UAE's Ismail Rashed jumps for the ball in the 1997 Confederations Cup game against South Africa, a match UAE won 1-0 in Riyadh, Saudi Arabia. Allsport
UAE's Ismail Rashed jumps for the ball in the 1997 Confederations Cup game against South Africa, a match UAE won 1-0 in Riyadh, Saudi Arabia. Allsport
UAE's Ismail Rashed jumps for the ball in the 1997 Confederations Cup game against South Africa, a match UAE won 1-0 in Riyadh, Saudi Arabia. Allsport
UAE's Ismail Rashed jumps for the ball in the 1997 Confederations Cup game against South Africa, a match UAE won 1-0 in Riyadh, Saudi Arabia. Allsport

Confederations Cup: Middle East in the midst of continents


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When the Confederations Cup gets underway today in Brasilia, it will mark the start of the tournament's ninth iteration.

It will also mark the continuation of a competition that has its roots, more than any other football tournament in the history of Fifa, firmly planted in the sun-scorched sands of the Middle East.

It is 21 years since the inaugural Confederations Cup was held in Riyadh.

The tournament, then known as the King Fahd Cup, featured four teams: Saudi Arabia, Argentina, Ivory Coast and the United States. Each were champions of their own continent and each registered strong squads for the embryonic competition.

According to Fifa records, 70,000 spectators turned out to see Saudi defeat the US 3-0 on home soil, while their appearance in the final against Argentina five days later drew a further 75,000.

The South Americans, finalists at the World Cup two years earlier, ran out 3-1 winners, with goals coming from Leonardo Rodriguez, Claudio Caniggia and Diego Simeone.

Saudi Arabia went on to host a further two tournaments, in 1995 and 1997.

The 1995 tournament saw an increase in teams to six, with the European champions Denmark coming in to represent Uefa and Saudi qualifying as hosts rather than Asian champions - they were Japan that year. Denmark triumphed.

The 1997 tournament, the first organised by Fifa and recognised as the Confederations Cup, featured eight teams.

Oceania was represented by Australia, winners of the OFC Nations Cup, and Brazil took part as winners of the 1994 World Cup.

With the Asian Cup winners Saudi qualifying again as hosts, the AFC slot was filled by the UAE, beaten by Saudi in the final of the 1996 Asian Cup.

The Emirati referee Ali Mohammed Bujsaim had featured in 1995 - and would again in 2001 - but 1997 marked the Emirates' first involvement on the global stage since their 1990 World Cup campaign.

While Brazil strolled to victory, epitomised by a 6-0 final win over Australia in which Ronaldo and Romario both netted hat-tricks, the Middle East's two representatives endured a more arduous two weeks, managing just one win apiece. Saudi finished their group bottom after a 5-0 defeat to Mexico.

UAE finished third, their 1-0 win over South Africa being all but cancelled out by a 6-1 loss to Czech Republic.

While the format of the tournament has remained unchanged since 1997, Saudi's role as host country was relinquished.

For much of the 21st century, Fifa has utilised the quadrennial tournament as a test run for the World Cup hosts. South Korea and Japan, in 2001; Germany in 2005 and South Africa in 2009 all benefited from early indicators of where organisational improvements are required.

As for Middle East's on-field involvement, Iraq's appearance in South Africa in 2009 was the first by a Gulf country in 10 years.

The fact they produced two scoreless draws and a defeat means the region will not likely be missed this month.

Japan, reigning Asian Cup winners, will instead represent the continent, starting tonight against the hosts - and three-time winners - Brazil.

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Tank warfare

Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks. 

“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.

“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”

MATCH INFO

Liverpool 2 (Van Dijk 18', 24')

Brighton 1 (Dunk 79')

Red card: Alisson (Liverpool)

Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag

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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The specs

Engine: 4.0-litre V8

Power: 503hp at 6,000rpm

Torque: 685Nm at 2,000rpm

Transmission: 8-speed auto

Price: from Dh850,000

On sale: now

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