Frank Rijkaard and his former assistant Henk Ten Cate during their Barcelona days.
Frank Rijkaard and his former assistant Henk Ten Cate during their Barcelona days.
Frank Rijkaard and his former assistant Henk Ten Cate during their Barcelona days.
Frank Rijkaard and his former assistant Henk Ten Cate during their Barcelona days.

Friendship put to one side


  • English
  • Arabic

For three years Frank Rijkaard and Henk Ten Cate shared unbridled success at Barcelona. Back-to-back La Liga titles in 2004/05 and 2005/06 as well as the 2006 Champions League title helped make the Spanish side the force they are today. Then the pair's hopes were just as quickly stubbed out. Tonight they find themselves on opposite sides and in surroundings few would have imagined when they lifted Europe's biggest club prize three years ago.

Rijkaard, now technical director at Galatasaray, will host Ten Cate's Panathinaikos in the Europa League. A point for the visitors would see them both qualify for the last 32 from Group F. Together they were formidable. Rijkaard's quiet demeanour complemented by the fiery Ten Cate, who helped keep egos in check at Camp Nou. When the latter left in 2006 to take up the managerial post at Ajax, things took a downward turn for both men.

Ten Cate spent a year at his hometown club before becoming the assistant to Avram Grant at Chelsea. Many predicted he was preparing for Rijkaard's arrival, but departed last year when Luiz Felipe Scolari took over the reins at Stamford Bridge. Ten Cate's fellow Dutchman was similarly looking for work after leaving Barcelona, unable to find the winning formula following the departure of his trusted right-hand man.

Now they stand alone, trying to restore their reputations in neighbouring countries and at clubs with fanatical followers with high ambitions. As ever, reaching the Champions League is the main target. Rijkaard's side, fourth in the Super Lig, contains a sprinkling of familiar names and ones who, like their coach, are also looking to return to better times. Players such as the Brazilian playmaker Elano, Milan Baros, Shabani Nonda, who had a disappointing loan spell at Blackburn, and Harry Kewell.

That final trio have accounted for 34 of the club's goals this season with Kewell, particularly, enjoying a new lease of life after ending an injury-plagued 13-year stint in the Premier League. Galatasaray's last major European trophy was the Uefa Cup in 2000, but Kewell believed Rijkaard can revive their fortunes. "We've got a great manager now and the players are learning a lot so only good things are going to come from this team," he said.

"Rijkaard's given me confidence. You always have to prove yourself and he keeps you on your toes. If you are slacking he will let you know, but he tells you in a nice way." That has generally been Rijkaard's style of management. Ten Cate joked that he would kill Rijkaard if he left Athens with all three points when the sides first met two months ago. Galatasaray won 3-1, but Rijkaard will welcome Ten Cate for the return at the Ali Sami Yen Stadium.

The friends will celebrate Rijkaard's wife giving birth to a baby boy and Ten Cate's 55th birthday next week, but on the pitch they will be adversaries. Ten Cate will return to Holland at the end of the season to join Go Ahead Eagles. Claiming the Europa League would be a fitting farewell to his time in Greece. For Rijkaard, the same could mean a step back to the biggest stage once more. @Email:akhan@thenational.ae

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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How it works

A $10 hand-powered LED light and battery bank

Device is operated by hand cranking it at any time during the day or night 

The charge is stored inside a battery

The ratio is that for every minute you crank, it provides 10 minutes light on the brightest mode

A full hand wound charge is of 16.5minutes 

This gives 1.1 hours of light on high mode or 2.5 hours of light on low mode

When more light is needed, it can be recharged by winding again

The larger version costs between $18-20 and generates more than 15 hours of light with a 45-minute charge

No limit on how many times you can charge

 

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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.”

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Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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