Nathan Hunt and Craig Johnston show off their Portsmouth gear at Jumeirah Beach in Dubai. Many fans said they were encouraged by Mr al Fahim's chairmanship.
Nathan Hunt and Craig Johnston show off their Portsmouth gear at Jumeirah Beach in Dubai. Many fans said they were encouraged by Mr al Fahim's chairmanship.
Nathan Hunt and Craig Johnston show off their Portsmouth gear at Jumeirah Beach in Dubai. Many fans said they were encouraged by Mr al Fahim's chairmanship.
Nathan Hunt and Craig Johnston show off their Portsmouth gear at Jumeirah Beach in Dubai. Many fans said they were encouraged by Mr al Fahim's chairmanship.

Portsmouth fans welcome UAE tycoon


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Fans of Portsmouth Football Club spoke of their delight yesterday at the news that the property tycoon Sulaiman al Fahim had been appointed its chairman. They hoped the arrival of the billionaire businessman would herald the signing of several big-name players.

Supporters backed the move, saying they hoped Mr al Fahim's takeover of the heavily indebted south coast club would be completed in the coming days and enable the management to prepare for the coming season. Nathan Hunt, 33, a lifelong Portsmouth fan who has been living in the UAE for six years, said he welcomed Mr al Fahim's involvement. "It's fantastic news. It sounds like he has a lot of ideas about how he wants to take the club forward," he said. "We will be expecting him to invest some of his hard-earned billions into the club."

The Premier League announced on Tuesday that Mr al Fahim had passed its new, more stringent fit-and-proper-persons test. Within minutes, the club appointed him chairman of the board of directors. A Portsmouth FC spokesman said an agreement "in principle" had been made between the current owner Alexandre Gaydamak and Mr al Fahim's firm, Al Fahim Asia Associates. Officials from Portsmouth FC, which is nicknamed Pompey or The Blues, declined to reveal the value of the purchase deal.

"Portsmouth can't go forward unless it gets some cash injected into it," Mr Hunt said. "We have lost a lot of players in the last few months but all the money we will have raised from that will likely go towards our debts. "The club needs new investment and I hope that that will come from him [Mr al Fahim]. "It is not in his interests or the club's interests to go down next season, so I am sure he will do everything he can to make sure that doesn't happen."

He added that he hoped to see a Portsmouth FC store stocking team merchandise in the UAE, similar to the Arsenal shop at the headquarters of Emirates Airline, the firm that sponsors the team. "It has taken a long time to complete the Premier League's fit-and-proper-persons test, so hopefully all the paperwork will be completed in the next couple of days and then let's start spending." Craig Johnston, 25, who is also from Portsmouth but has lived in Dubai for the last year and a half, added: "I think it is great for the club. We are desperate for a big cash investment. We need to move fast because we have sold all of our best players. We need four or five big-name signings. All the fans and the club have been in limbo for the last two months waiting to see if the deal was going to go ahead."

He expressed disappointment, however, at the decision to make the caretaker manager Paul Hart the permanent boss, saying that other, stronger candidates, such as the former England and Manchester City manager Sven-Göran Eriksson, should have been approached. Chris McIntosh, the honorary secretary of the Northern Blues, a club for Pompey fans with members across the UK, said some of the initial excitement when Mr al Fahim was first announced as the likely new owner of the club had faded, as it had taken longer than expected to deal with the fit-and-proper-persons test and other administrative hurdles.

Overall, however, he said he and most other Portsmouth fans saw Mr al Fahim's involvement as "a plus", although he warned that supporters should be realistic about the amount of money the new owner would spend. Mr McIntosh said that building a good side was not about simply spending huge amounts on star players. "He's a businessman and he's going to take this organisation and run it as a business and we have to accept that," he said.

Yvonne Seymour, a committee member of the Northern Blues, said she was very pleased that Mr al Fahim's takeover had been approved. "We need that stability," she said. "Having lost players is a worry. They've got some new players lined up and they've been waiting for the takeover to go through. We need some top-quality players if we want to stay in the Premiership." For next season, Ms Seymour said she hoped the club would retain its Premier League status and build from there.

"Probably the season after [next] we could move on," she said. Chris Pearcy, another Northern Blues committee member, said he hoped Mr al Fahim's takeover would not, like similar events in the past, lead to more disappointment for supporters. For fans to be confident that investment was being made, he said he would like to see work to expand Portsmouth's Fratton Park ground begin by the end of the year.

"We have heard promises in the past, but they've been false dawns," he said. "We know it takes time, but we would like to see some progress." Portsmouth fans in the UAE have launched a new supporters club and details can be had by writing to pompeybluedubai@live.com. chamilton @thenational.ae dbardsley@thenational.ae

Roll of honour 2019-2020

Dubai Rugby Sevens

Winners: Dubai Hurricanes

Runners up: Bahrain

 

West Asia Premiership

Winners: Bahrain

Runners up: UAE Premiership

 

UAE Premiership

Winners: Dubai Exiles

Runners up: Dubai Hurricanes

 

UAE Division One

Winners: Abu Dhabi Saracens

Runners up: Dubai Hurricanes II

 

UAE Division Two

Winners: Barrelhouse

Runners up: RAK Rugby

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
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UAE currency: the story behind the money in your pockets
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%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
Sukuk explained

Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.

PROFILE OF INVYGO

Started: 2018

Founders: Eslam Hussein and Pulkit Ganjoo

Based: Dubai

Sector: Transport

Size: 9 employees

Investment: $1,275,000

Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri

Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Director: Venkat Prabhu
Rating: 2/5
Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.