Zealand team playing the UAE team, that is a bit of a dream draw," he said.

mchung@thenational.ae

ANALYSTS’ TOP PICKS OF SAUDI BANKS IN 2019

Analyst: Aqib Mehboob of Saudi Fransi Capital

Top pick: National Commercial Bank

Reason: It will be at the forefront of project financing for government-led projects

 

Analyst: Shabbir Malik of EFG-Hermes

Top pick: Al Rajhi Bank

Reason: Defensive balance sheet, well positioned in retail segment and positively geared for rising rates

 

Analyst: Chiradeep Ghosh of Sico Bank

Top pick: Arab National Bank

Reason: Attractive valuation and good growth potential in terms of both balance sheet and dividends

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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.”

Tax authority targets shisha levy evasion

The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.

Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".

The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.

He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.

"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.

As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
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