As Paris Saint-Germain striker Zlatan Ibrahimovic returns to his home town on Wednesday, some Malmo fans are torn over whether to support the city's prodigal son or the team that launched his career.
On a football pitch in the immigrant-heavy neighbourhood of Rosengard, where the 34-year-old Swede grew up, one of his childhood teammates sighed as he pondered where his sympathies would lie during the Champions League match between Malmo and PSG.
“Both, both. Maybe for Malmo a little bit more,” Ivan Milosevic said, before laughing and adding: “I’m a ‘Malmoitian’,” referring to a term for the city’s inhabitants.
Born the same year, both players began their careers at FBK Balkan, a local club founded by immigrants from the former Yugoslavia in 1962, which the club say makes them the oldest immigrant football team in Europe.
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“He was a funny character, constantly up to a lot of mischief. Nicked bicycles, came with it to practice, always had a ball, bantered with others in the team...,” he said.
“He ran around and didn’t listen to the coaches. Did what he liked to do, dribbled when he was meant to pass.”
Almost 15 years after he left Malmo for Ajax, Ibrahimovic’s maverick image remains intact as he regularly courts controversy, ranging from his recent claim that he put France “on the world map” to an offer to donate a signed bicycle to female players after the Swedish FA rewarded a male player with a new Volvo.
In the troubled suburbs that dot Malmo’s eastern half, support has never wavered and on the field his influence is clear.
“He’s the big idol here, everyone looks up to him,” said Milosevic.
Ibrahimovic joined Malmo FF in 1994, paving the way for other players from an immigrant background to do the same.
It was a remarkable feat in a city that remains deeply segregated, especially for someone who according to his own autobiography would sometimes go to bed hungry.
Greek-born Aneta Moura, a former neighbour, said she remembered him as, “maybe a bit mischievous. His mother had to come and get him here and there.”
When he was between eight and 10, he was the “boss” of a group of children whom he would push into the local grocery store to go buy sweets for him, she said.
“Because poor Zlatan didn’t have money to go buy ... He wasn’t raised quite like the other children. I know that, I could feel that from him,” she said.
But she added: “He was a very alert boy. He’s still the same.”
Preparations for Wednesday’s game have been underway in Malmo from the moment it was announced that PSG would be coming to town.
“All of Malmo will be able to watch the game. I’ve booked the main square where the game ... will be broadcast live,” Ibrahimovic wrote on Facebook in September.
At the local Rosengard shopping centre, Muhsen Awad, a Swedish-Arabic interpreter who also runs a side business selling football flags and CDs, said he had “tried in every way possible” to get his hands on a ticket for the game without any luck.
They have been on sale for as much as 20,000 kronor (Dh10,462 / £1,515) on the black market, he claimed, adjusting one of the many blue and white Malmo flags adorning his shop.
“For sure there will be mixed feelings ... It will be a historic game when Zlatan comes to play against his ‘own’, original team,” he said, before predicting that Malmo fans would still remain loyal to their own team.
“All of our region supports Malmo FF no matter who they play against,” he said.
Those comments were echoed by Max Wiman, a columnist for regional daily Sydsvenskan.
Ibrahimovic “has very strong feelings for Malmo,” he said, noting that the PSG star had described playing a Champions League game in the city as “a dream”.
Although he was “fantastically big” there and would probably be cheered before the match, “most people will support Malmo,” he said.
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
THE BIO
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Favourite book: The Power of Habit
Favourite quote: "The world is full of good people, if you cannot find one, be one"
Favourite exercise: The snatch
Favourite colour: Blue
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In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
North Pole stats
Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
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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.”
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
Gender equality in the workplace still 200 years away
It will take centuries to achieve gender parity in workplaces around the globe, according to a December report from the World Economic Forum.
The WEF study said there had been some improvements in wage equality in 2018 compared to 2017, when the global gender gap widened for the first time in a decade.
But it warned that these were offset by declining representation of women in politics, coupled with greater inequality in their access to health and education.
At current rates, the global gender gap across a range of areas will not close for another 108 years, while it is expected to take 202 years to close the workplace gap, WEF found.
The Geneva-based organisation's annual report tracked disparities between the sexes in 149 countries across four areas: education, health, economic opportunity and political empowerment.
After years of advances in education, health and political representation, women registered setbacks in all three areas this year, WEF said.
Only in the area of economic opportunity did the gender gap narrow somewhat, although there is not much to celebrate, with the global wage gap narrowing to nearly 51 per cent.
And the number of women in leadership roles has risen to 34 per cent globally, WEF said.
At the same time, the report showed there are now proportionately fewer women than men participating in the workforce, suggesting that automation is having a disproportionate impact on jobs traditionally performed by women.
And women are significantly under-represented in growing areas of employment that require science, technology, engineering and mathematics skills, WEF said.
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