Brazil coach Luiz Felipe Scolari shown at a press conference at the Arena Corinthians on Wednesday ahead of Thursday's World Cup 2014 kickoff. Diego Azubel / EPA / June 11, 2014
Brazil coach Luiz Felipe Scolari shown at a press conference at the Arena Corinthians on Wednesday ahead of Thursday's World Cup 2014 kickoff. Diego Azubel / EPA / June 11, 2014

On brink of World Cup start, Scolari says ‘The time has arrived. This is our World Cup’



Brazil was nervously gearing up for the start of the World Cup on Thursday with the host nation preparing to launch the month-long carnival as scattered protests broke out just hours from kick-off.
The 32-team extravaganza gets under way in Sao Paulo, where Brazil faces Croatia at 5:00 pm (midnight UAE) before 61,600 supporters and a worldwide television audience of several hundred million.
Thursday's Group A match signals the opening of a four-week football fiesta which follows a troubled seven-year build-up marred by construction delays and public anger over the record $11 billion cost of the event.
But with hours to go, scattered protests and strikes broke out in several of the 12 cities which will host World Cup games.
Riot police fired stun grenades and rubber bullets at anti-World Cup protesters in Sao Paulo, the epicentre of violent nationwide demonstrations last year which brought chaos to the Confederations Cup.
Dozens of protestors gathered near a metro station with a banner reading: "If we have no rights, there won't be a cup."
In Rio de Janeiro, striking ground staff workers blocked a road leading to the city's international airport, snarling traffic before being broken up by police.
Other cities were bracing for possible unrest later in the day. In Belo Horizonte, shopkeepers boarded up windows and drew down steel shutters.
The air of anxiety came after Brazil coach Luiz Felipe Scolari urged compatriots to unite behind his team.
"To all Brazilians I want to tell you the time has arrived. This is our World Cup," Scolari said on Wednesday.
Despite being regarded as the spiritual home of football, Brazil has been slow to embrace World Cup fever.
Excitement has built slowly in the days leading to the event, with increasing numbers of Brazilian flags seen flying from cars, bars and apartment blocks.
Some of the 600,000 foreign fans travelling to Brazil have gathered in a fanzone on the famous Copacabana beach, staging impromptu football matches.
But while more Brazilians are sporting the yellow jersey of star forward Neymar, discontent continues to simmer.
The multi-billion-dollar cost of the World Cup has angered many in a country which has under-funded health and public services and rampant violent crime.
Rage at poor public services morphed into a nationwide movement during last year's Confederations Cup test event, with deadly clashes rippling across the nation.
For the World Cup, a vast security blanket is being deployed, with 150,000 soldiers and police on duty along with 20,000 private security officers.
Football's governing body Fifa begins the tournament under mounting pressure over allegations of corruption linked to its decision to award the 2022 World Cup to Qatar.
"My mandate will finish next year ... but my mission is not finished," said Fifa president Sepp Blatter to boos from sections of the Fifa Congress on Wednesday.
Fifa secretary-general Jerome Valcke meanwhile told French radio station France Inter on Thursday he was confident that after years of cajoling the organisers to speed up delivery of the stadiums things were now ready.
"Overall the stadiums are ready," the 53-year-old Frenchman said. "Now it is more a problem of organisation than security."
For all the off-field problems, the tournament itself has the makings of a classic.
Reigning champions Spain are bidding to make history by becoming the first side from Europe to win a World Cup in South America, which last hosted the tournament in 1978.
Vicente del Bosque's side have dominated international football for the past six years, winning two consecutive European championships either side of their 2010 World Cup triumph.
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The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

Company name: Farmin

Date started: March 2019

Founder: Dr Ali Al Hammadi 

Based: Abu Dhabi

Sector: AgriTech

Initial investment: None to date

Partners/Incubators: UAE Space Agency/Krypto Labs 

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.”

ONCE UPON A TIME IN GAZA

Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi

Directors: Tarzan and Arab Nasser

Rating: 4.5/5

Company%20Profile
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if you go

The flights

Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.

The hotel

Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.

The tour

Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg

The lowdown

Badla

Rating: 2.5/5

Produced by: Red Chillies, Azure Entertainment 

Director: Sujoy Ghosh

Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke