Coronavirus: UAE FA deny claims Arabian Gulf League has been cancelled


John McAuley
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The Football Association has denied claims the 2019/20 Arabian Gulf League has been cancelled.

On Wednesday, news emerged that a decision had been taken to call time on the campaign, which has been postponed since March 15 because of the coronavirus crisis. The league is 19 rounds in, with seven match-days left to play.

However, while the future of this season remains uncertain, talks are ongoing between the FA, the UAE Pro League that organises the league, and the relevant authorities to find the best solution. The Pro League will ultimately make the final decision, but only after consulting with the government, the FA and the division’s 14 clubs.

Earlier this month, the General Authority of Sports announced the suspension of all sports activities, including tournaments and competitions, effective immediately.

Rumours the Arabian Gulf League (AGL) might restart on April 15 have already been rejected, with no decision expected to be made before that time, especially given the fluidity of the global situation.

"Reports that the league has been cancelled are not true," Mohammed Hazzam Al Dhaheri, the FA's general secretary, told The National. "We took the measure on March 15 to stop all our activities until the 15th of this month, so we still have time.

“Until that day, we are open to everything. Nothing has changed until now. And if there is an extension to that period, we will continue to evaluate the options. We already have some scenarios, but the situation with the coronavirus is changing day-by-day. As I said, we have plans, and when the time comes, that right plan of action will be implemented.”

The FA continues to discuss issues surrounding player contracts and salaries, although they must first wait for Fifa to decide on its guidelines before choosing the most adequate path forward. Football’s governing body was to meet on Wednesday.

Al Dhaheri confirmed that speculation regarding an increase in clubs in the UAE top flight for next season were not true, and stressed the importance of all the respective parties - the FA, the Pro League, clubs - being involved in the decision-making process.

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 tour of the Netherlands

UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match

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