Dutch football supporters wait on the Brouwersgracht canal in Amsterdam for the Dutch team to pass during a boat parade.
Dutch football supporters wait on the Brouwersgracht canal in Amsterdam for the Dutch team to pass during a boat parade.
Dutch football supporters wait on the Brouwersgracht canal in Amsterdam for the Dutch team to pass during a boat parade.
Dutch football supporters wait on the Brouwersgracht canal in Amsterdam for the Dutch team to pass during a boat parade.

Nation celebrates Oranje exploits


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AMSTERDAM // Tens of thousands of fans lined Amsterdam's web of canals to cheer Holland, the World Cup runner-ups, on an open-top boat tour of the waterways on Tuesday. An hour before the team were due to arrive, two fans leapt into the murky waters of the Brouwersgracht canal cheered by hoards of orange-clad, flag-waving supporters - despite warnings from authorities that swimming in the canals could expose them to anything from E coli bacteria to sunken bicycles and shopping carts.

"It's a bit much, considering we lost," said Loes Olden, who was sat at the water's edge at a table decked in an orange tarp, two ornate candle sticks and a bowl of oranges. "It's over the top, but we're enjoying it." Houses along the canals were draped in flags and some had giant footballs hanging from their facades. Earlier, the team was honoured by Jan Peter Balkenende, the prime minister, at the start of a hectic day of celebrations.

Under bunches of orange balloons, Bert van Marwijk, the coach and Giovanni van Bronckhorst, the retiring captain, were given the honorary title of "Knight in the Order of Oranje Nassau" at a reception in front of Balkenende's official Catshuis residence. The team then were driven by coach to meet Queen Beatrix at her Noordeinde Palace in The Hague before an Air Force helicopter whisked the team to Amsterdam for its boat tour and an open-air party at Museum Square, where fans had watched the action from South Africa on giant screens during the tournament.

City officials were expecting up to a million fans to descend on Amsterdam to cheer their team. Around midday, a small barge full of fans wearing bright orange vests and pumping out dance music chugged through one canal heading for the start point of the team's boat tour. Security staff were posted next to a handful of houseboats along the route in an effort to prevent fans climbing on to their roofs. When Holland won their only international title, the 1988 European Championship, several house boats were damaged and a few sank amid scenes of jubilation.

The Dutch lost 1-0 in extra time to Spain in Sunday's final - the third time the country has lost the final, after defeats in 1974 and 1978. Dennis Nuitermans, who runs a car showroom in the city of Breda, travelled to Amsterdam on his 32nd birthday for the celebration. "It doesn't happen often that we are second in the world so we're coming for a great day out in Amsterdam," he said. While Nuitermans was pleased with the team's second place, he was critical of their style of play. Van Marwijk ditched the trademark Dutch flowing, attacking style known the world over as "Total Football" and replaced it with patient passing and uncompromising tackling he calls "result football".

"It was not really Dutch, but it was efficient," Nuitermans said. "The final was not exactly charming. It was pretty ugly at times." * AP

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Director: Ayan Mukerji

Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana

Rating: 2/5

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

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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.”

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

Results

6pm: Dubai Trophy – Conditions (TB) $100,000 (Turf) 1,200m 

Winner: Silent Speech, William Buick (jockey), Charlie Appleby
(trainer) 

6.35pm: Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m 

Winner: Island Falcon, Frankie Dettori, Saeed bin Suroor 

7.10pm: UAE 2000 Guineas Trial – Conditions (TB) $60,000 (Dirt)
1,400m 

Winner: Rawy, Mickael Barzalona, Salem bin Ghadayer 

7.45pm: Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m 

Winner: Desert Fire, Hector Crouch, Saeed bin Suroor 

8.20pm: Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m 

Winner: Naval Crown, William Buick, Charlie Appleby 

8.55pm: Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m 

Winner: Al Tariq, Pat Dobbs, Doug Watsons 

9.30pm: Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m 

Winner: Dubai Icon, Patrick Cosgrave, Saeed bin Suroor  

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How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
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  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less