Arnau, left, in action for his last club, Scotland’s Falkirk.
Arnau, left, in action for his last club, Scotland’s Falkirk.
Arnau, left, in action for his last club, Scotland’s Falkirk.
Arnau, left, in action for his last club, Scotland’s Falkirk.

Sport

The Barca star who didn't make it to the top

Arnau Riera, the former B team captain, tells the tale of his career.

Andy Mitten
Andy Mitten
Barcelona and Manchester

December 26, 2010

  • English
  • Arabic

I started my youth apprenticeship at Mallorca, but moved to Barca. Even at youth level, the main difference between the two clubs was not only the quality of the players, but how you were encouraged to think quicker at Barca, to always think about moving the ball forward.

The influence of [Johan] Cruyff was everywhere. Training was always done with a ball at your feet. Barca has been the only club I've played at where it was like that. Players are made to feel special, too. The transport to games, the hotels, the tracksuits, the kit, everything is perfect.

I played with Andres Iniesta and Victor Valdes as they progressed through the B team. I also trained with the first team and played several friendlies, where I roomed with Samuel Eto'o. The first team was just another step up in speed.

It was unbelievably fast, but apart from that, Barca do all they can to minimise the step up. That way players don't feel extra pressure when they move from the B to the first team. They already know the Barca way.

Mentally, nothing fazes you and the formation and system is the same 4-3-3 at all Barca teams.

By 2005 I was the captain of Barca B and newspapers said I was the next player to break into the first team. Lionel Messi played in my team; his talent was obvious.

I hit him hard in training one day so that he knew he was playing with the big boys. He flew up in the air like a fly, then landed, dusted himself down and carried on. Quiet off the pitch, he was a bomb on it. He moved quickly into the first team. I didn't.

Xavi and Iniesta were ahead of me, Thiago Motta, Rafael Marquez and Gabri too. I couldn't see how I would get in so I moved to Sunderland on a three-year contract in 2006. I got man of the match in my first game, then Roy Keane was appointed manager. He didn't play me once, didn't give me a chance.

I went on loan to Falkirk in Scotland in two one-year deals. It was a drop down, but I enjoyed it. Iniesta got in touch when Barca played Celtic in the Champions League; he's a good lad. Then I ruptured my cruciate ligament in 2009.

I was soon out of contract and not earning any money when [Sunderland chairman] Niall Quinn invited me to finish my recovery at Sunderland - a kind gesture from a great man.

I've been living with [Middlesbrough's] Julio Arca for the last three months and I'm fully recovered, fit ready to play again. I hope to go on trial and find a club in the New Year. I'm 29 and willing to go anywhere. It's a long way from being at Barca, but I'm not bitter at all. I just want to be playing football again.

* Interview by Andy Mitten

Saudi National Day

The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre

French business

France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.

Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3Eamana%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2010%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Karim%20Farra%20and%20Ziad%20Aboujeb%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EUAE%3Cbr%3E%3Cstrong%3ERegulator%3A%20%3C%2Fstrong%3EDFSA%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinancial%20services%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E85%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESelf-funded%3Cbr%3E%3C%2Fp%3E%0A

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.”

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.

Tips on buying property during a pandemic

Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.

While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.

While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar. 

Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.

Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.

Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities. 

Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong. 

Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.

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