Al Wasl are close to striking a deal to take Emmanuel Culio from Deportivo La Coruna, a side in the Spanish second division, and hope to finalise the transfer this week. Valerio Pennicino / Getty Images
Al Wasl are close to striking a deal to take Emmanuel Culio from Deportivo La Coruna, a side in the Spanish second division, and hope to finalise the transfer this week. Valerio Pennicino / Getty ImagShow more

Al Wasl’s Cuper places target on Emmanuel Culio



DUBAI // Al Wasl’s extensive remodelling of their foreign contingent continues with the acquisition of Emmanuel Culio, the Argentine playmaker.

The Dubai club are close to striking a deal to take the player from Deportivo La Coruna, a side in the Spanish second division, and hope to finalise the transfer this week.

Culio is one of three changes within the squad’s expatriate ensemble for the remainder of this season, at least, with only Andre Senghor, the striker on loan from Baniyas, retained.

Edson Puch, the Chilean who joined on a four-year contract in 2011, has been recalled after impressing coach Hector Cuper in training.

Much like compatriot Luis Jimenez did at Al Ahli, Puch is in the process of attaining Palestinian citizenship and will therefore qualify as Wasl’s Asian player. He replaces Morocco’s Abdelfettah Boukhriss, who has returned to FUS de Rabat on a free transfer.

Wasl have already signed Yalcin Ayhan, the Turkish defender, from Ksimpasa in his homeland. He completes their foreign quartet.

However, it is Culio’s arrival that resonates most, especially as he seems set to take the place of Mariano Donda, Wasl’s influential midfielder. The club said a decision is yet to be made on the Argentine’s future, but there has been interest in his services, both from inside the UAE and within the Arabian Gulf region.

“Nothing is clear at the moment,” said a senior source at the club. “We have a game this week [against Sharjah tomorrow], so nothing will be decided until after then. We’ll receive a final decision from the coach in the next few days.”

Kaio and Milan Susak, two summer recruits, are still on Wasl’s roster, although Kaio has already been told he can leave on loan. A number of clubs in South Korea and Japan are said to be interested in the forward.

What is certain, though, is that Cuper is beginning to shape the squad to his liking after succeeding Laurent Banide in November.

Culio, 30, represents a known quantity, given that he played under Cuper at Turkey’s Orduspor during a loan spell from Galatasaray. His versatility – he can play across the midfield or behind the striker – was said to be key to the pending move.

“We’ve not yet finalised the deal, but we’re almost there,” said the club source. “Cuper knows him very well, and so knows his capabilities. He was the one he wanted.

“All the decisions were made by the coach in terms of foreign players, and he’s also been watching local players, too. We’re getting their CVs and decisions will be made very soon.”

Wasl have opened negotiations with Al Jazira for Hamad Al Hamadi, the UAE Olympic team defender. At age 22, the club’s technical committee see him as a continuation of their long-term project, which places an emphasis on developing young talent. They remain confident an agreement will be reached.

jmcaulaey@thenational.aea

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Install an air filter in your home.

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RESULTS
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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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Zidane's managerial achievements

La Liga: 2016/17
Spanish Super Cup: 2017
Uefa Champions League: 2015/16, 2016/17, 2017/18
Uefa Super Cup: 2016, 2017
Fifa Club World Cup: 2016, 2017

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.

Bookshops: A Reader's History by Jorge Carrión (translated from the Spanish by Peter Bush),
Biblioasis

Six things you need to know about UAE Women’s Special Olympics football team

Several girls started playing football at age four

They describe sport as their passion

The girls don’t dwell on their condition

They just say they may need to work a little harder than others

When not in training, they play football with their brothers and sisters

The girls want to inspire others to join the UAE Special Olympics teams

RESULT

Bayern Munich 5 Eintrracht Frankfurt 2
Bayern:
 Goretzka (17'), Müller (41'), Lewandowski (46'), Davies (61'), Hinteregger (74' og)    
Frankfurt: Hinteregger (52', 55')