South Korea's Ji-sung Park, left, celebrates with teammates after a 2-2 draw against Nigeria saw them progress to the last 16.
South Korea's Ji-sung Park, left, celebrates with teammates after a 2-2 draw against Nigeria saw them progress to the last 16.

South Korea set goal of last four: Huh



PORT ELIZABETH // Having achieved their aim of making the last 16 of the World Cup, South Korea are reassessing their ambitions for the remainder of the tournament. "Semi-finals" is the team's new goal, according to their coach. "I think my players will not settle with just reaching the last 16," Jung-moo Huh said. "My players would like to reach the semi-finals. I believe the group phase was the most difficult and from now on, it's a 50-50 chance of going through.

"We can't predict what will happen but I know that my players will want higher targets." South Korea can take a step toward their new goal when they play Uruguay today. A place in the second round of the World Cup had long been a national obsession. South Korea reached that stage as co-hosts in 2002, but it has never happened in six previous attempts overseas. The lucky seventh came thanks to a draw with Nigeria on Tuesday, which secured second place in Group B.

Ji-sung Park, the Manchester United midfielder, said the team had already achieved its tournament ambitions. "I'm not sure what our new goal is but we'll just try to win the next match," Park said. "It really is fantastic to write a new chapter in the history of Korean football." For months, any overseas player returning home was greeted at the airport with demands for a prediction of South Korea's chances of reaching the last 16.

Young-pyo Lee put the probability at 40 per cent, while others, such as Woon-jae Lee, thought their chances more likely. But all stressed the importance of surviving the group stage. After defeating Greece 2-0 in the opening match and losing 4-1 to Argentina in the following game, a draw against Nigeria was always likely to be enough to finish behind Argentina, but it was a nervous finish. "When the final whistle went my legs started shaking," said Nam-il Kim, the midfielder. "I felt happier about this than in 2002 when we reached the semi-final."

Despite the 3.30am start time in Korea, the scenes in Seoul were also similar to eight years ago. An estimated 500,000 fans took to the streets to watch the match on giant television screens. Myung-bak Lee, the country's president, also tuned in and sent a message of congratulations to the team. South Korea will not be underestimating Uruguay, the winner of Group A and their next opponents, Park said.

"We watched a few of Uruguay's games. They have quality and they are strong," Park said. "We have to prepare well." Huh said he was impressed by Uruguay's ability to attack. "The key will be who controls the flow of the game on match day," Huh said. "Uruguay are very strong in counter-attacks and we must take care of it." Huh hopes his side can prove against Uruguay that they can deliver. "I think that Asian football is doing quite well at this World Cup," he said. "We are getting a little bit closer to the international level but we still have a lot of work to do." * AP Watch Uruguay v South Korea (6pm) and United States v Ghana (10.30pm) both on Aljazeera World Cup and Aljazeera Sport +9

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

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

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WHAT IS THE LICENSING PROCESS FOR VARA?

Vara will cater to three categories of companies in Dubai (except the DIFC):

Category A: Minimum viable product (MVP) applicants that are currently in the process of securing an MVP licence: This is a three-stage process starting with [1] a provisional permit, graduating to [2] preparatory licence and concluding with [3] operational licence. Applicants that are already in the MVP process will be advised by Vara to either continue within the MVP framework or be transitioned to the full market product licensing process.

Category B: Existing legacy virtual asset service providers prior to February 7, 2023, which are required to come under Vara supervision. All operating service proviers in Dubai (excluding the DIFC) fall under Vara’s supervision.

Category C: New applicants seeking a Vara licence or existing applicants adding new activities. All applicants that do not fall under Category A or B can begin the application process through their current or prospective commercial licensor — the DET or Free Zone Authority — or directly through Vara in the instance that they have yet to determine the commercial operating zone in Dubai. 

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government


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