DUBAI // It was a familiar World Cup scene: countries' flags fluttering over the football pitch, national anthems ringing out and the trophy being unveiled.
But the setting was a little different: the participants and supporters were inmates at the Dubai Central Jail.
The event, organised as part of National Day celebrations, kicked off yesterday by Saeed Abdul Al Ghafar, the deputy head of the UAE football union, on a pitch littered with coloured streamers. The final is to be held on December 15.
The stakes are high; a total of Dh100,000 in prize money will be handed out. More importantly, the prisoners said it offered them a chance to at least feel free.
“For a short moment you feel that you are outside, you are not in jail and you forget about your prison situation. But at the same time you remember how it is to be free and you remember your family,” said Nelson Jones, 35, from the Philippines, who is serving a 15-year sentence for attempted murder.
His compatriot Jess Reyes, who is serving four years for breach of trust, said the feeling was bittersweet.
“Moments like this, when you feel a free person, makes it more hard to accept prison,” Reyes said. “It makes you miss your family.”
Col Adel Al Suwaidi, the director of education and training for the Prisoners Department, said he came up with the idea to mark the end of the sports training season for the year.
“Then we realised that it coincided with the National Day and we thought it would be nice to have different nationalities celebrating the day and greeting the UAE for its 40-year anniversary. So we came to think that it would be possible to organise a World Cup for inmates, as there are many different nationalities in the prison. So we asked the different nationalities at the prison to create their own teams.”
Twelve teams are competing: the UAE, Iran, the United Kingdom, India, Mexico, Cameroon, Egypt, Pakistan, the Philippines, Vietnam, Nigeria and the Ivory Coast are represented. Each team has seven players and a goalkeeper.
The teams were divided into four groups, much like the official World Cup, and will earn points for each match they win.
The UAE team marched on to the pitch for the opening ceremony carrying a large flag as the national anthem played.
As other teams followed, players began singing the well-known football cheer “Ole, Ole, Ole”. The Nigerian and Cameroonian teams went further, performing traditional African dances.
The efforts were not lost on the 30 inmates selected to watch the ceremony from behind bars in a sealed-off outdoor yard, who cheered as they watched. But the bigger crowds were indoors, as the jail’s 2,500 inmates watched the ceremony live on the prison’s CCTV channel.
They were also allowed to watch the first match of the tournament, between the UAE and Iranian teams. Iran won, 2-1.
The prize money will be distributed among players in the winning team, but special awards will be given out for the best player, goalkeeper, striker and referee.
Several inmates participating said they were hoping for a much bigger prize.
“We are here to celebrate the National Day of the UAE, but we also hope to celebrate our pardons,” said Aleen, 32, from Cameroon, sentenced to 25 years in jail for drug trafficking. “We are victims of circumstance and we live so far away from our family, who we miss and hope to see.”
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Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
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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.”
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