Luiz Felipe Scolari coached Brazil to World Cup success in Japan and South Korea in 2002.
Luiz Felipe Scolari coached Brazil to World Cup success in Japan and South Korea in 2002.
Luiz Felipe Scolari coached Brazil to World Cup success in Japan and South Korea in 2002.
Luiz Felipe Scolari coached Brazil to World Cup success in Japan and South Korea in 2002.

Scolari linked with national job


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DUBAI // Luiz Felipe Scolari, who won the World Cup as manager of Brazil in 2002, has emerged as one of the leading candidates to be the new manager of the UAE team. According to sources, the UAE Football Association have held informal talks with the man known as "Big Phil", who started last season in charge of the English Premier League team Chelsea before he was sacked in February. He is expected in Dubai next week to start formal negotiations.

Yousuf Abdullah, the general secretary of the UAE FA, said: "At this moment, we have not made any official contact with Scolari. But he is available and he could be one of the people we speak to. He is a big name in the world of football. "We are not in a hurry. We are waiting for June 10, when we will know the fate of teams competing for places in the 2010 World Cup. "A lot of teams in Europe and Latin America could be out of the World Cup reckoning by June 10. Then we will have a lot more coaches to choose from. So we want to wait until then and not decide in a hurry. We will have a larger pool to choose from and we will pick the one who suits our needs best."

The 60-year-old has plenty of experience in Gulf football, having coached the Kuwait national team and clubs like Saudi Arabia's Al Shabab and Al Ahli, and Al Qadisiya in Kuwait. Scolari guided Kuwait to the Gulf Cup title in 1990, but his biggest triumph came in 2002 when he coached Brazil to their World Cup triumph in Japan and South Korea. The veteran Brazilian also steered the Portuguese national team to the final of Euro 2004 and the 2006 World Cup semi-finals. Last year, he took over the reins at Chelsea, but was dismissed after just seven months in charge.

@Email:arizvi@thenational.ae Scolari has been without a job since, but has several offers from clubs and national teams in Europe and Asia. Uzbekistan are also in the hunt for Scolari's nod, as well as their Tashkent-based club Bunyodkor. Earlier in the week, Scolari's spokesman Acaz Fellegger had revealed the coach was looking into several other offers from clubs and national teams. He said: "By the weekend he should announce his decision."

The UAE have been in the hunt for a new coach since Bruno Metsu resigned last September and subsequently became the Qatar manager. He was replaced by his assistant and fellow Frenchman Dominique Bathenay, whose contract expires after the World Cup qualifiers against Iran and Saudi Arabia next month. The UAE have already failed to reach South Africa 2010 and are bottom of Asia Qualifying Group Two with just one

point from six games.

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Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

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.”