ABU DHABI // Over the years, its name has changed, but its exclusivity has remained. And in December, the Fifa Club World Cup enters a new era when Abu Dhabi debuts as the competition's host.
In the past, it was known as the Club World Championship, and before that the Intercontinental Cup.
Now a competition pitting seven confederation champions from around the globe in a tournament to decide the "champions of the world", it was previously a Europe versus South America play-off.
Indeed, ever since the Copa Libertadores was launched in 1960, South America's best have tangled in direct, annual competition with the winners of the European Cup - now the Champions League.
And the Latin teams have more than played their part in spoiling their trans-Atlantic rivals' claims to international bragging rights.
In the 20 years of the Intercontinental Cup's two-leg format, South American clubs trumped Europe's finest with 10 wins to eight. In the 24 years the one-leg final was fought out in Tokyo - from 1980 to 2004 - the honours were even at 12 wins apiece.
And although the 2000 Club World Cup trial did not take-off until 2004, European clubs trail their South American contemporaries 3-2 in the modern format.
The Intercontinental Cup was born when Real Madrid and Uruguay's Penarol contested the inaugural edition in 1960.
The Spanish giants kept it tight on a terrible Montevideo pitch to come away with a 0-0 draw, In the Bernabéu return, Ferenc Puskas (two) and Alfredo Di Stefano gave Real a 3-0 half-time lead. Some 120,000 Madrid fans - and an estimated television audience of 150 million - saw Herrera and Gento hammer home two more goals for Real before Spencer scored a late consolation goal for the visitors.
Penarol got their revenge the following year, downing a Eusebio-led Benfica in a third play-off match.
Away goals were non-existent in the first two encounters, with both teams winning their home games - Penarol 5-0 and Benfica 1-0. The Uruguayans hosted the decider, and won 2-1.
Honours were even. And so they stayed for the majority of the 1960s and 1970s as contrasting football styles sparked countless bruising encounters.
None was more violent than Manchester United and Estudiantes' 1968 battles.
After a 1-0 home win for the Argentine side, in which United had Nobby Stiles sent off, Old Trafford hosted the return leg.
George Best was brutally targeted by José Hugo Medina throughout the game, and a scuffle broke out between them towards the end.
Both players were sent off, the match ended in a 1-1 draw and Estudiantes walked away triumphant.
Outrageous tackles and infamous on-pitch recriminations have made the notorious clashes are too plentiful to list. "Champions of the World" is, after all, a much-coveted title.
The referee rarely oversees a dull script, and cards, of both variety, bring constant colour to games already rich in tapestry.
Whether it's black and white footage of Puskas, Ruben Sune, Ferenc, Best and Luis Cubilla, or colour images of recent stars such as Zidane, Romario, Chilavert, Baresi and Van Basten, the enduring fantasy of the competition - and its prize - lingers.
Manchester United won't be in Abu Dhabi to defend the world title they won in Japan last year. But the club who beat them in the Champions League final, Barcelona, with Xavi, Iniesta, Messi and Henry in their ranks, will be keen to even Europe's score on their behalf against Estudiantes, the Copa Libertadores winners.
emegson@thenational.ae
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PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
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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: Verity
Date started: May 2021
Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif
Based: Dubai
Sector: FinTech
Size: four team members
Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000
Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors
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What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
Greatest Royal Rumble results
John Cena pinned Triple H in a singles match
Cedric Alexander retained the WWE Cruiserweight title against Kalisto
Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus
Jeff Hardy retained the United States title against Jinder Mahal
Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos
Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe
AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out
The Undertaker beats Rusev in a casket match
Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match
Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last
'Nope'
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Specs
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Sholto Byrnes on Myanmar politics
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What is Genes in Space?
Genes in Space is an annual competition first launched by the UAE Space Agency, The National and Boeing in 2015.
It challenges school pupils to design experiments to be conducted in space and it aims to encourage future talent for the UAE’s fledgling space industry. It is the first of its kind in the UAE and, as well as encouraging talent, it also aims to raise interest and awareness among the general population about space exploration.
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RESULTS
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My Country: A Syrian Memoir
Kassem Eid, Bloomsbury
Biography
Her family: She has four sons, aged 29, 27, 25 and 24 and is a grandmother-of-nine
Favourite book: Flashes of Thought by Sheikh Mohammed bin Rashid
Favourite drink: Water
Her hobbies: Reading and volunteer work
Favourite music: Classical music
Her motto: I don't wait, I initiate
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