Andres Iniesta, now aged 39 but still fresh to UAE football, began what was to be his much-anticipated Adnoc Pro League debut on the bench.
The former Barcelona and Spain midfielder, introduced as Emirates Club’s shock signing only 10 days previously, was at first provided a watching brief for his new side’s season opener against Al Wasl at Zabeel Stadium on Saturday.
The most decorated star to grace the Emirati top-flight and all its previous iterations, initially Iniesta sat stationed in the Emirates dugout, sleeveless club training top increasingly damp in the late-evening cloying Dubai weather, his trademark No 8 shirt draped over the back of his chair.
He gulped on water, remained relatively alone in his thoughts, presumably busy picking apart the encounter unspooling in front on him. Most plausibly, Iniesta reckoned he would be introduced before long to snatch back the match in Emirates’ favour.
Newly-promoted, the Ras Al Khaimah side had been largely outplayed, the half-time stats portraying Wasl’s superiority. In terms of possession, a piece of data that probably appeals to Iniesta more than most, Emirates surrendered upwards of 70 per cent in the first half alone.
Wasl had gone close through Salem Al Aziz, the adventurous full-back, striker Nicloas Gimenez, and Fabio De Lima, their lead light, while Haris Seferovic, like Iniesta a recent recruit with time in La Liga in his legs, had a goal ruled out for a barely there offside.
At the start of the second half, defender Alexis Perez headed a corner, somehow, off target. He was completely unmarked. It mattered little, though, for Wasl took the lead just after the hour, De Lima flicking back the ball from a deep cross to allow Ali Saleh to ram home.
Until then, all Emirates had to show for their albeit-commendable endeavour was Ismail Al Hammadi’s push-and-run shot in the 40th minute that arched inches wide.
And so, Iniesta, one of the standout midfielders of his generation and arguably any other, was summoned. He took instructions from manager Mohammed Al Jalboot, washed water across his face, and commenced what is widely expected to form the final stop in his illustrious playing career. To be fair, Iniesta has conceded as much himself.
Clapped onto the pitch by both sets of fans, the 2010 World Cup winner – he ensured his place in Spanish lore by deciding the final - took his place not at the core of the contest, but just behind striker Diogo Costa.
After a few predictably accomplished touches, Iniesta was soon back on the sideline, this time sharing the scheduled “cooling break” with teammates. There, he was handed the captain’s armband, the remit clear. Emirates looked to their luminary, with the track record and all the trinkets, to salvage something from the game.
But Iniesta could not. Emirates never threatened; Wasl never relented. A 1-0 defeat was not how Iniesta or his latest club would have envisaged his league bow, but it remains early days in what many hope will be a memorable contribution to UAE football.
In truth, it already feels as if it has. Iniesta's transfer from Japan's Vissel Kobe has transported Emirates and the Pro League beyond the UAE. Closer to home, in the Zabeel Stadium stands, a fan sporting a Spain national team jersey hugged a sign that read, in his hero’s native tongue: “Iniesta, you are my idol, can I have your shirt?"
Introduced belatedly to the Pro League, but still evidently finding his feet, the initial Iniesta Effect promises more for the campaign ahead, perhaps off the pitch as much as on it.
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
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UAE currency: the story behind the money in your pockets
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
UAE currency: the story behind the money in your pockets
Barings Bank
Barings, one of Britain’s oldest investment banks, was
founded in 1762 and operated for 233 years before it went bust after a trading
scandal.
Barings Bank collapsed in February 1995 following colossal
losses caused by rogue trader Nick Lesson.
Leeson gambled more than $1 billion in speculative trades,
wiping out the venerable merchant bank’s cash reserves.
Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
UAE currency: the story behind the money in your pockets
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
The%20specs
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Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
The specs
Engine: 2.0-litre 4-cyl turbo
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Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
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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.”
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."