MOSCOW // It was just a simple chess magazine, a slim periodical with annotated games and the latest news about grandmasters and child prodigies. But for Garry Kasparov, it changed everything.
It was November 2007, and Mr Kasparov, the former world chess champion, being held in a police detention facility in central Moscow. He had been sentenced to five days in jail for participation in an unsanctioned protest against the Kremlin in the run-up to Russian parliamentary elections. As he was serving out the short sentence, an unexpected visitor showed up: Mr Kasparov's erstwhile, bitter chess rival, Anatoly Karpov.
The acrimony between the two chess titans was legendary. Their battles over the board in the 1980s captivated the world, with Mr Kasparov, the brash newcomer, eventually defeating the loyal communist champion Mr Karpov, a favourite of the Soviet regime. But while police refused to allow Mr Karpov access to Mr Kasparov, he managed to get a copy of the famous Russian chess magazine 64 to his jailed ex-rival to help him to kill time behind bars.
The overture, Mr Kasparov said in the days following his release, "outweighs all of the problems in our relationship over the past 25 years".
"That was the first step," Mr Kasparov said in an interview last week. "I learnt being behind bars that you would judge many events differently. And Karpov trying to meet me there, when many people didn't even want to try, that was a big sign for me."
The relationship has blossomed into what could be called a friendship, said Mr Kasparov, who quit competitive chess in 2005 to take up opposition politics. Now it is Mr Kasparov offering his support to Mr Karpov, who has embarked on a campaign to become president of the World Chess Federation, the game's governing body known by its French acronym, FIDE.
With the backing of his old foe, Mr Karpov is locked in an unruly fight to unseat the current FIDE president, Kirsan Ilyumzhinov, who is also the eccentric leader of the southern Russian republic of Kalmykia. Mr Ilyumzhinov has held the FIDE presidency since 1995 but has faced repeated criticism in recent years for the lack of stable outside financing for major chess tournaments and the haphazard organisation of the world championship cycle.
"Everyone knows that I have a very complicated history with Karpov, but in this case I felt it was my duty to my colleague, a world champion, a person who is concerned about international chess and Russian chess," Mr Kasparov said of his support for the challenger's candidacy.
Unlike Mr Kasparov, whose uncompromising condemnation of Russia's ruling elite has made him a political persona non grata in his homeland, Mr Karpov has always been much more conservative in his approach to politics. He rarely, if ever, publicly criticises the country's leadership, and even served on the Russian government's Public Chamber, a government oversight committee made up of prominent public figures. "We have different political views, and we don't discuss politics," Mr Karpov said. "But as former world champions, we understand chess, and I'm happy that we share the same views on many problems in chess."
Mr Karpov's bid for the FIDE presidency met unexpected resistance from influential Russian officials, however. Arkady Dvorkovich, a Kremlin aide who heads the Russian Chess Federation's supervisory council, has backed Mr Ilyumzhinov as Russia's official nominee for the post. The stand-off has sparked angry accusations of intrigue and subterfuge from both sides and even triggered a schism in the Russian federation.
A group of supervisory council members met on Friday and voted 17-0 to nominate Mr Karpov, giving him a majority. Mr Dvorkovich, however, said the vote was "illegitimate" and that Mr Ilyumzhinov would be Russia's candidate in the election, to be held this autumn in the western Siberian city of Khanty-Mansiisk.
Being a world chess champion does not necessarily qualify a person to run a major international federation, Mr Dvorkovich said. "If Karpov believes he is a good candidate, he can ask any federation to nominate him," he said.
Mr Karpov has secured the support of the United States and several European countries and may indeed run as the candidate from one of these federations should he fail to earn the official Russian nomination.
Mr Ilyumzhinov has accused Mr Karpov and his backers of conducting a campaign "based on misrepresentation and false accusations", while Mr Karpov has been repeatedly playing up the Kalmyk president's claim to have been abducted by space aliens in 1997.
Mr Karpov said the game of kings is at a crossroads and that his presidency can restore the international popularity chess enjoyed when he and Mr Kasparov waged war against each other on 64 squares.
"Chess as a profession is in serious danger, and of course that hurts me," Mr Karpov said. "Chess is everything for me ? if chess dies, it will be a colossal tragedy."
@Email:cschreck@thenational.ae
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COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Sukuk explained
Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
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.”
Results
5pm: Maiden (PA) Dh80,000 (Turf) 1,200m, Winner: ES Rubban, Antonio Fresu (jockey), Ibrahim Aseel (trainer)
5.30pm: Handicap (PA) Dh85,000 (T) 1,200m, Winner: Al Mobher, Sczcepan Mazur, Ibrahim Al Hadhrami
6pm: Handicap (PA) Dh80,000 (T) 2,200m, Winner: Jabalini, Tadhg O’Shea, Ibrahim Al Hadhrami
6.30pm: Wathba Stallions Cup (PA) Dh70,000 (T) 2,200m, Winner: AF Abahe, Tadgh O’Shea, Ernst Oertel
7pm: Handicap (PA) Dh85,000 (T) 1,600m, Winner: AF Makerah, Tadhg O’Shea, Ernst Oertel
7.30pm: Maiden (TB) Dh80,000 (T) 1,600m, Winner: Law Of Peace, Tadhg O’Shea, Satish Seemar
The specs
Engine: 4 liquid-cooled permanent magnet synchronous electric motors placed at each wheel
Battery: Rimac 120kWh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry
Power: 1877bhp
Torque: 2300Nm
Price: Dh7,500,00
On sale: Now
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%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A