GENEVA // Mohamed bin Hammam withdrew from Fifa's presidential election today, clearing the path for Sepp Blatter to continue his reign as head of football's world governing body uncontested despite being faced with its gravest corruption crisis.
The Qatari challenger announced his withdrawal hours before the start of Fifa ethics hearing in which he will answer accusations that he had arranged bribes for up to 25 presidential voters on a campaign visit to the Caribbean.
Blatter and Fifa vice president Jack Warner also stand accused of corruption in today's ethics probe.
The ethics committee has the power to remove Blatter from standing in Wednesday's presidential election, but bin Hammam's withdrawal should clear the way for the 75-year-old Swiss to be re-elected unopposed, as he was in 2007.
"Recent events have left me hurt and disappointed – on a professional and personal level," bin Hammam wrote on his personal website. "It saddens me that standing up for the causes that I believed in has come at a great price – the degradation of Fifa's reputation. This is not what I had in mind for Fifa and this is unacceptable.
"I cannot allow the name that I loved to be dragged more and more in the mud because of competition between two individuals.
The game itself and the people who love it around the world must come first. It is for this reason that I announce my withdrawal from the presidential election."
Bin Hammam decided to run for the presidency after playing a key role in Qatar winning the rights to host the 2022 World Cup.
"I pray that my withdrawal will not be tied to the investigation held by the Fifa ethics committee as I will appear before the ethics committee to clear my name from the baseless allegations that have been made against me," bin Hammam said.
At the end of an astonishing week at Fifa's palatial slate and glass headquarters in Zurich, the ethics committee is scheduled to deliver initial findings at 6pm today in Zurich.
The ethics probe opens days of scheduled meetings involving Fifa's 208 national members before their annual Congress on Wednesday.
The ethics panel will examine evidence provided by Chuck Blazer, Warner's American No. 2 at the CONCACAF regional body.
Blazer delivered a file that sparked an explosive round of allegations, denials and accusations of conspiracy among his Fifa executive committee colleagues in the final days of campaigning.
Blatter, bin Hammam and Warner passed up invitations to attend the year's most eagerly anticipated match yesterday, the Champions League final between Barcelona and Manchester United in London, to focus on their legal defence.
Qatari challenger bin Hammam and Warner, a 28-year veteran at Fifa's high table, are accused of arranging bribes for up to 25 presidential voters on a campaign visit.
Caribbean Football Union members were allegedly offered $40,000 each at a May 9-10 conference in Trinidad, where Warner is a government minister.
Bin Hammam has acknowledged paying travel and accommodation expenses, and conference costs, but denies vote-buying.
Instead, he implicated Blatter's camp in a plot to remove him from the election contest, and fought back by successfully bringing the Fifa president into the ethics case.
According to bin Hammam's formal complaint, Blatter broke Fifa "duty of disclosure" rules because he was aware via Warner that payments had been arranged and "had no issue."
Warner dismissed suggestions that the evidence file compiled by John Collins, a former United States federal prosecutor who is now a member of Fifa's legal committee, could end his career within football's ruling body.
"Why should (I) be hanged now and by whom? The American Chuck Blazer? His American lawyer John Collins? Give me a break guys," Warner told reporters at Trinidad's parliament.
"I will hold my head high to the very end because I am not guilty of a single iota of wrongdoing. Que sera, sera. I am not remotely bothered."
Two Caribbean Football Union staffers from Trinidad, Debbie Minguell and Jason Sylvester, have also been summoned to the Fifa ethics hearing.
Results
3pm: Maiden Dh165,000 (Dirt) 1,400m, Winner: Lancienegaboulevard, Adrie de Vries (jockey), Fawzi Nass (trainer).
3.35pm: Maiden Dh165,000 (Turf) 1,600m, Winner: Al Mukhtar Star, Adrie de Vries, Fawzi Nass.
4.10pm: Handicap Dh165,000 (D) 2,000m, Winner: Gundogdu, Xavier Ziani, Salem bin Ghadayer.
4.45pm: Handicap Dh185,000 (T) 1,200m, Winner: Speedy Move, Sean Kirrane, Satish Seemar.
5.20pm: Handicap Dh185,000 (D) 1,600m, Winner: Moqarrar, Dane O’Neill, Erwan Charpy.
5.55pm: Handicap Dh175,000 (T) 1,800m, Winner: Dolman, Richard Mullen, Satish Seemar.
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
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Price: From Dh1.05 million ($286,000)
The bio
Date of Birth: April 25, 1993
Place of Birth: Dubai, UAE
Marital Status: Single
School: Al Sufouh in Jumeirah, Dubai
University: Emirates Airline National Cadet Programme and Hamdan University
Job Title: Pilot, First Officer
Number of hours flying in a Boeing 777: 1,200
Number of flights: Approximately 300
Hobbies: Exercising
Nicest destination: Milan, New Zealand, Seattle for shopping
Least nice destination: Kabul, but someone has to do it. It’s not scary but at least you can tick the box that you’ve been
Favourite place to visit: Dubai, there’s no place like home
The schedule
December 5 - 23: Shooting competition, Al Dhafra Shooting Club
December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq
December 11 - 20: Dates competition, from 4pm
December 12 - 20: Sour milk competition
December 13: Falcon beauty competition
December 14 and 20: Saluki races
December 15: Arabian horse races, from 4pm
December 16 - 19: Falconry competition
December 18: Camel milk competition, from 7.30 - 9.30 am
December 20 and 21: Sheep beauty competition, from 10am
December 22: The best herd of 30 camels
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If symptoms occur, they usually last for two-seven days
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Rating: 4/5
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.”
UAE currency: the story behind the money in your pockets
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Director: Rusty Cundieff
Stars: Josh Hutcherson, Morgan Freeman, Greg Germann, Lovie Simone
Rating: 2/5
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Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
Company Profile
Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
COMPANY PROFILE
Company: Vault
Started: June 2023
Co-founders: Bilal Abou-Diab and Sami Abdul Hadi
Based: Abu Dhabi
Licensed by: Abu Dhabi Global Market
Industry: Investment and wealth advisory
Funding: $1 million
Investors: Outliers VC and angel investors
Number of employees: 14
Law 41.9.4 of men’s T20I playing conditions
The fielding side shall be ready to start each over within 60 seconds of the previous over being completed.
An electronic clock will be displayed at the ground that counts down seconds from 60 to zero.
The clock is not required or, if already started, can be cancelled if:
• A new batter comes to the wicket between overs.
• An official drinks interval has been called.
• The umpires have approved the on field treatment of an injury to a batter or fielder.
• The time lost is for any circumstances beyond the control of the fielding side.
• The third umpire starts the clock either when the ball has become dead at the end of the previous over, or a review has been completed.
• The team gets two warnings if they are not ready to start overs after the clock reaches zero.
• On the third and any subsequent occasion in an innings, the bowler’s end umpire awards five runs.
