Wayne Rooney has agreed a new five-year contract with Manchester United.
The club confirmed the news today, ending an amazing week, which included Rooney insisting the Old Trafford outfit no longer matched his ambitions. Yet after a staggering 24-hour period, and demonstration by irate supporters at Rooney's house last night, the striker is now set to stay at Old Trafford.
"Sometimes, when you're in a club, it can be hard to realise just how big it is and it takes something like the events of the last few days to make you understand," said Sir Alex Ferguson. "I think Wayne now understands what a great club Manchester United is."
It barely seemed credible such a position could be arrived at so quickly. But the conciliatory nature of a holding statement from United last night suggested rapprochement was in the offing.
And, after consultation with the owners, who allayed his fears about the future direction of United, Rooney agreed to extend his contract, which will now expire in 2015.
"It's been a difficult week, but the intensity of the coverage is what we expect at Manchester United," said Ferguson. "I said to the boy that the door is always open and I am delighted Wayne has agreed to stay.
"I am pleased he has accepted the challenge to guide the younger players and establish himself as one of United's great players. It shows character and belief in what we stand for.
"I am sure everyone involved with the club will now get behind Wayne and show him the support he needs to produce the performances we know he is capable of."
Rooney's representatives met with Ferguson and United chief executive David Gill yesterday in a bid to resolve an issue that was sparked two days earlier when a "shocked" and "bemused" Ferguson revealed the striker wanted to leave Old Trafford.
Ferguson said on Tuesday he did not understand the reasons behind Rooney's decision, only for the player to release a statement the following day detailing his concerns with United's squad strength. Rooney also claimed he had not been given any assurances by Gill about the club's future.
His form has dipped dramatically this season, with his private life becoming the subject of newspaper allegations about his private life.
Rooney's relationship with Ferguson, which was widely reported to have broken down as a result of those allegations, appeared to worsen when the player publicly contradicted claims by his manager that he had been struggling with an ankle injury this season.
The 24-year-old Rooney said it is primarily Ferguson who has convinced him to remain at the 18-time English champions and is now determined to get back in United supporters' favour.
"I'm sure the fans over the last week have felt let down by what they've read and seen. But my position was from concern over the future," Rooney said. "The fans have been brilliant with me since I arrived and it's up to me through my performances to win them over again."
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COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
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.”
