DUBAI // Organisers of the Fifa Under 17 World Cup are convinced the UAE's thirst for football will ensure it proves a success with supporters.
Tickets for the event, which begins on October 17 and ends on November 8, went on sale yesterday, with fans able to watch 24 international teams and 52 matches spanning five emirates in a tournament billed as promoting "the legends of tomorrow".
The event is the fifth Fifa competition staged in the UAE – the U20 World Cup in 2003, the 2009 Beach Soccer World Cup and the 2009 and 2010 Club World Cup preceded it – providing the Local Organising Committee (LOC) with the confidence that this, too, will be a popular tournament.
"Only in the next week will we be able to gauge interest, through visitors to the website and the number of calls to the direct line but, from talking to people before today, there's a real excitement," said Mohammed bin Bdoua, the tournament director.
"This is a very important event for the UAE, but especially young people.
"They all love football; it's a worldwide language.
"Everyone knows Lionel Messi and Cristiano Ronaldo. We'll try to find the new Messi and the new Ronaldo in this tournament."
Venue packages are now available, which allow supporters to purchase a ticket at a discounted rate for every match held at a particular stadium. Each venue offers two ticket categories, ranging from Dh35 to Dh240, dependent on the fixture's location.
The LOC are confident the tournament will be a sell-out, and expect interest to spike once the draw is made on August 26.
"The sales target, of course, is 100 per cent," said Bin Bdoua.
"We'll start by releasing 10 or 20 per cent and see how they're selling, then after the draw we expect sales to really accelerate because fans will know which teams are playing where.
"But we're sure this'll not just be for Emiratis, but expats and football fans from around the world."
Bin Bdoua said the presence of Omar Abdulrahman, currently the UAE's most celebrated footballer, as the event's ambassador will be integral to its appeal.
A number of public engagements are planned immediately following the draw, including an extensive tour of schools across the Emirates.
There is a sense among organisers that the U17 World Cup represents the most significant event the UAE has hosted, although they were reluctant to compare the potential match attendances to its U20 sibling, which in 2003 averaged 11,000.
The home nation's performance could therefore be crucial to the turnout, although it is a challenge Rashid Amir, the UAE coach, maintains his young team will embrace.
"The players are not aiming just to participate, but striving to win the title," he said.
"Some of them are aiming to be voted the best players of the tournament. They are so enthusiastic about the event. The UAE will surprise everybody in this tournament.
"It's a huge honour for the country to have such a big-scale international event on home soil. The LOC are well prepared and have put so much effort, time and money into making sure this is the best it can be."
What Fifa Under 17 World Cup
When October 17-November 8
Where Various locations throughout the emirates
Tickets Available at www.fifa.com/u17worldcup; 800 STADIA (800 782342) inside the UAE; outside the UAE 971 56 225 5927
jmcauley@thenational.ae
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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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- Choose cars with GCC specifications
- Get a service history for cars less than five years old
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