Gareth Bale, centre, did not look interested in celebrating his goal against Levante with his teammates at the weekend. AFP
Gareth Bale, centre, did not look interested in celebrating his goal against Levante with his teammates at the weekend. AFP
Gareth Bale, centre, did not look interested in celebrating his goal against Levante with his teammates at the weekend. AFP
Gareth Bale, centre, did not look interested in celebrating his goal against Levante with his teammates at the weekend. AFP

Unhappy Gareth Bale can still conjure happy clasico memories against Barcelona


Ian Hawkey
  • English
  • Arabic

Gareth Bale scored his 100th goal for Real Madrid earlier in February, and brought up the century on a fittingly big occasion, a city derby away at Atletico. Bale has had a useful knack of goals in important games through his five and a half years at Madrid.

It would be pushing it, though, to state that Bale reached his landmark in impeccable style. He celebrated the goal with a provocative hand gesture, apparently aimed at the crowd, for which he may face a ban. And his next Madrid goal, number 101, the winner on Sunday against Levante, also stirred controversy.

Bale had come off the bench with just over a quarter of an hour left, with the score at 1-1, converted a penalty and then appeared to brush off teammates wanting to celebrate with him.

He had already been spied giving off signs of indignation at his role as a substitute. Bale, the most expensive player at around £85.3 million (Dh413.2m), in Madrid’s history, has started on the bench for four the last five league matches.

The flashpoints of recent weeks pick at long-term itches. There is hostility in the local media. "An unacceptable attitude," wrote the newspaper AS's chief columnist, Alfredo Relano, of Bale's singular goal celebration at the weekend.

Recent references in interviews given by teammates Thibaut Courtois and Marcelo - Bale missed a team dinner; his spoken Spanish is limited; his enthusiasm for gold is apparently regarded as quirky - have cast the Welshman as a disengaged outsider.

None of which needs to be relevant when a player has won four European Cups with Madrid, contributed over 100 goals to the club at a rate of better than one every 160 minutes on the pitch, and has played match-winner roles in major finals several times.

The last of those was the 2018 Uefa Champions League final in Kiev, when he scored the final two goals in Madrid’s 3-1 win over Liverpool, one of them a sensational overhead volley.

The celebrations then were unconventional, too. Not so much on the pitch, but after the final whistle, when, ahead of his man of the match award, ahead of the trophy ceremony, Bale announced he would be seriously considering his future over the coming weeks.

Cristiano Ronaldo, the superstar eclipsed on the night by the substitute Bale, was meanwhile saying the same thing, while the victorious manager, Zinedine Zidane sighed to himself at yet more evidence that managing the ambitions and egos in this dressing-room could be a wearying task, however rewarding the glories.

Two months later, Ronaldo had left, Zidane had stepped down, leaving Bale with what looked like a liberated path to figurehead status at Madrid, no longer having to design his game around Ronaldo’s runs, no longer vexed by Zidane’s tendency to use the Welsh sprinter from the bench.

But, two managers later, Bale finds himself in an all-too-familiar situation. The emergence of teenager Vinicius Junior as a sparky, creative attacking threat under Santi Solari, who took over as caretaker coach in October, has jostled the hierarchy.

Episodes of injury have also disrupted Bale’s momentum - as they have throughout his Madrid career - and he looks around the dressing-room and sees that senior players are not indulged by Solari with Isco marginalised, and Marcelo no longer undroppable.

Nor can Bale anticipate the crowd at the Bernabeu to demand his inclusion. For all that he has scored vital goals at important moments, he has not become a Real folk hero.

Mind you, it would not take too much to remind them that Bale can seize the initiative in unique and special ways.

Ahead of Wednesday’s Copa del Rey semi-final second leg against Barcelona, poised at 1-1, Bale will hardly be able to turn on his TV without seeing replays of his finest clasico moment that came in the same competition.

The solo slalom that took him and the ball, at breakneck speed, from his own half to score the winning goal in the final.

Solari will remember it, too, as he contemplates how to best deploy his resources through the most scrutinised five days of his young managerial career: a clasico in the cup on Wednesday, then Barcelona at home again, in La Liga, on Saturday. And he will not be studying anyone’s goal celebrations.

“I don’t care how he [Bale] celebrates,” said the manager. “I just like the way he comes on the field and wants to win.”

Karwaan

Producer: Ronnie Screwvala

Director: Akarsh Khurana

Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar

Rating: 4/5

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%3Cp%3E-%20Diriyah%E2%80%99s%201.9km%20King%20Salman%20Boulevard%2C%20a%20Parisian%20Champs-Elysees-inspired%20avenue%2C%20is%20scheduled%20for%20completion%20in%202028%3Cbr%3E-%20The%20Royal%20Diriyah%20Opera%20House%20is%20expected%20to%20be%20completed%20in%20four%20years%3Cbr%3E-%20Diriyah%E2%80%99s%20first%20of%2042%20hotels%2C%20the%20Bab%20Samhan%20hotel%2C%20will%20open%20in%20the%20first%20quarter%20of%202024%3Cbr%3E-%20On%20completion%20in%202030%2C%20the%20Diriyah%20project%20is%20forecast%20to%20accommodate%20more%20than%20100%2C000%20people%3Cbr%3E-%20The%20%2463.2%20billion%20Diriyah%20project%20will%20contribute%20%247.2%20billion%20to%20the%20kingdom%E2%80%99s%20GDP%3Cbr%3E-%20It%20will%20create%20more%20than%20178%2C000%20jobs%20and%20aims%20to%20attract%20more%20than%2050%20million%20visits%20a%20year%3Cbr%3E-%20About%202%2C000%20people%20work%20for%20the%20Diriyah%20Company%2C%20with%20more%20than%2086%20per%20cent%20being%20Saudi%20citizens%3Cbr%3E%3C%2Fp%3E%0A
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Transmission: 2-speed auto

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The struggle is on for active managers

David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.

The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.

Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.

Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.

Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.

At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn. 

Wicked: For Good

Director: Jon M Chu

Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

Rating: 4/5

The specs

Engine: 2x201bhp AC Permanent-magnetic electric

Transmission: n/a

Power: 402bhp

Torque: 659Nm

Price estimate: Dh200,000

On sale: Q3 2022 

Countries offering golden visas

UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.

Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.

Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.

Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.

Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence. 

The Little Things

Directed by: John Lee Hancock

Starring: Denzel Washington, Rami Malek, Jared Leto

Four stars

The Bio

Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity

What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

UAE currency: the story behind the money in your pockets

Juliet, Naked
Dir: Jesse Peretz
Starring: Chris O'Dowd, Rose Byrne, Ethan Hawke​​​​​​​
​​​​​​​Two stars

Fourth Arab Economic and Social Development Summit

As he spoke, Mr Aboul Gheit repeatedly referred to the need to tackle issues affecting the welfare of people across the region both in terms of preventing conflict and in pushing development.
Lebanon is scheduled to host the fourth Arab Economic and Social Development Summit in January that will see regional leaders gather to tackle the challenges facing the Middle East. The last such summit was held in 2013. Assistant Secretary-General Hossam Zaki told The National that the Beirut Summit “will be an opportunity for Arab leaders to discuss solely economic and social issues, the conference will not focus on political concerns such as Palestine, Syria or Libya". He added that its slogan will be “the individual is at the heart of development”, adding that it will focus on all elements of human capital.

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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.”

UAE currency: the story behind the money in your pockets