Real Madrid's Gareth Bale, left, jumps for the ball with Bayern's David Alaba during the Champions League semifinal second leg soccer match between Bayern Munich and Real Madrid at the Allianz Arena in Munich, southern Germany, Tuesday, April 29, 2014. (AP Photo/Kerstin Joensson)
Real Madrid's Gareth Bale, left, jumps for the ball with Bayern's David Alaba during the Champions League semifinal second leg soccer match between Bayern Munich and Real Madrid at the Allianz Arena in Munich, southern Germany, Tuesday, April 29, 2014. (AP Photo/Kerstin Joensson)
Real Madrid's Gareth Bale, left, jumps for the ball with Bayern's David Alaba during the Champions League semifinal second leg soccer match between Bayern Munich and Real Madrid at the Allianz Arena in Munich, southern Germany, Tuesday, April 29, 2014. (AP Photo/Kerstin Joensson)
Real Madrid's Gareth Bale, left, jumps for the ball with Bayern's David Alaba during the Champions League semifinal second leg soccer match between Bayern Munich and Real Madrid at the Allianz Arena i

Gareth Bale and Pepe in question for Real Madrid’s Super Cup clash with Atletico Madrid


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European champions Real Madrid could be without the world’s most expensive player Welshman Gareth Bale and Portuguese defender Pepe when they meet city rivals and domestic champions Atletico Madrid in Tuesday’s first leg of the Spanish Super Cup.

Both players were unable to train on Friday when they nursed injuries ahead of Real’s final friendly fixture against Fiorentina in Warsaw on Saturday, a game they were treating as a key warm-up for their reunion with Atletico.

Coach Carlo Ancelotti, rotating his squad before meeting Atletico again for the first time since they beat them 4-1 in the all-Spanish Champions League final in Lisbon in May, made nine changes to the team that started Tuesday’s UEFA Super Cup final against Sevilla in Cardiff, which Madrid won 2-0.

Only Cristiano Ronaldo, who scored both goals, and newly-arrived Colombia playmaker James Rodriguez were retained as Madrid, the King’s Cup winners, finalised their preparations. Ronaldo scored an early goal but Real lost 2-1 to Fiore.

Bale, whose solo winning goal in the King’s Cup final against Barcelona in April secured Real’s place in the Super Cup, trained on his own while Pepe did only some light stretching. Both, however, were on the bench in Warsaw.

French defender Raphael Varane is likely to replace Pepe while Spanish midfielder Isco is tipped to step in for Bale, if he is unfit for the clash at the Santiago Bernabeu.

The return leg is at the Vicente Calderon on Friday, three days before the Spanish champions start the defence of their La Liga title at Rayo Vallecano. Real open their league campaign the same evening against Cordoba.

Ronaldo issued a warning to Atletico and all their rivals after Real’s win in Cardiff that the European champions are aiming for a clean sweep of all six trophies available to them - including the Spanish Super Cup and their local rivals’ La Liga crown.

“We are going to try to win all the trophies,” he said. “It’s good to win this trophy (the European Super Cup) to give confidence to the team and let’s see next week against Atletico what we are going to do.”

Real Madrid have high hopes for a strong transfer trio

Boosted by the combined 120 million euros ($160.76 million)arrival of three World Cup stand-out players in Rodriguez, from AS Monaco, Germany midfielder Toni Kroos from Bayern Munich and Costa Rica goalkeeper Keylor Navas from Levante, they hope to retain the King’s Cup and the Champions League.

No club has successfully defended the European Cup in the Champions League era, nor since 1990, when current Real Madrid coach Ancelotti was in midfield for Arrigo Sacchi’s masterful AC Milan team, European champions in 1989 and 1990.

According to Ronaldo, they hope also to win the Club World Cup, but acknowledge, before any of that, they will face determined, if much-changed, opponents in Atletico on Tuesday.

Since their disappointment in Lisbon on May 24, Atletico have sold Spain striker Diego Costa and Brazilian left back Filipe Luis to Chelsea, who have also recalled Belgium goalkeeper Thibaut Courtois from his loan at the Calderon.

In a period of almost-customary upheaval, they have also lost important squad players including former Spain striker David Villa as they balanced the books.

In their place, Argentine coach Diego Simeone has spent about 95 million euros to sign highly-rated forwards Mexican Raul Jimenez and Frenchman Antoine Griezmann, from America and Real Sociedad respectively, and Slovenian goalkeeper Jan Oblak from Benfica to compete with Miguel Angel Moya from Getafe.

He also signed Croatia striker Mario Mandzukic from Bayern Munich, among others, as he rebuilt the team in the same durable image of last season’s successful side in which defensive strength and organisation was a priority.

“Our strong defence is one of our characteristics,” keeper Moya told the club’s website (www.clubatleticodemadrid.com). “Other than the strength, there are practically no cracks in the team. We will give our rivals few chances.

“The idea for this team is well set and the backbone is still here.”

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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.”

The specs: 2018 BMW X2 and X3

Price, as tested: Dh255,150 (X2); Dh383,250 (X3)

Engine: 2.0-litre turbocharged inline four-cylinder (X2); 3.0-litre twin-turbo inline six-cylinder (X3)

Power 192hp @ 5,000rpm (X2); 355hp @ 5,500rpm (X3)

Torque: 280Nm @ 1,350rpm (X2); 500Nm @ 1,520rpm (X3)

Transmission: Seven-speed automatic (X2); Eight-speed automatic (X3)

Fuel consumption, combined: 5.7L / 100km (X2); 8.3L / 100km (X3)

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A new relationship with the old country

Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates

The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:

ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.

ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.

ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.

ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.

IN WITNESS WHEREOF the undersigned have signed this Treaty.

DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.

Signed

Geoffrey Arthur  Sheikh Zayed

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SPECS
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Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

ONCE UPON A TIME IN GAZA

Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi

Directors: Tarzan and Arab Nasser

Rating: 4.5/5

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BULKWHIZ PROFILE

Date started: February 2017

Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)

Based: Dubai, UAE

Sector: E-commerce 

Size: 50 employees

Funding: approximately $6m

Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait