The confusion over the postponement of the 2015 Gulf Cup of Nations continues. The 23rd edition of the competition, set to take place in Kuwait, was last week delayed from December for at least a year.
Or was it?
Rumours circulating in the Arabic media over the past few days has hinted that the Kuwait Football Association, under pressure from the country’s General Authority for Youth and Sports, might reconsider holding the tournament this December as originally slated, citing that to postpone the regional competition would paint the Gulf country in a bad light.
In the meantime, the Arabian Gulf League, as well as other domestic leagues in the GCC, including Kuwait’s, have either been postponed or put on hold due to KFA’s initial decision.
A U-turn now will cause even further disruptions. In the long term, expect more damage to the reputation of a competition that never seems to be too far from controversy and confusion.
There does appear one obvious solution to the never-ending organisational issues, according to the president of the UAE FA.
“We hope that [the individual federations] can come to an agreement over the creation of a permanent committee that can handle every logistical and marketing aspect of the tournament.”
The words of Yousef Al Serkal came during last year’s Gulf Cup in Saudi Arabia, but they would not have been out of place at any point during the competition’s 45-year history.
Incredibly, while other sports within the GCC have their own organising committees, no regional body currently has total oversight of a competition that has been played on an almost biennial basis since 1970.
As things stand, the host nation — agreed upon by the participating associations during ad hoc meetings — is in sole charge of scheduling, marketing and selling television rights.
The Gulf Cup is not a Fifa-sanctioned competition, and will not gain such status unless a fixed, bi-annual schedule for the competition can be confirmed.
In the absence of a ruling body capable ofimplementing this, as well as solving the constant bickering between rival associations, this remains some way off.
The competition has seen its share of controversy, none more so than the last one.
The last two tournaments had been awarded to Iraq, but for sociopolitical reasons, they did not meet the criteria to host the tournament. The 2014 Gulf Cup was moved to Saudi Arabia as a result, and the latest one to Kuwait.
If any Gulf Cup was screaming out for a rescheduling, then it was the 2014 edition in Riyadh, which ended only six weeks before the start of the 2015 Asian Cup in Australia. With Yemen the only one of eight GCC countries not involved in the continent’s biggest competition, bringing the Gulf Cup forward or, more realistically, postponing would have been welcomed by everyone.
Al Serkal, a long-time advocate of a full-time Gulf Cup committee, had a few doubts on the eve of the big kick off.
“We tried to convince the Saudis to have a bigger gap between the two tournaments,” he said. “For any team, except Yemen, whoever loses has another chance at the Asian Cup. It’s our duty to look after the team in both cases, and we will be ready whether we win or lose.”
Another major disagreement arose over the distribution of TV rights, which for years remained free for all broadcasters in the region. But in 2014 a tiered system was introduced for the first time that called for certain television stations, including Qatar’s beIN Sports, Abu Dhabi Sports and Dubai Sports, to pay up to US$15 million (Dh55.1m) for the right to broadcast the two-week-long competition.
“This is a tournament for all football fans and media in the Gulf. Why should one television station in one country broadcast and another can’t because the cost is prohibitive?” Al Serkal said. “I call on the heads of federations to take a stand. If this was in the UAE, we would be ready to hand over for the greater good.”
Al Serkal saw the situation as unsustainable, and predicted trouble ahead for the competition if a consensus was not reached.
“If this carries on, it will affect not just its existence, but even its unique flavour too,” he said.
The constant changing of dates also has serious consequences for players, especially those who play in foreign leagues for clubs that have no obligation to release them for a non-Fifa sanctioned event. In Saudi Arabia last year, two Iraqi players — midfielder Yaser Kasim, the 2013 Asian Young Player of the Year, and defender Ali Adnan — had to return to their respective clubs in Europe halfway through the tournament.
Now, associations, managers and players are left in limbo again and must await a final decision from the Kuwaiti FA on whether this tournament will go ahead as originally planned or in 2016, which could disrupt their domestic, continental and international schedules further still.
It should be a joint decision, designed to benefit all. The time has come for a full-time Gulf Cup committee.
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MATCH INFO
Qalandars 109-3 (10ovs)
Salt 30, Malan 24, Trego 23, Jayasuriya 2-14
Bangla Tigers (9.4ovs)
Fletcher 52, Rossouw 31
Bangla Tigers win by six wickets
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Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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.
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“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.”
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Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
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Killing of Qassem Suleimani
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Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
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Engine: 1.5-litre turbo
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MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Engine: 3.0-litre six-cylinder MHEV
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