Real Madrid’s only opponent this week has been off the field.
Unable to play over the weekend because their Primera Liga game at Celta Vigo was postponed by bad weather, the Spanish leaders traded blows with a local mayor who accused them of improperly pressuring to keep the game scheduled despite security concerns.
Upset with the mayor’s comments, Madrid took the time to release an official note condemning the “inappropriate” and “totally inaccurate” statements.
Sunday’s match was called off after Vigo authorities deemed the Balaidos Stadium unsafe for spectators because of damage caused to the venue’s roof by heavy wind.
“I expected cooperation from a team of Madrid’s grandiosity, not pressure,” Vigo Mayor Abel Caballero said Monday. “It’s only a football match. Even for Madrid, it’s only a football match. In my opinion, there was an improper controversy prompted by Real Madrid.”
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The postponement created problems for Madrid because of an already tight schedule that includes decisive games in the Spanish league and in the last 16 of the Champions League. The club already had a game in hand in the league, at Valencia, because of its participation at the Club World Cup in December.
“Real Madrid regrets the unfortunate statements made by the mayor of Vigo, in which he states that this club disregarded the security measures required for the (match) to go ahead,” the club said. “Not only are the mayor’s comments inappropriate, they are also totally inaccurate, because at no point in time did Real Madrid question the security measures in place at Balaidos.”
Madrid said it merely proposed alternatives to avoid having Sunday’s game postponed, including closing the affected seating section under the damaged roof and looking into the possibility of playing at a nearby stadium.
“These proposals were made with a view to avoiding the postponement of the fixture from negatively affecting upon the four competitions, given the knock-on effect it would cause between them, as well as the massive financial losses suffered by television channels from around the world, which will have an impact on future tenders for the sale of broadcasting rights,” Real Madrid said.
Celta was also affected by the postponement because it is playing in the Europa League and in the semi-finals of the Copa del Rey.
Celta’s opponent in the Copa del Rey, Alaves, also complained of the game’s postponement, saying it gave its rival’s an unfair advantage because it didn’t have to play any matches after last week’s first leg in Vigo, which ended in a 0-0 draw. It wanted Wednesday’s second leg played at a different date so “both teams would play under equal conditions.” Its demand was not granted.
The Spanish league defended all the decisions taken regarding the game in Vigo, saying that they were based on requests made by local authorities and with the safety of players and public in mind.
“Abel Caballero said the game couldn’t be played and gave his reasons for it,” league president Javier Tebas told Spanish sports daily AS. “Those who have doubts about the mayor’s decision can make a complaint against him.”
The match between Celta and Madrid wasn’t the only one that had to be suspended because of bad weather in northern Spain. Friday’s match between Deportivo La Coruna and Real Betis also had to be called off because of damage caused by heavy wind at Deportivo’s Riazor Stadium.
No date has been set for the rescheduling of the games.
“The calendar is very tight,” Tebas said. “But we will find a solution.”
* Associated Press
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2012-2015
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The High Court of England and Wales approves the company’s restructuring plan
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OPINIONS ON PALESTINE & ISRAEL
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.”
