Swiss judges acquitted the Qatari president of Paris Saint-Germain Nasser Al Khelaifi. AP
Swiss judges acquitted the Qatari president of Paris Saint-Germain Nasser Al Khelaifi. AP
Swiss judges acquitted the Qatari president of Paris Saint-Germain Nasser Al Khelaifi. AP
Swiss judges acquitted the Qatari president of Paris Saint-Germain Nasser Al Khelaifi. AP

BeIN Media chairman Nasser Al Khelaifi cleared in Fifa corruption trial


Paul Peachey
  • English
  • Arabic

The chairman of Qatar’s beIN Media Group Nasser Al Khelaifi has been cleared by a Swiss court in connection with the alleged corrupt allocation of television rights to the network for the 2026 and 2030 World Cups.

Mr Al Khelaifi, who is also president of French champions Paris Saint-Germain, stood trial over a deal to allow former Fifa number two Jerome Valcke exclusive use of his €7 million ($8.18m) villa on the Italian island of Sardinia rent-free. Mr Al Khelaifi’s network was subsequently awarded rights in 2014 to the two tournaments without it going out to tender.

Valcke, the former right-hand man of disgraced former Fifa boss Sepp Blatter, was convicted on Friday over forged documents related to Italian and Greek television rights.

He was given a suspended 120-day prison sentence, which means he will not serve time unless he commits a further offence. Despite being cleared of the most serious charges, he was ordered to repay Fifa €1.75m.

A broader investigation into alleged bribery connected to the two men over broadcasting rights for the World Cup in 2026 and 2030 and other Fifa events in the Middle East was abandoned earlier this year.

Fifa reached an “amicable settlement” last month with the Qatari in January following a three-year internal inquiry.

The settlement meant that Swiss prosecutors could no longer pursue the case. Fifa has declined to comment on the terms of the deal.

The verdict was the first judgment handed down in Switzerland after some 20 proceedings have opened in the last five years involving the scandal-ridden governing body of world football that is based in Zurich.

After a 10-day trial, Mr Al Khelaifi was cleared of a charge of incitement to criminal mismanagement after prosecutors alleged he put Valcke under pressure not to tell his employers about the villa deal.

“After a relentless four-year campaign against me that ignored the basic facts and law at every turn, I have finally, fully and completely cleared my name,” said Mr Al Khelaifi. “Today’s verdict is a total vindication.”

The case revolved around whether Mr Khelaifi allowed Valcke free use of the villa, given that beIN was the sole bidder for the Middle East media rights to the two World Cups.

The prosecution claimed that Valcke committed to do what he could to ensure beIN would win the contract and should have declared the villa deal to his employers.

The two men, however, claimed that the deal was a private arrangement unrelated to the broadcasting rights deal.

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Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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Normcore explained

Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.

Mina Cup winners

Under 12 – Minerva Academy

Under 14 – Unam Pumas

Under 16 – Fursan Hispania

Under 18 – Madenat

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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COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
Buy farm-fresh food

The UAE is stepping up its game when it comes to platforms for local farms to show off and sell their produce.

In Dubai, visit Emirati Farmers Souq at The Pointe every Saturday from 8am to 2pm, which has produce from Al Ammar Farm, Omar Al Katri Farm, Hikarivege Vegetables, Rashed Farms and Al Khaleej Honey Trading, among others. 

In Sharjah, the Aljada residential community will launch a new outdoor farmers’ market every Friday starting this weekend. Manbat will be held from 3pm to 8pm, and will host 30 farmers, local home-grown entrepreneurs and food stalls from the teams behind Badia Farms; Emirates Hydroponics Farms; Modern Organic Farm; Revolution Real; Astraea Farms; and Al Khaleej Food. 

In Abu Dhabi, order farm produce from Food Crowd, an online grocery platform that supplies fresh and organic ingredients directly from farms such as Emirates Bio Farm, TFC, Armela Farms and mother company Al Dahra. 

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Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
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THE BIO:

Favourite holiday destination: Thailand. I go every year and I’m obsessed with the fitness camps there.

Favourite book: Born to Run by Christopher McDougall. It’s an amazing story about barefoot running.

Favourite film: A League of their Own. I used to love watching it in my granny’s house when I was seven.

Personal motto: Believe it and you can achieve it.

Student Of The Year 2

Director: Punit Malhotra

Stars: Tiger Shroff, Tara Sutaria, Ananya Pandey, Aditya Seal 

1.5 stars