PSG's Lionel Messi waves during players presentations before the French League One match between Paris Saint Germain and Strasbourg, at the Parc des Princes stadium in Paris.
PSG's Lionel Messi waves during players presentations before the French League One match between Paris Saint Germain and Strasbourg, at the Parc des Princes stadium in Paris.
Paris Saint-Germain's Argentinian forward Lionel Messi enters the pitch during a presentation ceremony prior to the French L1 football match between Paris Saint-Germain and Racing Club Strasbourg at the Parc des Princes stadium in Paris.
Paris Saint-Germain's Argentinian forward Lionel Messi enters the pitch during a presentation ceremony prior to the French L1 football match between Paris Saint-Germain and Racing Club Strasbourg at the Parc des Princes stadium in Paris.
PSG's Lionel Messi runs during players presentations before the French League One soccer match between Paris Saint Germain and Strasbourg, at the Parc des Princes stadium in Paris.
PSG's Lionel Messi runs during players presentations before the French League One soccer match between Paris Saint Germain and Strasbourg, at the Parc des Princes stadium in Paris.
Lionel Messi of Paris Saint-Germain acknowledges the fans as he is introduced to the fans prior to the Ligue 1 Uber Eats match between Paris Saint Germain and Strasbourg at Parc des Princes in Paris, France.
Lionel Messi of Paris Saint-Germain acknowledges the fans as he is introduced to the fans prior to the Ligue 1 Uber Eats match between Paris Saint Germain and Strasbourg at Parc des Princes in Paris, France.
Paris Saint-Germain's new recruits Lionel Messi (R), Gianluigi Donnarumma (C), Achraf Hakimi (L), Sergio Ramos (2R), Georginio Wijnaldum (2L) greet their fans during their presentation at the half-time of the French Ligue 1 soccer match between Paris Saint Germain and Strasbourg at the Parc des Princes stadium in Paris, France.
Paris Saint-Germain's new recruits Lionel Messi (R), Gianluigi Donnarumma (C), Achraf Hakimi (L), Sergio Ramos (2R), Georginio Wijnaldum (2L) greet their fans during their presentation at the half-time of the French Ligue 1 soccer match between Paris Saint Germain and Strasbourg at the Parc des Princes stadium in Paris, France.
PSG's Lionel Messi during players presentation before the French League One soccer match between Paris Saint Germain and Strasbourg, at the Parc des Princes stadium in Paris.
PSG's Lionel Messi during players presentation before the French League One soccer match between Paris Saint Germain and Strasbourg, at the Parc des Princes stadium in Paris.
Paris Saint-Germain's Argentinian forward Lionel Messi waves hands to the supporters during a presentation ceremony prior to the French L1 football match between Paris Saint-Germain and Racing Club Strasbourg at the Parc des Princes stadium in Paris.
Paris Saint-Germain's Argentinian forward Lionel Messi waves hands to the supporters during a presentation ceremony prior to the French L1 football match between Paris Saint-Germain and Racing Club Strasbourg at the Parc des Princes stadium in Paris.
Paris Saint-Germain's new recruits Lionel Messi and Sergio Ramos greet their fans during their presentation at the half-time of the French Ligue 1 soccer match between Paris Saint Germain and Strasbourg at the Parc des Princes stadium in Paris, France.
Paris Saint-Germain's new recruits Lionel Messi and Sergio Ramos greet their fans during their presentation at the half-time of the French Ligue 1 soccer match between Paris Saint Germain and Strasbourg at the Parc des Princes stadium in Paris, France.
(From L) Paris Saint-Germain's Moroccan defender Achraf Hakimi, Paris Saint-Germain's Dutch midfielder Georginio Wijnaldum, Paris Saint-Germain's Italian goalkeeper Gianluigi Donnarumma, Paris Saint-Germain's Spanish defender Sergio Ramos and Paris Saint-Germain's Argentinian forward Lionel Messi pose during a presentation ceremony prior to the French L1 football match between Paris Saint-Germain and Racing Club Strasbourg at the Parc des Princes stadium in Paris.
(From L) Paris Saint-Germain's Moroccan defender Achraf Hakimi, Paris Saint-Germain's Dutch midfielder Georginio Wijnaldum, Paris Saint-Germain's Italian goalkeeper Gianluigi Donnarumma, Paris Saint-Germain's Spanish defender Sergio Ramos and Paris Saint-Germain's Argentinian forward Lionel Messi pose during a presentation ceremony prior to the French L1 football match between Paris Saint-Germain and Racing Club Strasbourg at the Parc des Princes stadium in Paris.

Sport

Football

'Very worrying': Barcelona president Joan Laporta paints bleak picture of club's finances

Laporta says Spanish giants are €1.35 billion in debt and accuses previous regime of countless 'lies'

Steve Luckings
Steve Luckings

August 17, 2021

  • English
  • Arabic

Barcelona president Joan Laporta blamed predecessor Josep Bartomeu for the club's financial woes, revealing the Spanish giants are €1.35 billion in debt.

Laporta gave a bleak assessment of the club's financial plight, describing it as "very worrying" and revealing that club salaries representing 103% of income at Camp Nou.

Laporta revealed that Lionel Messi’s new contract would have taken the wage bill to account for 110% of the club’s annual revenue – a figure La Liga did not accept – despite Messi agreeing to a 50% wage cut.

The impasse led to an emotional Messi holding a tearful press conference confirming he would end his 21-year stay at the club. He joined French club Paris Saint-Germain on an initial two-year contract last week.

Laporta returned for a second stint as Barca president after easily winning elections in March but says he was left a “terrible inheritance” by Bartomeu, revealing the club now has a negative net worth of €451 million.

He accused Bartomeu’s regime of countless “lies”, insisting that he and his board of directors must be held accountable.

Laporta said at a Monday press conference: “Our salaries represent 103 per cent of the club’s total income. That’s 20-25% more than our competitors.

Paris Saint-Germain president Nasser Al-Khelaifi poses alongside Argentina star player Lionel Messi.
Paris Saint-Germain president Nasser Al-Khelaifi poses alongside Argentina star player Lionel Messi.
Lionel Messi gestures to fans outside the PSG stadium.
Lionel Messi gestures to fans outside the PSG stadium.
Lionel Messi poses with a PSG shirt sporting his name and number at the Parc des Princes.
Lionel Messi poses with a PSG shirt sporting his name and number at the Parc des Princes.
Lionel Messi poses with his jersey with PSG president Nasser Al-Khelaifi, left, and PSG sports director Leonardo.
Lionel Messi poses with his jersey with PSG president Nasser Al-Khelaifi, left, and PSG sports director Leonardo.
PSG president Nasser Al-Khelaifi and new signing Lionel Messi during the press conference at Parc des Princes.
PSG president Nasser Al-Khelaifi and new signing Lionel Messi during the press conference at Parc des Princes.
Lionel Messi during the press conference.
Lionel Messi during the press conference.
Lionel Messi at his PSG unveiling.
Lionel Messi at his PSG unveiling.
Lionel Messi addresses the media.
Lionel Messi addresses the media.
A supporter wears a jersey bearing Lionel Messi's PSG shirt and number.
A supporter wears a jersey bearing Lionel Messi's PSG shirt and number.
PSG president Nasser Al-Khelaifi.
PSG president Nasser Al-Khelaifi.
PSG "Ultras" supporters hold a banner outside the Parc des Princes stadium to welcome Lionel Messi,
PSG "Ultras" supporters hold a banner outside the Parc des Princes stadium to welcome Lionel Messi,
Lionel Messi arrives for his press conference to unveil him as a PSG player.
Lionel Messi arrives for his press conference to unveil him as a PSG player.
PSG fans gather for the official presentation of Argentina striker Lionel Messi at the Parc des Princes.
PSG fans gather for the official presentation of Argentina striker Lionel Messi at the Parc des Princes.
Lionel Messi arrives wearing a mask.
Lionel Messi arrives wearing a mask.
Lionel Messi has joined PSG on a two-year contract.
Lionel Messi has joined PSG on a two-year contract.
Supporters cheer as Argentina football player Lionel Messi attends his unveiling press conference at the French football club Paris Saint-Germain's Parc des Princes stadium.
Supporters cheer as Argentina football player Lionel Messi attends his unveiling press conference at the French football club Paris Saint-Germain's Parc des Princes stadium.
Supporters cheer as Lionel Messi attends his unveiling press conference.
Supporters cheer as Lionel Messi attends his unveiling press conference.
Paris Saint-Germain supporters gather outside the Parc des Princes stadium.
Paris Saint-Germain supporters gather outside the Parc des Princes stadium.
Paris Saint-Germain supporters gather outside the Parc des Princes before Lionel Messi's press conference.
Paris Saint-Germain supporters gather outside the Parc des Princes before Lionel Messi's press conference.
PSG fans outside the stadium.
PSG fans outside the stadium.
Paris Saint-Germain's Argentinian forward Lionel Messi salutes supporters gathered outside the Parc des Princes.
Paris Saint-Germain's Argentinian forward Lionel Messi salutes supporters gathered outside the Parc des Princes.
PSG "Ultras" supporters hold a banner outside the Parc des Princes stadium to welcome Lionel Messi,
PSG "Ultras" supporters hold a banner outside the Parc des Princes stadium to welcome Lionel Messi,
Lionel Messi walks out on to the pitch after the press conference.
Lionel Messi walks out on to the pitch after the press conference.
Lionel Messi and president of PSG Nasser Al-Khelaifi pose with children on the pitch after the press conference.
Lionel Messi and president of PSG Nasser Al-Khelaifi pose with children on the pitch after the press conference.
Paris St Germain's Lionel Messi and president Nasser Al-Khelaifi with fans outside the stadium after the press conference.
Paris St Germain's Lionel Messi and president Nasser Al-Khelaifi with fans outside the stadium after the press conference.

“The first thing we had to do when we arrived was to ask for a loan of €80 million because otherwise, we could not pay the salaries. The previous regime was full of lies.

“We also found that we had to do some urgent repairs to the Camp Nou because otherwise, it posed a risk to the attending fans. We also found out that the club had already received 50% of the TV rights fees in advance.

“We found the wage policy in the form of what experts call an inverted pyramid – veterans on long contracts and youngsters on short deal. There were no wages cuts – lies.

“We have found that disproportionate payments have been made to intermediaries, not even agents.

“Barcelona has a negative net worth of €451 million – it is a terrible inheritance. What has been happening is very worrying."


Former Barcelona president Josep Maria Bartomeu. AFP
Former Barcelona president Josep Maria Bartomeu. AFP

He concluded by saying Bartomeu and his board are responsible for everything wrong at the club until March 7 and that they "will not escape their doing.”

The Catalans have lurched from crisis to crisis since a humiliating 8-2 Champions League defeat to Bayern Munich in August 2020, culminating in them having to let the club's greatest ever player to leave for nothing. With the transfer window open until August 31, Barca are believed to be open to offers on several first-team players including Samuel Umtiti, Clement Lenglet and Ousmane Dembele.

Barcelona signed Sergio Aguero, Memphis Depay and Eric Garcia on free transfers this summer but only just registered them in time for their opening-day victory over Real Sociedad after captain Gerard Pique agreed to a drastic cut in wages.

Laporta hopes other senior players will soon follow suit.

“I thank Pique for his willingness to help the club. His reduction has helped us to register players. We can register Kun [Aguero] with the agreement we plan to have with the other players. I hope the other captains act like Pique,” said Laporta.

BARCELONA RATINGS: Neto - 6: Stand in goalkeeper, the experienced Brazilian had little to do before a 65th minute stop from Merino. Plenty of time to sample the surprisingly loud atmosphere from a restricted 20,384 crowd, then it all came alive as the Basques hit two in three minutes in a nervy finish.
BARCELONA RATINGS: Neto - 6: Stand in goalkeeper, the experienced Brazilian had little to do before a 65th minute stop from Merino. Plenty of time to sample the surprisingly loud atmosphere from a restricted 20,384 crowd, then it all came alive as the Basques hit two in three minutes in a nervy finish.
Sergino Dest - 7: Kept his place ahead of the returned Emerson. Untroubled and less attacking than normal. Won his tackles. Came off after 70 minutes to an ovation.
Sergino Dest - 7: Kept his place ahead of the returned Emerson. Untroubled and less attacking than normal. Won his tackles. Came off after 70 minutes to an ovation.
Gerard Pique - 8: Headed the opening goal of the season after 19 minutes, kissed the badge, soaked up the applause as fans sang his name all night. His manager called him the leader of the team – and said he was last season too.
Gerard Pique - 8: Headed the opening goal of the season after 19 minutes, kissed the badge, soaked up the applause as fans sang his name all night. His manager called him the leader of the team – and said he was last season too.
Eric Garcia - 7: Debut for the former academy graduate who returned home via Manchester City. Comfortable. Came off after his side conceded the first on 82. Both Barca’s central defenders are Catalans who made their professional debuts in Manchester.
Eric Garcia - 7: Debut for the former academy graduate who returned home via Manchester City. Comfortable. Came off after his side conceded the first on 82. Both Barca’s central defenders are Catalans who made their professional debuts in Manchester.
Jordi Alba - 8: Lovely cross for Griezmann to volley at goal in one of the moments of the first half. Clean through – yes, really - after 49 minutes but swept the ball wide. Set up the third after 58, working well with Depay.
Jordi Alba - 8: Lovely cross for Griezmann to volley at goal in one of the moments of the first half. Clean through – yes, really - after 49 minutes but swept the ball wide. Set up the third after 58, working well with Depay.
Sergio Busquets - 7: Captain in a side with a well-defined 4-3-3 – it wasn’t always last season. Booked pulling back an attacker who would probably have got away from the 33-year-old.
Sergio Busquets - 7: Captain in a side with a well-defined 4-3-3 – it wasn’t always last season. Booked pulling back an attacker who would probably have got away from the 33-year-old.
Antoine Griezmann - 8: Headed against the crossbar in a lively start. It was his 100th Barca game. The hope is that he starts to shine now he’s not in Messi’s shadow. Put ball in the net after 46 but de Jong was offside. Involved in the fourth.
Antoine Griezmann - 8: Headed against the crossbar in a lively start. It was his 100th Barca game. The hope is that he starts to shine now he’s not in Messi’s shadow. Put ball in the net after 46 but de Jong was offside. Involved in the fourth.
Pedri - 7: The Olympic silver medallist never stopped playing, never stopped running. Covered more ground than any other on the pitch. Blasted a shot over after 73.
Pedri - 7: The Olympic silver medallist never stopped playing, never stopped running. Covered more ground than any other on the pitch. Blasted a shot over after 73.
Memphis Depay - 9: Full of tricks and energy in a lively start. Curled the free-kick beautifully towards the head of Pique which gave Barca the lead. He was only allowed to be registered as a Barca player because of a pay cut by Pique. Over-elaborate at other times, but fun to see him try and lob the goalkeeper…from 40 yards. Super debut.
Memphis Depay - 9: Full of tricks and energy in a lively start. Curled the free-kick beautifully towards the head of Pique which gave Barca the lead. He was only allowed to be registered as a Barca player because of a pay cut by Pique. Over-elaborate at other times, but fun to see him try and lob the goalkeeper…from 40 yards. Super debut.
Martin Braithwaite - 9: Linked with a move away but helped his case no end. Active in attack, but also defence. Looked very confident Usually out wide, allowing Griezmann more space. Came central to score the second just before half time. Then he smashed the third in after 58 and set up the fourth with a powerful run and cross.
Martin Braithwaite - 9: Linked with a move away but helped his case no end. Active in attack, but also defence. Looked very confident Usually out wide, allowing Griezmann more space. Came central to score the second just before half time. Then he smashed the third in after 58 and set up the fourth with a powerful run and cross.
Frenkie de Jong - 7: Nicked the ball and crossed for the second. The Dutchman has become one of Barca’s most important players. Another confident in attack,
Frenkie de Jong - 7: Nicked the ball and crossed for the second. The Dutchman has become one of Barca’s most important players. Another confident in attack,
SUBS: Sergi Roberto - 7: On for De Jong on 70. Minutes for a versatile and effective product of Barca’s youth system. There are not enough in the current set up. Right place at the right time to finish the fourth from close range and make it 4-2.
SUBS: Sergi Roberto - 7: On for De Jong on 70. Minutes for a versatile and effective product of Barca’s youth system. There are not enough in the current set up. Right place at the right time to finish the fourth from close range and make it 4-2.
Emerson - 6: On for Dest after 70. Back from a season at Betis. It didn’t go well. Caught short as he tried to cut out a pass which led to the La Real goal.
Emerson - 6: On for Dest after 70. Back from a season at Betis. It didn’t go well. Caught short as he tried to cut out a pass which led to the La Real goal.
Ronald Araujo - NA: On for Eric Garcia after 83.
Ronald Araujo - NA: On for Eric Garcia after 83.
Nico Gonzalez - NA: The 19-year-old came on for Busquets after 83. Booked after a minute for a late challenge.
Nico Gonzalez - NA: The 19-year-old came on for Busquets after 83. Booked after a minute for a late challenge.
Clement Lenglet - NA: On for Depay in time added on as Ronald Koeman tried to run the clock down with his side faltering.
Clement Lenglet - NA: On for Depay in time added on as Ronald Koeman tried to run the clock down with his side faltering.

Despite such a wealth of problems, Laporta believes Barcelona can repair the situation and has revealed that it has taken out a loan of €550 million euros with an interest rate of 1.1 per cent to restructure the club.

“The situation is dramatic, but we have good news,” said Laporta. “The strategic plan based on our credibility and experience, on the assets that Barca have, makes this situation temporary. I think that in a couple of years, the club’s economy will be healthy.

“We are not scared at all. We are highly motivated and positive and morale is high. It’s a big challenge but we are capable of overcoming it.

“I’d like to call on all Barca fans and the entire club to be united. With football and unity, I’m convinced this era will be full of success.”

SCORES IN BRIEF

Lahore Qalandars 186 for 4 in 19.4 overs
(Sohail 100,Phil Salt 37 not out, Bilal Irshad 30, Josh Poysden 2-26)
bt Yorkshire Vikings 184 for 5 in 20 overs
(Jonathan Tattersall 36, Harry Brook 37, Gary Ballance 33, Adam Lyth 32, Shaheen Afridi 2-36).

War and the virus
EA Sports FC 25
Learn more about Qasr Al Hosn
BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

Abu Dhabi GP schedule

Friday: First practice - 1pm; Second practice - 5pm

Saturday: Final practice - 2pm; Qualifying - 5pm

Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm

Gulf Men's League final

Dubai Hurricanes 24-12 Abu Dhabi Harlequins

What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

UAE currency: the story behind the money in your pockets
Tamkeen's offering
  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
  • Option 2: 50% across three years
  • Option 3: 30% across five years 
Poacher
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ERichie%20Mehta%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Nimisha%20Sajayan%2C%20Roshan%20Mathew%2C%20Dibyendu%20Bhattacharya%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
Long read

Mageed Yahia, director of WFP in UAE: Coronavirus knows no borders, and neither should the response

Rahul Gandhi in UAE:
COMPANY%20PROFILE
%3Cp%3E%0D%3Cbr%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EClara%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EPatrick%20Rogers%2C%20Lee%20McMahon%2C%20Arthur%20Guest%2C%20Ahmed%20Arif%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3ELegalTech%0D%3Cbr%3E%3Cstrong%3EFunding%20size%3A%3C%2Fstrong%3E%20%244%20million%20of%20seed%20financing%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EWamda%20Capital%2C%20Shorooq%20Partners%2C%20Techstars%2C%20500%20Global%2C%20OTF%2C%20Venture%20Souq%2C%20Knuru%20Capital%2C%20Plug%20and%20Play%20and%20The%20LegalTech%20Fund%3C%2Fp%3E%0A
Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

While you're here
BULKWHIZ PROFILE

Date started: February 2017

Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)

Based: Dubai, UAE

Sector: E-commerce 

Size: 50 employees

Funding: approximately $6m

Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Haltia.ai%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Arto%20Bendiken%20and%20Talal%20Thabet%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20AI%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2041%0D%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20About%20%241.7%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self%2C%20family%20and%20friends%26nbsp%3B%3C%2Fp%3E%0A
At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

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.”

Yemen's Bahais and the charges they often face

The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.

The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran. 

Today, some 2,000 Baha'is reside in Yemen, according to Insaf. 

"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said. 

Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer. 

The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy. 

 

Inside Palestine-Israel
Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal 

Rating: 2/5

MOTHER%20OF%20STRANGERS
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Defending champions

World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack

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Kareem Shaheen on Canada
The smuggler

Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple. 
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.

Khouli conviction

Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.

For sale

A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.

- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico

- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000

- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950

LILO & STITCH

Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders

Director: Dean Fleischer Camp

Rating: 4.5/5

More from Aya Iskandarani
F1 drivers' standings

1. Lewis Hamilton, Mercedes 281

2. Sebastian Vettel, Ferrari 247

3. Valtteri Bottas, Mercedes 222

4. Daniel Ricciardo, Red Bull 177

5. Kimi Raikkonen, Ferrari 138

6. Max Verstappen, Red Bull 93

7. Sergio Perez, Force India 86

8. Esteban Ocon, Force India 56

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

How has net migration to UK changed?

The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.

It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.

The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.

The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

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Email sent to Uber team from chief executive Dara Khosrowshahi

From: Dara

To: Team@

Date: March 25, 2019 at 11:45pm PT

Subj: Accelerating in the Middle East

Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.

Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.

I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.

This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.

It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.

Uber on,

Dara

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Updated: August 17, 2021, 10:24 AM