Abu Dhabi // High praise and patriotic pride greeted the UAE's triumphant footballers when they returned home yesterday after winning the Gulf Cup.
After the team's dramatic 2-1 extra-time victory over Iraq in Friday night's final in Bahrain, the President, Sheikh Khalifa, welcomed them at Al Rawda Palace in Al Ain.
Television pictures showed Sheikh Khalifa smiling and laughing before posing for photographs with the players, who stood alongside him holding the prestigious trophy.
"The achievement made by the sons of the UAE at this big Gulf event swept the UAE with joy and renewed our continuous celebration of our achievements," the President said as he shook hands with the players. "It is an opportunity to show our solidarity and eternal love for this generous country."
Sheikh Khalifa said national sports and those who took part in them were the face of the UAE and it was everyone's duty to stand by them. "Achievements cannot be made out of nothing, rather, they are made through diligent work, patience and self-belief and, above all, through love of the country, as we all walk the same path and seek to make our state and its pride the ultimate and highest goal."
And the plaudits did not end there. In appreciation of their achievement, Sheikh Khalifa granted Dh50 million to the squad while Sheikha Hind bint Maktoum, wife of Sheikh Mohammed bin Rashid, Vice-President and Ruler of Dubai, donated Dh25 million.
The team were also granted Dh12 million by Sheikh Rashid and Sheikh Saeed, sons of Sheikh Hamdan bin Rashid, the Minister of Finance and Dubai's Deputy Ruler.
And today it was announced on twitter that Sheikh Mohammed had himself given a Dh50m grant "in appreciation of their great achievement".
Praise also came from overseas as the emir of Qatar, Sheikh Hamad bin Khalifa Al Thani, called the President to pass on his congratulations.
Football fans on their way home from Bahrain were offered flowers by army and police officers at the airport and at the UAE border with Saudi Arabia.
There were nearly 18,400 returning.More than 11,200 came back by air and the rest drove through Al Ghuweifat border crossing.
Fans who stayed in the UAE recovered yesterday after enthusiastic celebrations.
In Abu Dhabi, hundreds took part in a car parade along the Corniche.
Ayesha Al Alawi, 22, was there to see the celebrations with her family. "There were people getting outside the cars and running on the streets showing that they were happy and there were some guys also dancing beside their cars and leaning out of the windows," she said.
Cars filled with fans turned many of the main roads in Dubai and Sharjah into car parks as hundreds took to the streets to celebrate. There were impromptu parades at Al Mamzar, starting from the Sharjah section of the beach and running all the way to Dubai.
Traffic was also backed up from Jumeirah Beach Road, a popular spot for parades, to Jumeirah Beach Residence in Dubai Marina.
"The road was so packed, everyone was dancing and singing in their cars," said Mohammed Hamaideh, 23, an engineer, who celebrated on Jumeirah Beach Road until 3am. "We wanted to go out to celebrate the victory, and feel the common joy."
The scene was repeated on the streets of Manama, said Marwan Khoory, 29, an Emirati fan who flew to Bahrain to support the team.
"The was so much happiness in the place," he said. "There were car parades everywhere and there were many Bahraini families who took to the streets to congratulate us."
ecleland@thenational.ae
wissa@thenational.ae
* Additional reporting by Wam
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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Killing of Qassem Suleimani
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.”
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
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What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
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Price: From Dh590,000
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
The biog
Favourite food: Tabbouleh, greek salad and sushi
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Name of first pet: Eddy, a Persian cat that showed up at our home
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What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
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GAC GS8 Specs
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Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
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