Fans wait for the Super Cup match between Galatasaray and Fenerbahce at Al Awal Park in Riyadh, Saudi Arabia, on Friday before its postponement. AP
Fans wait for the Super Cup match between Galatasaray and Fenerbahce at Al Awal Park in Riyadh, Saudi Arabia, on Friday before its postponement. AP
Fans wait for the Super Cup match between Galatasaray and Fenerbahce at Al Awal Park in Riyadh, Saudi Arabia, on Friday before its postponement. AP
Fans wait for the Super Cup match between Galatasaray and Fenerbahce at Al Awal Park in Riyadh, Saudi Arabia, on Friday before its postponement. AP

Turkish Super Cup final in Riyadh postponed over Ataturk T-shirts


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The Turkish Super Cup final between Galatasaray and Fenerbahce in Saudi Arabia's capital Riyadh on Friday was postponed because of what the clubs described as “some problems” with the event's organisation.

Saudi state TV quoted a statement from organiser the Riyadh Season as saying the final was cancelled because the teams did not follow match regulations.

Turkish media said the two Istanbul teams reportedly wanted to wear T-shirts featuring the founder of modern Turkey, Mustafa Kemal Ataturk, during the warm-up of the game, a request rejected by Saudi officials.

The clubs refused to play in the game at the Al Awal Park stadium at King Saud University as a result, the report said.

“We were looking forward to holding the match on time in accordance with the international soccer rules and regulations that require the sport to be presented without any slogans outside its scope, especially since this was discussed with the Turkish (Football) Federation in the framework of the preparatory meetings for the match,” Riyadh Season said.

“Despite this agreement, it was unfortunate that the two teams did not adhere to what had been agreed upon, which led to the match not being held,” it added.

The scheduled final coincides with the 100th anniversary of the foundation of the secular Turkish Republic. There was no immediate comment from Saudi officials.

“The 2023 Super Cup … has been postponed to a later date as a result of a joint decision we made with our clubs, due to some problems in its organisation,” the two teams and the Turkish Football Federation (TFF) said on X.

It was not clear where or when the final would be staged. The joint statement thanked Saudi Arabia's football federation and authorities for efforts they made to organise the event.

Fenerbahce supporters wait for the team's arrival at Sabih Gokcen Airport in Istanbul, Turkey, on Saturday after the postponement. EPA
Fenerbahce supporters wait for the team's arrival at Sabih Gokcen Airport in Istanbul, Turkey, on Saturday after the postponement. EPA

There had also been media reports that Turkey's national anthem and flag would not be allowed at the final but the TFF earlier said they would feature.

The incident came amid a recent warming of relations between Turkey and Saudi Arabia.

Turkey's President Tayyip Erdogan visited Saudi Arabia in July amid efforts to repair ties that were ruptured after the murder of Saudi journalist Jamal Khashoggi in Istanbul in 2018.

The cancellation of the final added to what has been a controversy filled month for Turkish soccer.

The president of top-tier club Ankaragucu, Faruk Koca, was arrested on December 12 for punching a referee in the face at the end of a match. The TFF imposed a permanent ban on Koca and also sanctioned Ankaragucu.

The Turkish league was temporarily suspended due to the violence and when it resumed Istanbulspor walked off the pitch in protest at a refereeing decision in a Super Lig game against Trabzonspor. The game was then abandoned.

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

How to play the stock market recovery in 2021?

If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.

Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.

Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.

Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).

Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal. 

Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.

By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.

As demand for energy fell, the oil and gas industry had a tough year, too.

Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.

He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.” 

This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”

Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.

Ferrari 12Cilindri specs

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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

THE 12 BREAKAWAY CLUBS

England

Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur

Italy
AC Milan, Inter Milan, Juventus

Spain
Atletico Madrid, Barcelona, Real Madrid

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The specs
Engine: 3.0-litre 6-cyl turbo

Power: 374hp at 5,500-6,500rpm

Torque: 500Nm from 1,900-5,000rpm

Transmission: 8-speed auto

Fuel consumption: 8.5L/100km

Price: from Dh285,000

On sale: from January 2022 

The biog

Favourite hobby: I love to sing but I don’t get to sing as much nowadays sadly.

Favourite book: Anything by Sidney Sheldon.

Favourite movie: The Exorcist 2. It is a big thing in our family to sit around together and watch horror movies, I love watching them.

Favourite holiday destination: The favourite place I have been to is Florence, it is a beautiful city. My dream though has always been to visit Cyprus, I really want to go there.

THE BIO: Mohammed Ashiq Ali

Proudest achievement: “I came to a new country and started this shop”

Favourite TV programme: the news

Favourite place in Dubai: Al Fahidi. “They started the metro in 2009 and I didn’t take it yet.”

Family: six sons in Dubai and a daughter in Faisalabad

 

RESULTS
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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.”

Notable cricketers and political careers
  • India: Kirti Azad, Navjot Sidhu and Gautam Gambhir (rumoured)
  • Pakistan: Imran Khan and Shahid Afridi (rumoured)
  • Sri Lanka: Arjuna Ranatunga, Sanath Jayasuriya, Tillakaratne Dilshan (rumoured)
  • Bangladesh (Mashrafe Mortaza)
COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
Updated: December 30, 2023, 7:56 AM