Lionel Messi is due at his first practice session for his new club Inter Miami on Tuesday. He can’t wait, he told a full stadium of expectant fans who had turned up and queued simply to see his unveiling.
Once on the training pitch, he will hope the weather is kinder than it was on Sunday, rain having disrupted his lavish official presentation. And that a good portion of the training is devoted to his team’s defensive organisation.
The anticipated impact of Messi’s move to the US, to a league of steadily improving strength and popularity and to a country less than two years away from hosting a World Cup, is huge.
As the ceremony put together for his arrival – "The Unveil" as it declared itself, or "The PresentaSIon", with a play on the word "si" ("yes" in Spanish) – made clear.
A range of celebrities and sporting stars sent video messages. A special walkway was erected at the site in Fort Lauderdale. The event was oversubscribed, some eager fans reportedly sneaking in without tickets.
There were one or two technological glitches in the show and a delay to proceedings caused by the rainfall.
“Miami weather,” the club’s managing owner Jorge Mas called it, a reminder that the Florida that appears on postcards, sun-kissed and tourist-friendly, is only part of the picture of what will be Messi’s new home at least until 2025, the 36-year-old having signed a two-year contract.
This bold sporting marriage, between the 21st century’s finest footballer and an 11-year-old club in a relatively young professional league. may also face some early squalls on the pitch. The evening before Messi’s unveiling, his teammates-to-be were being beaten 3-0 away at St Louis City, who are new to the top division of MLS.
It was Inter Miami’s 11th successive match without a win. They are bottom of the Eastern Conference, and, after 14 losses from 22 matches of the 2023 league campaign, currently the worst team of all 29 sides across both Eastern and Western Conferences.
All three St Louis goals came from set-pieces, the first two from headers from corners, and it may just be that, putting aside the stardust generated by Messi, the most immediately positive news for Inter Miami is that Sergio Busquets, Messi’s friend and former Barcelona teammate, was also presented to fans.
Busquets, the former Spain captain and for much of the past 15 years a peerless operator in defensive midfield, may win some of the sorts of aerial battles Miami’s back line failed at in St Louis. He ought to tighten up a rearguard that last kept a league clean sheet in early March.
He should certainly help in retaining and gaining the possession Messi will need if he is to provide the regular thrill that has led his new employers to raise the ticket prices hugely, to give Messi a shareholding in the club and persuaded the MLS and its broadcast partners to commit some of their television income specifically to US football’s most significant brand ambassador since David Beckham, now part of the Inter Miami ownership group, moved to America in 2007.
Beckham was among those formally greeting Messi on a wet Sunday night, to a stadium a good 40-minute drive from the centre of Miami, that is only a borrowed home for the club, pending their move to a bespoke arena.
Its capacity has been temporarily raised above its normal 18,000 that, for Messi and Busquets – who spent most or all of their club careers so far based at Barcelona’s 90,000-seat Camp Nou – may seem rather quaint.
But Messi said he was surprised how quickly he “felt at home” in his new environment, a destination he chose ahead of the option of staying for a third season at Paris Saint-Germain, whom he joined from Barcelona in 2021, or moving to the Saudi Arabian Pro League.
There will be friendly faces. Besides Busquets and possibly Jordi Alba, another former Barca colleague who Inter Miami have approached, there are compatriots among his new teammates. But striker Nicolas Stefanelli and defender Franco Negri, two 28-year-olds who have never been capped by Argentina, are hardly of the same calibre as the countrymen who Messi captained to victory at the World Cup less than eight months ago.
The club’s head coach, Gerardo Martino, is an old ally from Barca and the Argentina national team, brought in last month.
Martino knows, Messi or no Messi, there is work ahead. After overseeing the loss in St Louis, he welcomed the arrival of the “best player in the world,” warning: “We have to have patience.”
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FIGHT%20CARD
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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
Company%20profile
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French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Your rights as an employee
The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.
The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.
If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.
Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.
The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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 five pillars of Islam