Barcelona players begin the celebrations after the victory over Espanyol confirmed the club as La Liga champions. Getty
Barcelona players begin the celebrations after the victory over Espanyol confirmed the club as La Liga champions. Getty
Barcelona players begin the celebrations after the victory over Espanyol confirmed the club as La Liga champions. Getty
Barcelona players begin the celebrations after the victory over Espanyol confirmed the club as La Liga champions. Getty

Barcelona's high-risk strategy vindicated in the short term with La Liga title


Ian Hawkey
  • English
  • Arabic

The celebration had been four years in waiting, the longest Barcelona’s captain Sergio Busquets has ever been delayed between La Liga titles.

But the initial rituals of joy would be rushed. Busquet’s ninth Spanish league, achieved on Sunday night with the comfortable margin of four matches to spare, ended with him hurriedly retreating his teammates from the pitch, festivities interrupted by an invasion not from Barcelona fans but those of Espanyol, at whose stadium Barca’s 4-2 win confirmed Spain's new champions.

Espanyol, the second club in a city where the bigger neighbour casts a giant shadow, are in deep trouble, relegation leering at them, and around 100 of their fans were enraged by the sight of Barca players making a wide, dancing circle, hand in hand, in the middle of the field.

Police and stewards prevented direct confrontations as players sprinted towards the dressing rooms. After one or two chairs and plastic barricades were thrown, the Espanyol supporters turned their anger into chanted demands that their club’s directors resign.

The episode passed. It was almost as if Barca had forgotten local protocol by lording their glee too long in front of disgruntled rivals. “The euphoria is to be expected,” said Xavi, the Barcelona head coach, “but we weren’t at home and so needed to get to the dressing room. I said to the players it was time to come in, but you can’t always control the reactions.”

It was the only mild criticism Xavi directed towards his squad, praising their endeavours through a campaign of challenges off and on the field. Many could be forgiven for not reading the mood in the Cornella stadium, which had become more and more silent as Barca outclassed Espanyol, 3-0 up by half-time, 4-0 ahead by the 53rd minute.

Many of the new champions were playing their first city derby away from Camp Nou, debutants in the nuances of the Barca-Espanyol grudge.

  • Barcelona fans celebrate in La Ramblas after their team's 4-2 win over Espanyol clinched the 2022/23 La Liga title. Reuters
    Barcelona fans celebrate in La Ramblas after their team's 4-2 win over Espanyol clinched the 2022/23 La Liga title. Reuters
  • Barcelona fans celebrate in La Ramblas after winning La Liga. Reuters
    Barcelona fans celebrate in La Ramblas after winning La Liga. Reuters
  • Rafinha, Eric Garcia, Gavi, Sergi Roberto and Ferran Torres of Barcelona celebrate winning La Liga following a 4-2 win over Espanyol at RCDE Stadium on May 14, 2023 in Barcelona, Spain. Getty Images
    Rafinha, Eric Garcia, Gavi, Sergi Roberto and Ferran Torres of Barcelona celebrate winning La Liga following a 4-2 win over Espanyol at RCDE Stadium on May 14, 2023 in Barcelona, Spain. Getty Images
  • Barcelona players celebrate at the full-time whistle. Getty Images
    Barcelona players celebrate at the full-time whistle. Getty Images
  • Espanyol fans react to Barcelona players celebrating on the pitch. AFP
    Espanyol fans react to Barcelona players celebrating on the pitch. AFP
  • Espanyol fans invade the pitch to chase off Barcelona players at the RCDE Stadium. AFP
    Espanyol fans invade the pitch to chase off Barcelona players at the RCDE Stadium. AFP
  • Barcelona fans celebrate in La Ramblas after winning La Liga. Reuters
    Barcelona fans celebrate in La Ramblas after winning La Liga. Reuters
  • Barcelona fans celebrate. Reuters
    Barcelona fans celebrate. Reuters
  • Barcelona coach Xavi celebrates with a member of his backroom staff after the 4-2 win over Espanyol at RCDE Stadium clinched La Liga. AFP
    Barcelona coach Xavi celebrates with a member of his backroom staff after the 4-2 win over Espanyol at RCDE Stadium clinched La Liga. AFP
  • Barcelona forward Robert Lewandowski celebrates scoring his team's third goal with Raphinha. AFP
    Barcelona forward Robert Lewandowski celebrates scoring his team's third goal with Raphinha. AFP
  • Espanyol fans react to Barcelona's victory by invading the pitch to cut short their rivals' La Liga celebrations. AFP
    Espanyol fans react to Barcelona's victory by invading the pitch to cut short their rivals' La Liga celebrations. AFP
  • Espanyol fans invade the pitch at the RCDE Stadium. AFP
    Espanyol fans invade the pitch at the RCDE Stadium. AFP
  • Barcelona's Jules Kounde celebrates scoring their fourth goal with Robert Lewandowski, Gavi and Alex Balde. Reuters
    Barcelona's Jules Kounde celebrates scoring their fourth goal with Robert Lewandowski, Gavi and Alex Balde. Reuters
  • Barcelona's striker Robert Lewandowski (R) celebrates with his teammates after scoring the 0-3 goal during the Spanish LaLiga soccer match between RCD Espanyol and FC Barcelona, in Barcelona, Catalonia, Spain, 14 May 2023. EPA / Andreu Dalmau
    Barcelona's striker Robert Lewandowski (R) celebrates with his teammates after scoring the 0-3 goal during the Spanish LaLiga soccer match between RCD Espanyol and FC Barcelona, in Barcelona, Catalonia, Spain, 14 May 2023. EPA / Andreu Dalmau
  • Barcelona's Polish forward Robert Lewandowski scores his team's third goal. AFP
    Barcelona's Polish forward Robert Lewandowski scores his team's third goal. AFP
  • Barcelona's Robert Lewandowski celebrates scoring his team's third goal. AFP
    Barcelona's Robert Lewandowski celebrates scoring his team's third goal. AFP
  • Barcelona defender Alejandro Balde controls the ball. AFP
    Barcelona defender Alejandro Balde controls the ball. AFP
  • Barcelona's Jules Kounde celebrates scoring their fourth goal with Gavi and Alex Balde. Reuters
    Barcelona's Jules Kounde celebrates scoring their fourth goal with Gavi and Alex Balde. Reuters
  • Alejandro Balde of Barcelona celebrates after scoring the team's second goal. Getty Images
    Alejandro Balde of Barcelona celebrates after scoring the team's second goal. Getty Images
  • Barcelona defender Ronald Araujo vies with Espanyol's Nico Melamed. AFP
    Barcelona defender Ronald Araujo vies with Espanyol's Nico Melamed. AFP

That would apply to Robert Lewandowski, who scored twice; Jules Kounde, who glanced in Barcelona’s fourth; to Raphinha, Andreas Christensen, Marcos Alonso and Franck Kessie. All joined Barca only last summer, part of a hectic turnover of personnel, signings whose fees and salaries were in large part funded by money brought into the club in exchange for selling long-term stakes in future broadcast income.

That strategy, mortgaging of anticipated revenue at a club balancing huge debts, had been deemed high-risk nine months ago. There is partial vindication in Barca’s claiming La Liga after four years when it has been housed in Madrid, at Real or Atletico.

“We saved the club financially and have brought joy back to Barcelona,” beamed the club’s president Joan Laporta, who was elected in March 2021 promising to return the status Barca enjoyed during his previous mandate, a period of regular European and domestic successes between 2003 and 2010.

Laporta appointed Xavi, an influential Barca midfielder in that era, as his head coach 18 months ago. Xavi has now mirrored the achievement of Pep Guardiola, whom Laporta gave his first senior management job in 2008, in winning the Spanish league in his first full season in charge. The distinction is that in 2009-09, Guardiola’s Barca won a Treble; in the Champions League and the Europa League, Xavi’s Barca have struggled against heavyweight opponents, losing to Bayern Munich, Inter Milan and Manchester United.

Busquets, 34, is the last remaining link on the playing staff to Guardiola’s first Barcelona team, and announced last week that this, his 15th season at Barca will be his last. “I wanted to go out with a major prize,” he said. “It will give the club stability and some calm.”

That optimism was shared by thousands of Barca fans who crowded on to the city’s Ramblas into the early hours of Monday morning and those who lined the streets to applaud the champions, and the club’s Liga-winning women’s team, during Monday’s open-topped bus tour.

  • BARCELONA PLAYER RATINGS: Marc-Andre Ter Stegen – 7. Turned into a star fish to block a 45th minute shot from former teammate Braithwaite. Chipped by Puardo for the Espanyol goal and a 92nd minute second, meaning he’s conceded 13 goals in Barcelona’s 35 league games. Though not a clean sheet, he’ll win the Zamora award for being the best goalkeeper. The next best defence, Atletico Madrid, has conceded 27. EPA
    BARCELONA PLAYER RATINGS: Marc-Andre Ter Stegen – 7. Turned into a star fish to block a 45th minute shot from former teammate Braithwaite. Chipped by Puardo for the Espanyol goal and a 92nd minute second, meaning he’s conceded 13 goals in Barcelona’s 35 league games. Though not a clean sheet, he’ll win the Zamora award for being the best goalkeeper. The next best defence, Atletico Madrid, has conceded 27. EPA
  • Jules Kounde – 8. Booked in the second minute. Shot wide from distance on 25, but then managed his first goal for the club to make it 4-0, flicking in a ball from De Jong. Reuters
    Jules Kounde – 8. Booked in the second minute. Shot wide from distance on 25, but then managed his first goal for the club to make it 4-0, flicking in a ball from De Jong. Reuters
  • Ronald Araujo – 8. Dyed his hair in Barcelona’s colours and hit an exceptional long ball towards Balde to set up the opening goal. Braithwaite was quick, Araujo quicker. AFP
    Ronald Araujo – 8. Dyed his hair in Barcelona’s colours and hit an exceptional long ball towards Balde to set up the opening goal. Braithwaite was quick, Araujo quicker. AFP
  • Andreas Christensen – 8. Super signing and his partnership with Balde on the left of the defence has been a major reason in Barcelona having by far the best defence in La Liga. Left the pitch limping. Reuters
    Andreas Christensen – 8. Super signing and his partnership with Balde on the left of the defence has been a major reason in Barcelona having by far the best defence in La Liga. Left the pitch limping. Reuters
  • Alejandro Balde – 9. Ran past two Espanyol defenders and crossed for the opening goal, before scoring himself, turning the ball in at the back post on 20. His first ever goal for Barcelona and he did well to lose his man to score it. Stunning first season proper for the full back, 19. AFP
    Alejandro Balde – 9. Ran past two Espanyol defenders and crossed for the opening goal, before scoring himself, turning the ball in at the back post on 20. His first ever goal for Barcelona and he did well to lose his man to score it. Stunning first season proper for the full back, 19. AFP
  • Frenkie De Jong – 8. Set the move for the second goal in motion. Sublime ball to Kounde for the fourth as Barcelona won their 27th league title. He could have left last summer, he chose to stay and has had his best season since. AFP
    Frenkie De Jong – 8. Set the move for the second goal in motion. Sublime ball to Kounde for the fourth as Barcelona won their 27th league title. He could have left last summer, he chose to stay and has had his best season since. AFP
  • Sergio Busquets – 8. Playing out his final games as a Barcelona player after a stellar career at the club in which he’s now won nine league titles. Barcelona haven’t lost to Espanyol in 25 derbies. EPA
    Sergio Busquets – 8. Playing out his final games as a Barcelona player after a stellar career at the club in which he’s now won nine league titles. Barcelona haven’t lost to Espanyol in 25 derbies. EPA
  • Pedri – 7. Crossed to Balde at the back post to score the second – his first assist of the season. A surprise stat for such an influential player. Getty
    Pedri – 7. Crossed to Balde at the back post to score the second – his first assist of the season. A surprise stat for such an influential player. Getty
  • Raphinha – 7. Barca’s second top scorer, his fantastic ball with his weaker foot to set up Lewandowski for the third as Barcelona demolished their city rivals. AFP
    Raphinha – 7. Barca’s second top scorer, his fantastic ball with his weaker foot to set up Lewandowski for the third as Barcelona demolished their city rivals. AFP
  • Robert Lewandowski – 9. Scored his 20th league goal of an impressive first season in Spain, beating his man to stab the ball in. Scored his second and Barcelona’s third on 39, becoming the first Barca player to score two in the first half away from home since Patrick Kluivert in 2003. Getty
    Robert Lewandowski – 9. Scored his 20th league goal of an impressive first season in Spain, beating his man to stab the ball in. Scored his second and Barcelona’s third on 39, becoming the first Barca player to score two in the first half away from home since Patrick Kluivert in 2003. Getty
  • Gavi – 7. Played in more games this season than any other Barcelona player. Booked – when he didn’t appear to do anything - and will miss the next game against Real Sociedad at Camp Nou. EPA
    Gavi – 7. Played in more games this season than any other Barcelona player. Booked – when he didn’t appear to do anything - and will miss the next game against Real Sociedad at Camp Nou. EPA
  • SUBS: Ousmane Dembele (Raphinha 62’) – 7. Sent a shot past the far post on 75. Tried to set up Lewandowski for his hat-trick. Getty
    SUBS: Ousmane Dembele (Raphinha 62’) – 7. Sent a shot past the far post on 75. Tried to set up Lewandowski for his hat-trick. Getty
  • Jordi Alba (Araujo 62’) – 7. Booked soon after coming on. Getty
    Jordi Alba (Araujo 62’) – 7. Booked soon after coming on. Getty
  • Marcos Alonso (Christensen 74’) – N/A. Celebrated with his club at the end – until they were chased off the field by Espanyol fans. Getty
    Marcos Alonso (Christensen 74’) – N/A. Celebrated with his club at the end – until they were chased off the field by Espanyol fans. Getty
  • Ansu Fati (Gavi 75’) – N/A. Getty
    Ansu Fati (Gavi 75’) – N/A. Getty

There were cheers for Lewandowski, formerly of Bayern and now with 21 league goals in his first season in Spain, and for goalkeeper Marc-Andre ter Stegen and his 25 clean sheets in 34 matches. There were taunts aimed at Real Madrid, deposed as title holders and trailing Barcelona in the table by 14 points.

Another chant rang out loud and clear: “Messi! Messi!” This La Liga title is the first this century that Barca have claimed without Lionel Messi, who was allowed to leave for Paris Saint-Germain two summers ago because of the club’s financial problems.

Laporta and Xavi would now like Messi — 35, out of contract with PSG next month and weighing up a lucrative offer from Saudi Arabia’s Al Hilal — to rejoin. “With every respect to Saudi Arabia,” said Laporta, “Barca is Barca and it is Messi’s home.”

KEY%20DATES%20IN%20AMAZON'S%20HISTORY
%3Cp%3E%3Cstrong%3EJuly%205%2C%201994%3A%3C%2Fstrong%3E%20Jeff%20Bezos%20founds%20Cadabra%20Inc%2C%20which%20would%20later%20be%20renamed%20to%20Amazon.com%2C%20because%20his%20lawyer%20misheard%20the%20name%20as%20'cadaver'.%20In%20its%20earliest%20days%2C%20the%20bookstore%20operated%20out%20of%20a%20rented%20garage%20in%20Bellevue%2C%20Washington%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EJuly%2016%2C%201995%3A%3C%2Fstrong%3E%20Amazon%20formally%20opens%20as%20an%20online%20bookseller.%20%3Cem%3EFluid%20Concepts%20and%20Creative%20Analogies%3A%20Computer%20Models%20of%20the%20Fundamental%20Mechanisms%20of%20Thought%3C%2Fem%3E%20becomes%20the%20first%20item%20sold%20on%20Amazon%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E1997%3A%3C%2Fstrong%3E%20Amazon%20goes%20public%20at%20%2418%20a%20share%2C%20which%20has%20grown%20about%201%2C000%20per%20cent%20at%20present.%20Its%20highest%20closing%20price%20was%20%24197.85%20on%20June%2027%2C%202024%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E1998%3A%3C%2Fstrong%3E%20Amazon%20acquires%20IMDb%2C%20its%20first%20major%20acquisition.%20It%20also%20starts%20selling%20CDs%20and%20DVDs%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2000%3A%3C%2Fstrong%3E%20Amazon%20Marketplace%20opens%2C%20allowing%20people%20to%20sell%20items%20on%20the%20website%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2002%3A%3C%2Fstrong%3E%20Amazon%20forms%20what%20would%20become%20Amazon%20Web%20Services%2C%20opening%20the%20Amazon.com%20platform%20to%20all%20developers.%20The%20cloud%20unit%20would%20follow%20in%202006%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2003%3A%3C%2Fstrong%3E%20Amazon%20turns%20in%20an%20annual%20profit%20of%20%2475%20million%2C%20the%20first%20time%20it%20ended%20a%20year%20in%20the%20black%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2005%3A%3C%2Fstrong%3E%20Amazon%20Prime%20is%20introduced%2C%20its%20first-ever%20subscription%20service%20that%20offered%20US%20customers%20free%20two-day%20shipping%20for%20%2479%20a%20year%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2006%3A%3C%2Fstrong%3E%20Amazon%20Unbox%20is%20unveiled%2C%20the%20company's%20video%20service%20that%20would%20later%20morph%20into%20Amazon%20Instant%20Video%20and%2C%20ultimately%2C%20Amazon%20Video%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2007%3A%3C%2Fstrong%3E%20Amazon's%20first%20hardware%20product%2C%20the%20Kindle%20e-reader%2C%20is%20introduced%3B%20the%20Fire%20TV%20and%20Fire%20Phone%20would%20come%20in%202014.%20Grocery%20service%20Amazon%20Fresh%20is%20also%20started%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2009%3A%3C%2Fstrong%3E%20Amazon%20introduces%20Amazon%20Basics%2C%20its%20in-house%20label%20for%20a%20variety%20of%20products%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2010%3A%3C%2Fstrong%3E%20The%20foundations%20for%20Amazon%20Studios%20were%20laid.%20Its%20first%20original%20streaming%20content%20debuted%20in%202013%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2011%3A%3C%2Fstrong%3E%20The%20Amazon%20Appstore%20for%20Google's%20Android%20is%20launched.%20It%20is%20still%20unavailable%20on%20Apple's%20iOS%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2014%3A%3C%2Fstrong%3E%20The%20Amazon%20Echo%20is%20launched%2C%20a%20speaker%20that%20acts%20as%20a%20personal%20digital%20assistant%20powered%20by%20Alexa%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2017%3A%3C%2Fstrong%3E%20Amazon%20acquires%20Whole%20Foods%20for%20%2413.7%20billion%2C%20its%20biggest%20acquisition%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2018%3A%3C%2Fstrong%3E%20Amazon's%20market%20cap%20briefly%20crosses%20the%20%241%20trillion%20mark%2C%20making%20it%2C%20at%20the%20time%2C%20only%20the%20third%20company%20to%20achieve%20that%20milestone%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

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Results

1.30pm Handicap (PA) Dh50,000 (Dirt) 1,400m

Winner Al Suhooj, Saif Al Balushi (jockey), Khalifa Al Neyadi (trainer)

2pm Handicap (TB) 68,000 (D) 1,950m

Winner Miracle Maker, Xavier Ziani, Salem bin Ghadayer

2.30pm Maiden (TB) Dh60,000 (D) 1,600m

Winner Mazagran, Tadhg O’Shea, Satish Seemar

3pm Handicap (TB) Dh84,000 (D) 1,800m

Winner Tailor’s Row, Royston Ffrench, Salem bin Ghadayer

3.30pm Handicap (TB) Dh76,000 (D) 1,400m

Winner Alla Mahlak, Adrie de Vries, Rashed Bouresly

4pm Maiden (TB) Dh60,000 (D) 1,200m

Winner Hurry Up, Royston Ffrench, Salem bin Ghadayer

4.30pm Handicap (TB) Dh68,000 (D) 1,200m

Pakistanis%20at%20the%20ILT20%20
%3Cp%3EThe%20new%20UAE%20league%20has%20been%20boosted%20this%20season%20by%20the%20arrival%20of%20five%20Pakistanis%2C%20who%20were%20not%20released%20to%20play%20last%20year.%20%0D%3Cbr%3E%0D%0D%0D%3Cbr%3E%3Cstrong%3EShaheen%20Afridi%20(Desert%20Vipers)%20%3C%2Fstrong%3E%0D%3Cbr%3ESet%20for%20at%20least%20four%20matches%2C%20having%20arrived%20from%20New%20Zealand%20where%20he%20captained%20Pakistan%20in%20a%20series%20loss.%20%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EShadab%20Khan%20(Desert%20Vipers)%20%3C%2Fstrong%3E%0D%3Cbr%3E%0DThe%20leg-spin%20bowling%20allrounder%20missed%20the%20tour%20of%20New%20Zealand%20after%20injuring%20an%20ankle%20when%20stepping%20on%20a%20ball.%20%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAzam%20Khan%20(Desert%20Vipers)%20%3C%2Fstrong%3E%0D%3Cbr%3EPowerhouse%20wicketkeeper%20played%20three%20games%20for%20Pakistan%20on%20tour%20in%20New%20Zealand.%20He%20was%20the%20first%20Pakistani%20recruited%20to%20the%20ILT20.%20%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMohammed%20Amir%20(Desert%20Vipers)%20%3C%2Fstrong%3E%0D%3Cbr%3EHas%20made%20himself%20unavailable%20for%20national%20duty%2C%20meaning%20he%20will%20be%20available%20for%20the%20entire%20ILT20%20campaign.%20%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EImad%20Wasim%20(Abu%20Dhabi%20Knight%20Riders)%20%3C%2Fstrong%3E%0D%3Cbr%3EThe%20left-handed%20allrounder%2C%2035%2C%20retired%20from%20international%20cricket%20in%20November%20and%20was%20subsequently%20recruited%20by%20the%20Knight%20Riders.%26nbsp%3B%3C%2Fp%3E%0A

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.”

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 four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

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

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

War 2

Director: Ayan Mukerji

Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana

Rating: 2/5

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

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 four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

 

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

if you go

The flights 

Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning. 

The trains

Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.

The hotels

Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.

The biog

Fatima Al Darmaki is an Emirati widow with three children

She has received 46 certificates of appreciation and excellence throughout her career

She won the 'ideal mother' category at the Minister of Interior Awards for Excellence

Her favourite food is Harees, a slow-cooked porridge-like dish made from boiled wheat berries mixed with chicken

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Opening Rugby Championship fixtures: Games can be watched on OSN Sports
Saturday: Australia v New Zealand, Sydney, 1pm (UAE)
Sunday: South Africa v Argentina, Port Elizabeth, 11pm (UAE)

THE BIO

Favourite book: ‘Purpose Driven Life’ by Rick Warren

Favourite travel destination: Switzerland

Hobbies: Travelling and following motivational speeches and speakers

Favourite place in UAE: Dubai Museum

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Muslim Council of Elders condemns terrorism on religious sites

The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.

It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.

“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.

The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.

Match info

Newcastle United 1
Joselu (11')

Tottenham Hotspur 2
Vertonghen (8'), Alli (18')

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

The specs

Engine: 8.0-litre, quad-turbo 16-cylinder

Transmission: 7-speed auto

0-100kmh 2.3 seconds

0-200kmh 5.5 seconds

0-300kmh 11.6 seconds

Power: 1500hp

Torque: 1600Nm

Price: Dh13,400,000

On sale: now

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
MATCH INFO:

Second Test

Pakistan v Australia, Tuesday-Saturday, 10am​​ daily​​​​​ at Zayed Cricket Stadium, Abu Dhabi

Entrance is free

Updated: May 16, 2023, 7:00 AM