There has been plenty of speculation on the future of Barcelona midfielder Andres Iniesta. Lluis Gene / AFP
There has been plenty of speculation on the future of Barcelona midfielder Andres Iniesta. Lluis Gene / AFP
There has been plenty of speculation on the future of Barcelona midfielder Andres Iniesta. Lluis Gene / AFP
There has been plenty of speculation on the future of Barcelona midfielder Andres Iniesta. Lluis Gene / AFP

No Andres Iniesta move from Barcelona to Chongqing Lifan, says Chinese club


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China's Chongqing Lifan denied making a big-money move for Andres Iniesta as Spanish media said the Barcelona captain could now be headed for Japan or Australia.

Reports in China and Spain have linked Chongqing with the 33-year-old Spanish World Cup winner, who is leaving Barcelona after two decades of phenomenal success.

Chongqing said Iniesta would not be joining "as a player" but left the door open to future cooperation with the midfielder, who has promotional and marketing links with the city.

Chongqing added that they wanted to support the "healthy development of Chinese football" - a reference to China's clampdown on heavy transfer spending and focus on homegrown talent.

"Our club will never violate the development prospects of Chinese football and we are determined to make due contributions to the healthy development of Chinese football," a statement said.

It added: "The other sports industry sections of our club's controlling shareholder have in-depth cooperation with Mr Iniesta in sports brokerage, sports marketing, and youth training and education.

"We don't rule out that in the future there may be more in-depth cooperation between the two sides in the Chinese market, but this does not mean that Mr. Iniesta will join the club as a player."

Japan's Vissel Kobe, named in Spanish media as a possible next club for Iniesta, had no comment on Tuesday when approached by AFP.

Football Federation Australia also made no comment after Spain's Sport website named the A-League as Iniesta's "preferred destination".

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Read more:

El clasico: Drama, excitement, a red card and no shortage of great goals

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Andres Iniesta move only 'a rumour', says the Chongqing manager

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Chongqing, in southwest China, had emerged as a surprise contender to snare Iniesta - one of the finest midfielders of his generation - despite not being a traditional heavyweight in Chinese football.

Their only major success was the FA Cup in 2000, but Iniesta has travelled to the city of 30 million people in the past for promotional events and worked closely with the sports marketing agency Desports.

Desports was founded by Chinese businessman and Chongqing chairman Jiang Lizhang, who was said to have been spearheading attempts to lure Iniesta.

Chongqing are the second Chinese club to rule out a move for Iniesta, after Tianjin Quanjian threatened legal action to quash reports linking them with the player.

A skyrocketing series of expensive deals was brought to a halt last year when the CFA introduced a 100 per cent tax on foreign transfers over 45 million yuan (nearly Dh26m), with proceeds going into a fund for youth development.

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  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Dubai Bling season three

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Rating: 1/5

Name: Peter Dicce

Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates 

 

Tightening the screw on rogue recruiters

The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.

 Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.

A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.

The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.

The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.

Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.

Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment

But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.

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THE BIO: Martin Van Almsick

Hometown: Cologne, Germany

Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)

Favourite dessert: Umm Ali with dark camel milk chocolate flakes

Favourite hobby: Football

Breakfast routine: a tall glass of camel milk

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Harry Kane, Tottenham, Premier League, 24 goals, 48 points
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Ciro Immobile, Lazio, Serie A, 23 goals, 46 points
Mohamed Salah, Liverpool, Premier League, 23 goals, 46 points
Lionel Messi, Barcelona, La Liga, 22 goals, 44 points

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To help you get started, tune into these Pocketful of Dirham episodes 

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Balance is essential to happiness, health and wealth 

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What is a portfolio stress test? 

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What are NFTs and why are auction houses interested? 

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How gamers are getting rich by earning cryptocurrencies 

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Should you buy or rent a home in the UAE?  

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Founder: Shamim Kassibawi

Based: Dubai with operations in the UAE and US

Sector: Tech 

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700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams

Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams

Dh1.8m - Dubai Hurricanes' overall budget for next season

Dh2.8m - Dubai Exiles’ overall budget for next season

At a glance - Zayed Sustainability Prize 2020

Launched: 2008

Categories: Health, energy, water, food, global high schools

Prize: Dh2.2 million (Dh360,000 for global high schools category)

Winners’ announcement: Monday, January 13

 

Impact in numbers

335 million people positively impacted by projects

430,000 jobs created

10 million people given access to clean and affordable drinking water

50 million homes powered by renewable energy

6.5 billion litres of water saved

26 million school children given solar lighting

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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MATCH DETAILS

Juventus 2 (Bonucci 36, Ronaldo 90 6)

Genoa 1 (Kouame 40)