It was always going to take the boldest gambler in the history of football to pull off the game's biggest transfer. And Florentino Perez is just that.
The construction magnate has never been afraid to roll the dice, Donald Trump-style. It all began in the spring of 2000 when he announced that he was ready to take on the incumbent, Lorenzo Sanz, for the presidency of Real Madrid. Sanz had delivered a league title and was about to win his second Champions' League in three years at the helm of the club.
To even think of defeating him required a move so bold it bordered on madness.
Which is what Perez did. He promised that, if elected, he would break the world transfer record to deliver Luis Figo from Real's archrivals Barcelona.
And, he added, it would not end there: another superstar would come on board the following year, probably Juventus's Zinedine Zidane, arguably the world's greatest player.
The media scoffed. Sanz called him a snake-oil salesman. Barcelona simply laughed at him. Juventus ignored him.
But the Real fans believed. And they voted him in. The Figo transfer was announced a few days later. All of a sudden, there seemed to be a method to Florentino's supposed madness.
Fast-forward to the end of the 2000-01 season. Figo was leading Real to the title. Zidane's Juventus were coming up short in Serie A, the third consecutive year without a domestic crown. And the Madrid press were spreading the word: "Zizou is next".
On May 22 a long interview with Zidane appeared in the Spanish daily newspaper Marca, seen by many as Real's unofficial house organ. Zidane expressed his desire to play in Spain "some day", reminding everyone that his wife is Spanish and suggesting that if the two clubs reached an agreement he would strongly consider it.
The denials came thick and fast. Perez himself said there "had been no contact with Juventus".
Roberto Bettega, Juve's vice chairman, said Zidane had four years left on his contract and "would definitely see them out".
Zidane himself, via his agent, Alain Migliaccio, denied ever speaking to Marca.
On May 28, the day Real Madrid won La Liga, another important building block fell into place. Perez announced the imminent sale of the club's legendary training ground, La Ciudad Deportiva, to the municipality of Madrid for an estimated ?325 million (Dh1.6bn), a move which wiped out Real's debt.
The club would build a new training ground in the suburbs, where land was far cheaper. It became even obvious to everyone: Perez was a man who made things happen. Two weeks later Zidane went to Polynesia on holiday. He skilfully eluded the platoon of journalists sent to track him down, but, in the interim, Migliaccio and Florentino were hard at work.
"I don't understand why Juventus are so stubborn when Real Madrid have made such a generous offer and Zizou has told them he wants to leave," Migliaccio said on June 22, the day Juve knocked back a ?50m bid.
A few days later, Antonio Giraudo, Juventus' chief executive, said: "He's staying and that's it. It doesn't matter what kind of offer comes in. I've spoken to Zizou and he's happy to stay."
But 10 days later, on July 3, Juventus agreed to meet Real officials at the Turin home of Umberto Agnelli, the club's owner.
News of this summit was leaked to the press and, on the morning of July 4, when Florentino and Jorge Valdano, Real's sporting director, arrived via private jet at Turin's Caselle airport, there was a gaggle of journalists ready to greet them.
Fifty members of the press waited patiently outside as the Real delegation met with their Juve counterparts: Agnelli, Giraudo, Bettega and Luciano Moggi.
There was no official announcement when the protagonists emerged six hours later. But the fact that everyone was more willing to speak to the press, the fact that all sides now described it as "probable" all but confirmed what many had suspected. Zidane was a Real Madrid player, for an astounding fee of around ?65m.
He was unveiled three days later, on July 7. Perez was hailed as a genius by some, as a fool by others. He assured the world that his business plan would allow Zidane to pay for himself many times over.
Juventus - who invested the funds to secure Gigi Buffon, Lilian Thuram and Pavel Nedved - went on to win Serie A in four of the next five seasons (though the latter two titles were subsequently stripped).
Zidane led Real Madrid to the Champions' League crown less than a year later, and did so in style, with a stunning goal against Bayer Leverkusen in the final.
And, perhaps most importantly, Perz had ushered in the "Galactico Era", laying the groundwork for the arrival of Ronaldo and David Beckham.
It was an era that ended with the galacticos fading, but Perez's big-spending was clearly a big hit with Real fans who voted him back in as president earlier this year. It has started what is being termed the second galactico era, with Kaka, Cristiano Ronaldo and Karim Benzema all recently joining.
gmarcotti@thenational.ae
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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.”
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
'The Coddling of the American Mind: How Good Intentions and Bad Ideas are Setting up a Generation for Failure'
Greg Lukianoff and Jonathan Haidt, Penguin Randomhouse
UAE currency: the story behind the money in your pockets
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Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
COMPANY%20PROFILE%20
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The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.