Malaysia and UAE players react after one of the Emirates' 10 goals on Thursday night in Abu Dhabi. Ravindranath K / The National / September 3, 2015
Malaysia and UAE players react after one of the Emirates' 10 goals on Thursday night in Abu Dhabi. Ravindranath K / The National / September 3, 2015
Malaysia and UAE players react after one of the Emirates' 10 goals on Thursday night in Abu Dhabi. Ravindranath K / The National / September 3, 2015
Malaysia and UAE players react after one of the Emirates' 10 goals on Thursday night in Abu Dhabi. Ravindranath K / The National / September 3, 2015

New coach hopes fans ‘will get behind the Malaysian team’ despite UAE result


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Malaysia's new coach has urged angry fans not to disrupt the national team's match with Saudi Arabia on Tuesday following their shocking 10-0 defeat to the UAE in 2018 World Cup qualifying.

“The fans have the right to show whatever dissatisfaction. But tonight I hope they will get behind the Malaysian team,” Ong Kim Swee, the former Malaysia Under 23 coach who has been appointed interim coach, told AFP.

At least 600 police are expected to be deployed after supporters’ group Ultras Malaya called on fans to protest at Tuesday’s match, local media reports said.

“For me we can give our views to show our unhappiness towards the team but we should not let out flares. That will not be good for the image of Malaysia. They should not disrupt the match,” he added.

Ong replaced coach Dollah Salleh who stepped down on Saturday, two days after presiding over Malaysia’s thrashing in Abu Dhabi – their worst ever defeat.

Malaysia’s qualifying campaign has been plunged into crisis after they were held 1-1 at home by lowly East Timor and lost 6-0 to Palestine in June.

Football Association of Malaysia (FAM) President Tengku Abdullah Ahmad Shah on Monday said he would gradually step aside.

Ultras Malaya urged fans to gather at the Shah Alam stadium, west of the capital Kuala Lumpur, to voice their anger at the performances of the national team.

One fan, Zulhalmi Nahar, wrote on the Ultras Malaya Facebook page: “Please do what we did when Malaysia played the Philippines last year.”

During that encounter last March, fans set off fireworks, flares and smoke bombs after 30 minutes of the first half in protest against the leadership of FAM.

The incident earned FAM the wrath of the Asian Football Confederation and a fine of $10,000 (Dh36,700).

Ong said the players were confident to play against the Asian heavyweights. “I hope we can get positive results,” he said.

Three games into the second round, Malaysia are at the bottom of Group A below East Timor with a goal difference of minus 16.

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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.”

Company profile

Date started: December 24, 2018

Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer

Based: Dubai Media City

Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)

Sector: ConsumerTech and FinTech

Cashflow: Almost $1 million a year

Funding: Series A funding of $2.5m with Series B plans for May 2020

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Based: Dubai, UAE
 
Sector: Entertainment 
 
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