Sheikh Jassim bin Hamad Al Thani's camp have sought to limit expectations that a deal to buy Manchester United had been successful and an announcement was imminent after a newspaper reported on Monday that the Qatari banker had beaten rival Sir Jim Ratcliffe to purchase the club.
Sources close to the Qatari royal say claims made Monday by Al-Watan newspaper were premature, and that they remain in a “holding pattern” while the United board consider both bids.
Al-Watan set pulses racing that Sheikh Jassim had been chosen as United's preferred bid.
Fahed Al Emadi, the editor of Qatari-based newspaper, tweeted: “All the news received indicates the success of Sheikh Jassim bin Hamad bin Jassim’s acquisition of Manchester United, and the announcement of the deal will be very soon.”
His tweet followed another from the outlet’s official account which stated that Sheikh Jassim had won the race to buy the English giants.
Al Emadi rowed back on those claims Tuesday, though, claiming that Al-Watan's story was based on international media reports while also denying that the newspaper was owned by Sheikh Hamad bin Jassim bin Jaber Al Thani, the former Prime Minister of Qatar and Sheikh Jassim's father.
He tweeted: “Contrary to certain media and social media reports overnight, Al Watan is not owned by Hamad bin Jassim bin Jaber Al Thani, and Al Watan's media report yesterday speculating about possible movement in the Manchester United takeover process was based on international media reports, as stated in the article itself, and with such news widely circulating periodically in international media for many months.”
Sheikh Jassim has been locked in a bidding war with British billionaire Sir Jim Ratcliffe for control of ownership of the Premier League giants.
The chairman of Qatar Islamic Bank last week submitted a fifth and final offer – which is for 100 per cent of the club – to buy the 20-time English champions.
Ratcliffe, the chief of Ineos group and a boyhood United fan, had wanted to purchase around 60 per cent of the club. His offer comes with a proposal that would allow the Glazers, the deeply unpopular American owners of United, to remain for a set time period ahead of a sourced buyout.
The National understands that Ratcliffe is currently trekking in Mongolia, but has been told by sources that the Ineos founder does not expect a decision on whether their bid has been successful until the end of this week.
United have declined to comment on the recent reports.
Shares of Manchester United jumped 13 per cent to hit a two-month high on Tuesday after reports that Sheikh Jassim was the front-runner to purchase the club.
New York-listed shares of Manchester United were trading at $23.07, after rising as much as 30 per cent before the opening bell. The stock has risen 53 per cent since the club's owners, the American Glazer family, said in November they were considering selling the club.
The Glazer family is reportedly seeking £6 billion ($7.5 billion), which would be a world record for any sports club or franchise, but The National understands that neither bid is that high.
While the financials have not been disclosed, UK media reports say Sheikh Jassim's final bid submitted on June 7 was £5 billion for total control of United.
The offer includes clearing a £1 billion debt and a fund solely for the club and surrounding community.
The prospect of being brought by Sheikh Jassim or Ratcliffe has divided the United fan base, though there is unanimity in wanting the Glazers to go.
The Glazers bought United in a £790 million ($938.9 million) leveraged buyout, that saddled the club with mountains of debt, and had been unpopular with fans even before last year’s move to join a breakaway European Super League.
Manchester United have brought in The Raine Group to assess offers.
Man United season ratings
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The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
MATCH INFO
Who: UAE v USA
What: first T20 international
When: Friday, 2pm
Where: ICC Academy in Dubai
UAE currency: the story behind the money in your pockets
UAE%20v%20West%20Indies
%3Cp%3EFirst%20ODI%20-%20Sunday%2C%20June%204%20%0D%3Cbr%3ESecond%20ODI%20-%20Tuesday%2C%20June%206%20%0D%3Cbr%3EThird%20ODI%20-%20Friday%2C%20June%209%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EMatches%20at%20Sharjah%20Cricket%20Stadium.%20All%20games%20start%20at%204.30pm%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EUAE%20squad%3C%2Fstrong%3E%0D%3Cbr%3EMuhammad%20Waseem%20(captain)%2C%20Aayan%20Khan%2C%20Adithya%20Shetty%2C%20Ali%20Naseer%2C%20Ansh%20Tandon%2C%20Aryansh%20Sharma%2C%20Asif%20Khan%2C%20Basil%20Hameed%2C%20Ethan%20D%E2%80%99Souza%2C%20Fahad%20Nawaz%2C%20Jonathan%20Figy%2C%20Junaid%20Siddique%2C%20Karthik%20Meiyappan%2C%20Lovepreet%20Singh%2C%20Matiullah%2C%20Mohammed%20Faraazuddin%2C%20Muhammad%20Jawadullah%2C%20Rameez%20Shahzad%2C%20Rohan%20Mustafa%2C%20Sanchit%20Sharma%2C%20Vriitya%20Aravind%2C%20Zahoor%20Khan%0D%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.”
UAE currency: the story behind the money in your pockets
THE%20SPECS
%3Cp%3EEngine%3A%203-litre%20V6%20turbo%20(standard%20model%2C%20E-hybrid)%3B%204-litre%20V8%20biturbo%20(S)%0D%3Cbr%3EPower%3A%20350hp%20(standard)%3B%20463hp%20(E-hybrid)%3B%20467hp%20(S)%0D%3Cbr%3ETorque%3A%20500Nm%20(standard)%3B%20650Nm%20(E-hybrid)%3B%20600Nm%20(S)%0D%0D%3Cbr%3EPrice%3A%20From%20Dh368%2C500%0D%3Cbr%3EOn%20sale%3A%20Now%3C%2Fp%3E%0A
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Simran
Director Hansal Mehta
Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey
Three stars
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- Margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars
- Energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- Infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes
- Many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts
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
