Every footballer has a sell-by date


Ian Hawkey
  • English
  • Arabic

After 40 minutes of tame questions and banal but smiling answers, David Beckham stepped out of the executive lounge at the Giuseppe Meazza stadium in San Siro to look out across the grand arena in the empty darkness of a December night. His official presentation over, Beckham took out his mobile phone to take a photo. His wife, Victoria, leaned towards one of her Italian hosts to say: "He's so excited, you know." It was possible to believe in that short moment away from the cameras, lenses and microphones that a genuinely thrilling chapter was beginning in the career of the world's most famous footballer.

It was possible to imagine, too, that Beckham might later send, via SMS, his tourist snapshot of a slightly misty San Siro to friends, like people do when they are at a well-known landmark on a trip abroad. Beckham may have played in the stadium before, in the colours of Manchester United, but there lurks within him an awe about actually belonging there. "I had a few text messages from my mates when it became know I was joining Milan," he says. "They made a lot of the Manchester United-Real Madrid-Milan thing."

The phrase 'David Beckham of Manchester United, Real Madrid and AC Milan' has a unique resonance among footballers of his generation, an epoch in which the leagues of Italy, Spain and England have held uninterrupted status of Europe's top three, an era when United have been England's best most often; Madrid have been Spain's aristocrats; Milan Italy's highest achievers in Europe. It was possible to believe Beckham too when last Saturday he told an audience mainly of Italian reporters he had always aspired to play in Serie A. "It is passionate, it is tough and it is stylish," he said. Some found it harder to believe when he said he had always dreamed of playing for Milan. "But, David," asked one journalist, "in your autobiography you made no mention of having wanted to play for Milan?" Beckham smiled, in his benevolent way.

It is easy to become cynical about Beckham, about the ratio of skill and hard-sell that make up his enormous impact, to wonder about the motives of those who employ him and his motives for choosing whom to be employed by. It is legitimate to wonder what the point is of Milan's taking him on for less than three months on loan from the Los Angeles Galaxy as of next week. Amid these questions it is also possible to forget that within the Hollywood resident, the fashion model, there exists an individual as capable of everyday awe as you or I.

When Beckham first turned up at Real Madrid for training in the pre-season of 2003-04, he said he felt the butterflies in his stomach when Zinedine Zidane and Ronaldo arrived in the dressing-room. Beckham's triumph as a sportsman was to know that as players Zidane and Ronaldo possessed talents he did not, to feel awe, but, once he joined them on the field, not to feel overawed. Beckham easily recalls the repetitive questions, when he joined Real from United five and half years ago, about the purpose of his signing: "People asked for about a year if I was there mainly to sell shirts." It irked him. He once said bluntly to this journalist, when again the notion that his value as a marketing icon might outweigh the value of his football was raised: "I'm lucky, I can do both."

Beckham sells, but he can also play. Nor does he waste time worrying about the ratio of skill to hard-sell in the overall package. Beckham in Real was compelling because a fine footballer emerged through the hype. Beckham in Milan will be fascinating because the hype is fading, and nobody, not even Beckham, knows how much the footballer's forces have faded over the last 18 months. ihawkey@thenational.ae

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PROFILE OF STARZPLAY

Date started: 2014

Founders: Maaz Sheikh, Danny Bates

Based: Dubai, UAE

Sector: Entertainment/Streaming Video On Demand

Number of employees: 125

Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners

The five new places of worship

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Michael Beckley, Cornell Press

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Engine: Four-cylinder 2.5-litre

Transmission: Seven-speed auto

Power: 165hp

Torque: 241Nm

Price: Dh99,900 to Dh134,000

On sale: now

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Dhadak 2

Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

Rating: 1/5

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.”

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  • HR leader: Dh40,000 to Dh60,000 
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Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."