Well, it was nice when it lasted. For a day or two, it seemed as Antonio Conte was bound for Tottenham. He appeared proof of their pulling power.
A team that laboured to a seventh-place finish could have its potential unlocked by a tactically brilliant manager who had inherited sides which had come seventh, 10th and fourth respectively and taken them to league titles in either his first or second seasons. Or both.
If Conte could win the Premier League with Marcos Alonso and Victor Moses, what could he do with Harry Kane and Son Heung-min?
And yet the breakdown of their talks, with each side suggesting they had withdrawn from them, underlined how improbable it had been. Conte and Tottenham had felt a complete mismatch. The feeling was that neither had done their due diligence.
Spurs may have wanted the coach but not the character; managers who forever demand more money and more players and are constantly at war with their boards tick very few of Daniel Levy’s boxes.
Clubs who have a £1 billion ($1.41bn) stadium to repay, who have a limited budget and who may lose their best player, in Kane, scarcely figure on Conte’s wishlist. This did not require someone to compromise as much as to do a complete U-turn but Conte can be uncompromising; Levy too.
Circumstances may have initially promoted a rethink. When Jose Mourinho was sacked, Conte was still engaged in his successful quest to win Inter's first Scudetto since 2011.
His transformation of Chelsea in 2016-17 was one of the great managerial feats in recent Premier League history. He is the manager Mourinho used to be – combustible, demanding, short-termist but with a guarantee of glory – and the one Levy may have thought he was hiring when stardust blinded him to the Portuguese’s decline.
Perhaps the prospect of a coup, of getting a worthy rival to Pep Guardiola, Jurgen Klopp and Thomas Tuchel, meant it was logical to explore the option of Conte. But it is no secret that he is not a manager for times of austerity. He left Inter because they were cutting costs. Tottenham are unlikely to find next season's Europa Conference League hugely lucrative.
Spurs 2020/21 season ratings
And it is only three weeks since Levy issued a rare mea culpa, admitting Tottenham had lost their way – references to Mourinho and the European Super League were implied rather than implicit – but where he talked of a “return to playing football with the style for which we are known – free-flowing, attacking and entertaining – while continuing to embrace our desire to see young players flourish from our academy.”
It scarcely sounds like Conte. Indeed, the blueprint for a Mauricio Pochettino-style manager both highlighted what Spurs were looking for and, along with the Argentinian's apparent unhappiness at Paris Saint-Germain, prompted talk of another reunion in a summer of managerial returns.
If the French club keep their man, however, it leaves Spurs in a mess. Targets have gone elsewhere – Julian Nagelsmann to Bayern Munich, Hansi Flick to Germany – or pledged their loyalty to their existing employers, like Brendan Rodgers at Leicester.
It will be hard to present whoever Spurs eventually appoint as even their second or third choice; nor, when they have veered from their original idea to pursue Conte, to offer much evidence of a plan.
They have at least secured Fabio Paratici’s as sporting director and he was instrumental when Juventus established a reputation as savvy recruiters (before, in a parallel with Spurs, regressing with poor decision-making in recent years).
It will be required; so, too, a manager with the capacity to revive the careers of the talents who declined under Mourinho, conjure improvement from young players and form a more compelling, coherent team.
But in a period when many other clubs – Bayern, Inter, Real Madrid, RB Leipzig – have contrived to find a new manager, Spurs haven’t. Mourinho’s reign was a waste of 18 months. The time since his sacking feels a waste of seven weeks. Their search goes on.
Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
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'Ashkal'
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TICKETS
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.
Stamp duty timeline
December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%
April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.
July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.
March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.
April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.
FIXTURES
Fixtures for Round 15 (all times UAE)
Friday
Inter Milan v AS Roma (11.45pm)
Saturday
Atalanta v Verona (6pm)
Udinese v Napoli (9pm)
Lazio v Juventus (11.45pm)
Sunday
Lecce v Genoa (3.30pm)
Sassuolo v Cagliari (6pm)
SPAL v Brescia (6pm)
Torino v Fiorentina (6pm)
Sampdoria v Parma (9pm)
Bologna v AC Milan (11.45pm)
Results:
CSIL 2-star 145cm One Round with Jump-Off
1. Alice Debany Clero (USA) on Amareusa S 38.83 seconds
2. Anikka Sande (NOR) For Cash 2 39.09
3. Georgia Tame (GBR) Cash Up 39.42
4. Nadia Taryam (UAE) Askaria 3 39.63
5. Miriam Schneider (GER) Fidelius G 47.74
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.”
Studying addiction
This month, Dubai Medical College launched the Middle East’s first master's programme in addiction science.
Together with the Erada Centre for Treatment and Rehabilitation, the college offers a two-year master’s course as well as a one-year diploma in the same subject.
The move was announced earlier this year and is part of a new drive to combat drug abuse and increase the region’s capacity for treating drug addiction.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
Nancy 9 (Hassa Beek)
Nancy Ajram
(In2Musica)
Dr Graham's three goals
Short term
Establish logistics and systems needed to globally deploy vaccines
Intermediate term
Build biomedical workforces in low- and middle-income nations
Long term
A prototype pathogen approach for pandemic preparedness