West Ham's Joey O'Brien, left, in action against Liverpool's Joe Allen. Reuters / Phil Noble
West Ham's Joey O'Brien, left, in action against Liverpool's Joe Allen. Reuters / Phil Noble
West Ham's Joey O'Brien, left, in action against Liverpool's Joe Allen. Reuters / Phil Noble
West Ham's Joey O'Brien, left, in action against Liverpool's Joe Allen. Reuters / Phil Noble

Football

Does Joe Allen have future at Liverpool after Euro 2016? ‘We will find a solution’ says Jurgen Klopp

While Allen’s international displays may have enhanced his club prospects, goalkeeper Loris Karius has rejected the chance to play for Germany at the Rio Olympics this summer in a bid to become Klopp’s No 1.

Press Association

July 14, 2016

  • English
  • Arabic

Jurgen Klopp intends to discuss Joe Allen's Liverpool future with the midfielder after his impressive Euro 2016 campaign.

The 26 year old was a key figure for Wales during their run to the last four in France and his performances were recognised with inclusion in Uefa’s team of the tournament earlier this week.

Allen has been a more peripheral figure for his club, though, starting just eight Premier League matches last term and his deal at Anfield is up at the conclusion of the 2016/17 season.

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However, Klopp has vowed to talk to Allen regarding his contractual situation on the back of his impressive summer.

“We will find a solution, but it’s not done,” Klopp told reporters after Wednesday night’s friendly win over Fleetwood.

“Obviously Joe Allen is a good player. We never doubted this. He played a good European Championship, like the whole Welsh team.

“We have to make decisions, we have to find solutions. We have to talk to the player, ask the player and think about our situation. That’s how it works.”

New signing Marko Grujic was among the scorers in the 5-0 triumph over the Cod Army at Highbury, with Roberto Firmino grabbing a brace on the Fylde coast.

While Allen’s international displays may have enhanced his club prospects, goalkeeper Loris Karius has rejected the chance to play for Germany at the Rio Olympics this summer in a bid to become Klopp’s No 1.

Karius moved to Merseyside from Mainz earlier this summer hoping to dislodge Simon Mignolet between the sticks and he has passed on a trip to Rio in order to ensure he is available for the start of the new Barclays Premier League season.

“I spoke with the manager and we said that it doesn’t make sense for me to go to the Olympics as I would miss the first two league games of the season and of course I want to play in them,” Karius told several national newspapers.

“We agreed together I wouldn’t be going (to the Olympics).

“First I spoke with Jurgen and then together we spoke with the German people who wanted me to go. The priority is the club. It’s more important that I am available for the start of the season.”

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UAE and Coronavirus
Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

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Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

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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.”

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