Manchester City's Brazilian striker Jo, left, shields the ball from PSG's Mamadou Sakho.
Manchester City's Brazilian striker Jo, left, shields the ball from PSG's Mamadou Sakho.
Manchester City's Brazilian striker Jo, left, shields the ball from PSG's Mamadou Sakho.
Manchester City's Brazilian striker Jo, left, shields the ball from PSG's Mamadou Sakho.

City held by PSG


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Mark Hughes saw his Manchester City side maintain their unbeaten record in the Uefa Cup group stages at Eastlands after playing out a 0-0 draw against Paris Saint Germain. But after the exertions of the derby against Manchester United ? and a morale-sapping defeat ? they were running on empty in the last 20 minutes. City, however, could have put the game to bed in the first quarter when they should have been two goals to the good. Hughes must have been alarmed at how wasteful his side were in the opening stages. The first chance fell to Daniel Sturridge in the fifth minute when Elano released him with a defence-splitting pass. Sturridge raced on but the ball got away from him and goalkeeper Mickael Landreau was able to make the clearance. Sturridge was left frustrated at seeing that chance go begging and City squandered another good opportunity in the 13th minute when the Brazilian striker Jo sent Darius Vassell clear. Vassell had only the goalkeeper to beat but showed a lack of confidence by dragging his effort wide of the post. There were groans of disapproval from the home supporters after City again failed to capitalise on a clear chance. Elano tried his luck with a free-kick from an acute angle in the 31st minute but only succeeded in sending his effort wide of the target. PSG were showing little ambition and looked content to play on the counter even though they need points to advance to the last 32. Zabaleta picked out Jo but his weak header from close range did not give the goalkeeper too much difficulty as City continued to press. Two minutes later, Landreau did well to parry Zabaleta's effort around the post after Vassell had pulled the ball back. PSG responded immediately and the former Chelsea striker Mateja Kezman was clear in the penalty area but Tal Ben Haim made a superb block. PSG's Péguy Luyindula stung goalkeeper Joe Hart's fingers with a 25-yard drive as the French outfit began to exert themselves more in the game. Kezman, on loan to PSG from Fenerbahce, skipped past Ireland, only to send a poor shot off target. City were caught napping in the 63rd minute and Luyindula raced clear only for Hart to divert his effort to safety. PSG had suddenly stepped up the pace and the impressive Luyindula released Guillaume Hoarau in the 73rd minute. But he somehow clipped his shot the wrong side of the post when it seemed easier to score. Hoarau then got clear in the 82nd minute, only to send his cross behind Luyindula and City held out to finish on level terms and will have left the field much the happier of the two sides having already qualified for the last 32 of the competition.

*PA Sport

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Dunki
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Silent Hill f

Publisher: Konami

Platforms: PlayStation 5, Xbox Series X/S, PC

Rating: 4.5/5

Indian construction workers stranded in Ajman with unpaid dues
Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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.”