Tim Krul of the Netherlands celebrates after saving Bryan Ruiz's penalty shot en route to the shootout victory for the Dutch over the Costa Ricans in the 2014 World Cup quarter-finals on Saturday. Marcos Brindicci / Reuters / July 5, 2014
Tim Krul of the Netherlands celebrates after saving Bryan Ruiz's penalty shot en route to the shootout victory for the Dutch over the Costa Ricans in the 2014 World Cup quarter-finals on Saturday. Marcos Brindicci / Reuters / July 5, 2014
Tim Krul of the Netherlands celebrates after saving Bryan Ruiz's penalty shot en route to the shootout victory for the Dutch over the Costa Ricans in the 2014 World Cup quarter-finals on Saturday. Marcos Brindicci / Reuters / July 5, 2014
Tim Krul of the Netherlands celebrates after saving Bryan Ruiz's penalty shot en route to the shootout victory for the Dutch over the Costa Ricans in the 2014 World Cup quarter-finals on Saturday. Mar

Louis van Gaal’s ‘Midas touch’ works again with Krul, leading Netherlands on


Richard Jolly
  • English
  • Arabic

It was all about an inspired goalkeeper. He was producing the performance of his life. Then, suddenly, it was about another. The Keylor Navas show was taken off air. Tim Krul displaced him from the schedule and denied Costa Rica a sequel to their shootout glory against Greece.

Krul’s cameo served as confirmation of Louis van Gaal’s Midas touch. The Dutch coach can seemingly do no wrong at the moment. He is a man of many formations and has veered between 5-3-2 to 4-3-3. When his 3-4-3 didn’t produce a breakthrough, he added another attacker. Then came the leftfield move: he changed goalkeeper for the shootout. Normally when Van Gaal’s substitutes make an impact, they scored. This one saved. Twice.

Off went Jasper Cillessen, who had played the previous 118 minutes. On came Krul, whose stops from Bryan Ruiz and Michael Umana were decidedly cruel for Costa Rica. So close to a maiden semi-final appearance, they were eliminated as Netherlands, so poor at penalty shootouts for so long, were perfect from 12 yards.

They needed to be. There was no way through beforehand. Navas was magnificent. The Costa Rica keeper offered further evidence of his supreme athleticism. His ability to repel low shots with his legs is testament to his positioning and reflexes alike.

While he relied on his woodwork to keep out first Wesley Sneijder’s free kick and then his long-range shot, this was no one-man rearguard action. Most remarkably, Yeltsin Tejada contrived to deflect the ball off the line on to the bar, deep into stoppage time, to prevent Robin van Persie from scoring a winner.

The reality, though, is that much of Costa Rica’s defending has not been so dramatic. It is the result of their remarkable efficiency. Their goal has only been breached once in 510 minutes in open play in this tournament and if they led a charmed life at times, they are entitled to argue they made their own luck.

Even the absence of the suspended Oscar Duarte did not disrupt their sense of harmony. The three centre-backs play their club football for Alajuelense, Columbus Crew and Saprissa, none exactly a giant of the global game. It is easy to see why Costa Rica were underestimated but, ever since they beat Uruguay in their opening game, they have continued to prove it was not a one-off.

They, indeed, could have averted the need for penalties. Marcos Urena darted clear deep into extra time. Cillessen denied him. His reward? To be substituted. On came Krul, and out went Costa Rica. Van Gaal, once again, had come up trumps.

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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.”

Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

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Where to donate in the UAE

The Emirates Charity Portal

You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.

The General Authority of Islamic Affairs & Endowments

The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.

Al Noor Special Needs Centre

You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.

Beit Al Khair Society

Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.

Dar Al Ber Society

Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.

Dubai Cares

Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.

Emirates Airline Foundation

Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.

Emirates Red Crescent

On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.

Gulf for Good

Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.

Noor Dubai Foundation

Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).