Former Real Madrid striker Fernando Morientes says this year’s Fifa Club World Cup will provide Al Jazira players the opportunity to put themselves in the shop window for European clubs.
The UAE champions contest the inter-continental club competition, which also features European champions Madrid, in the UAE in December courtesy of last season's march to the 2016/17 Arabian Gulf League title.
The Club World Cup, a seven-team tournament comprising the six continental club champions and a team from the host country, takes place in Abu Dhabi and Al Ain from December 6-16. Mexico’s Pachuca FC and New Zealand’s Auckland City are the other two sides confirmed thus far.
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As the home representative, Jazira enter at the play-off stage, where they face Auckland at the Hazza bin Zayed Stadium on December 6 for a place in the quarter-finals. Madrid, the defending champions, join at the semi-final stage.
Given the presence of the reigning European champions, the tournament is sure to attract plenty of attention. Morientes says Jazira’s players should therefore try to use the competition as a platform to securing a transfer to Europe. Until now, no Emirati has played permanently for a professional European club.
“Such an event always has plenty of scouting taking place in the country where it is held, so this gives the chance to the players, especially at Al Jazira, that everyone can see them,” said Morientes, who was in the capital on Monday as a guest of the Abu Dhabi Sports Council. “For them, this is a great opportunity and could open a door or a window to eventually play in Europe, which would be the best thing for them.”
The UAE has staged the Club World Cup twice before, in 2009 and 2010. Morientes, who featured in the 2000 and 2005 editions for Madrid and Liverpool respectively, knows well the tournament and believes it offers the UAE another stage to showcase its ability to host major international events.
“The Club World Cup is definitely one of the biggest sporting events in the world this year,” Morientes said. “This gives Abu Dhabi the opportunity to show the world their capacity to host such events. Of course, it is a challenge, but it is a great opportunity to open the UAE and Abu Dhabi to the world, and show how they can host such big events.”
Morientes represented Madrid for eight years from 1997, winning a host of trophies including the Uefa Champions League three times. He failed to lift the Club World Cup, though, losing with Madrid in the third place play-off in 2000 and then beaten while at Liverpool in the final five years later.
“Playing this Club World Cup, if you win it, you are declared the best team in the world,” the Spaniard said. “It is the highest accolade a club team can get. For Spanish and European teams, winning the Champions League is of course the most important tournament to have.
“But, having said that, having the chance to play against South American teams, Asian teams and other places makes this competition very special. It gives you the chance to be nominated as the best team in the world, which is special.”
Match info:
Portugal 1
Ronaldo (4')
Morocco 0
Grand slam winners since July 2003
Who has won major titles since Wimbledon 2003 when Roger Federer won his first grand slam
Roger Federer 19 (8 Wimbledon, 5 Australian Open, 5 US Open, 1 French Open)
Rafael Nadal 16 (10 French Open, 3 US Open, 2 Wimbledon, 1 Australian Open)
Novak Djokovic 12 (6 Australian Open, 3 Wimbledon, 2 US Open, 1 French Open)
Andy Murray 3 (2 Wimbledon, 1 US Open)
Stan Wawrinka 3 (1 Australian Open, 1 French Open, 1 US Open)
Andy Roddick 1 (1 US Open)
Gaston Gaudio 1 (1 French Open)
Marat Safin 1 (1 Australian Open)
Juan Martin del Potro 1 (1 US Open)
Marin Cilic 1 (1 US Open)
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
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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.”
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