Two days after Jurgen Klopp announced he would leave Liverpool at the end of the season, another vacancy will soon open up at a European superclub as Xavi confirmed on Saturday night he would step down at Barcelona.
The Spaniard, one of Barca's greatest ever players, took charge of the Catalan club in November 2021 and initially helped to steer a sinking ship, guiding Barcelona to La Liga glory in his first full season in charge.
However, after Saturday's 5-3 home defeat to Villarreal, Barca are now 10 points off leaders Real Madrid. They were also eliminated from the Copa del Rey on Thursday with a 4-2 defeat at Athletic Bilbao, meaning their only realistic hope of silverware lies in the Champions League – although given their current issues, Barca are considered outsiders for the trophy.
Barcelona were also comprehensively beaten by rivals Real in the Spanish Super Cup final in Riyadh earlier this month.
Soon after the loss to Villarreal, Xavi revealed he would leave Barcelona at the end of the current campaign, saying: "I think the club needs a change of dynamic."
What did Xavi say?
Xavi, whose contract runs until June 2025, pulled no punches in announcing his decision to cut short his time at Barcelona. He began by explaining that he had given everything and that he was leaving for the benefit of the club.
“I would like to announce that on 30 June I will not continue as coach of Barcelona,” he said. “We have been talking to the president [Joan Laporta], with Rafa Yuste [the vice-president], Alejandro Echevarria [an adviser], Deco [the sporting director] and part of the staff.
“The situation needs to change and as a cule [a Barcelona fan] I can’t allow this. I took this decision days ago, but it is time to make it public. I don’t want to be a problem for the club. [I am] thinking about the club, the good of the players, and the directors.
"As a club man, I think the best thing to do is go on 30 June. I will give my best in these four months; I still think we can complete a great season. I take this decision calmly; it’s common sense.”
However, Xavi refused to hold back on the working conditions he has encountered at Camp Nou.
“You often feel there is lack of respect, you feel that your work is not appreciated,” Xavi said. “It wears you down terribly, in terms of health, of mental health, your mood, your emotional state. I am a positive guy but the energy goes down, down, down, until the point at which you say: it makes no sense. It makes no sense to continue. That’s how I explain it.
“I decided it some time ago; the people closest to me know. It’s a situation that I think affects the club now. It affects me but when it affects the club I think I have to leave.”
Spanish Super Cup final player ratings
How did it reach this point?
When Xavi returned to Barcelona 26 months ago, the club were in a mess. Predecessor Ronald Koeman was sacked with Barca ninth in La Liga and on the verge of exiting the Champions League at the group stage.
While the Dutchman, himself a Barca great as a player, could shoulder the blame for some of the immediate issues the team were facing, much of it was years in the making following a prolonged spell of financial mismanagement, which culminated in Lionel Messi leaving the club on a free transfer.
Xavi's arrival sparked an immediate improvement in form and the former midfielder led Barca to third in La Liga, although he could not salvage their Champions League campaign.
Given the promising early signs, the club decided to back Xavi in the transfer market, making funds available by essentially selling stakes in the club's future business. By activating these 'economic levers', Xavi was able to recruit the likes of Robert Lewandowski, Jules Kounde, and Raphinha for a combined $160 million, while Franck Kessie, Andreas Christensen, and Marcos Alonso were signed on free transfers.
The move was initially vindicated as Xavi last season led Barca to their first league title in three years, with Lewandowski firing 23 goals to claim Spain's "Pichichi" award for top goalscorer. Defensively, Barca were rock solid, conceding just 20 goals as they cantered to the title by 10 points.
However, the wheels have fallen off dramatically this season. Lewandowski, another year older at 35, has scored just eight La Liga goals in 19 appearances, while Barca have conceded nine more goals than the entirety of last season after just 21 games.
The club's perilous financial situation can again be looked at as a cause for their decline in results. While rivals Real Madrid were busy strengthening with Jude Bellingham – a revelation in his debut season – Barca were limited to free transfers.
That said, Xavi has also received criticism for muddled tactics, inconsistent lineups, and for struggling to imprint a clear playing style. There is also a feeling that not enough players have improved under his guidance. Of the seven managers to follow Pep Guardiola at Barcelona, Xavi has the lowest goals-per-game average of just 1.89.
The manager has also struggled for support in the boardroom. Key allies including sporting director Jordi Cruyff and director of football Mateu Alemany have both departed the club, while president Laporta has reportedly never been fully convinced that Xavi was the right man for the job.
Who next for Barcelona?
While the list of potential candidates to replace Klopp at Liverpool is extensive, there aren't as many immediately obvious options to succeed Xavi at the Camp Nou. Once considered one of the most coveted roles in football management, Barcelona will struggle to attract a top-tier manager due to their ongoing financial problems.
Girona's Michel would seem a logical target following the outstanding job he continues to do at another Catalan club. Playing in only their fourth season in La Liga, Girona have mounted an unlikely, yet sustained, title challenge while playing a modern and attractive brand of football. Only Bayern Munich (56) have scored more than Girona's 51 goals across Europe's top five leagues.
Should Barcelona wish to once again turn to one of their own, Las Palmas manager Garcia Pimienta would be a suitable successor. Like Girona, Las Palmas are punching above their weight in La Liga this season and Pimienta is earning plenty of plaudits for the style and identity of his team, much of it gleaned from his three decades within the Barcelona system, first as a player and then as coach at La Masia, the club's famed youth academy.
Another former player who might interest Barcelona is Thiago Motta, the Brazilian who played eight years for the club. After a rocky start to his managerial career, Motta has been working wonders in Italy with Bologna. Last season he led the club to a ninth-placed finish in Serie A – their highest in 11 years – and they are currently only two points off fourth this campaign.
What's next for Xavi?
It's difficult to assess at this stage what the future has in store for Xavi. The Spaniard was in the infancy of his managerial career at Qatar's Al Sadd when the SOS came from his boyhood club.
The job arguably came a little too early, given both his lack of experience and the trouble Barcelona were in, but he deserves immense credit for turning around their fortunes so quickly and making them league champions again.
Whether the steady decline of this season has impacted his wider standing in the game is too early to tell. After all, there is still half a season for Xavi to finish strongly and even potentially end his tenure with the club's sixth European Cup.
Should that happen, Xavi will have clubs clamouring to become their next manager. However, whether he views his long-term career in management, once he has left his dream job, remains to be seen.
Zayed Sustainability Prize
Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes.
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
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.”
Seven tips from Emirates NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
'Spies in Disguise'
Director: Nick Bruno and Troy Quane
Stars: Will Smith, Tom Holland, Karen Gillan and Roshida Jones
Rating: 4 out of 5 stars
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
Company%20profile
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THE%C2%A0SPECS
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Ferrari
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Company%20Profile
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Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
UAE currency: the story behind the money in your pockets