Sport

DIC ready for fresh Liverpool bid

Dubai International Capital (DIC) have made it clear they still want to buy Liverpool amid new reports of unrest at board level.

DUBAI // Dubai International Capital (DIC) have made it clear they still want to buy Liverpool, as the club's ownership battle threatens to flare up again over the proposed transfer of Gareth Barry. Manager Rafa Benitez is reported to be at loggerheads with Liverpool's American owners Tom Hicks and George Gillett after it emerged the duo had turned down an offer of a £12million (Dh84.6m) interest-free loan to help to buy Aston Villa midfield player Barry, 27.

Benitez had waited all week for money to be put in place to allow him to end the Barry saga before he sells any more players to fund the deal. But the US owners' failure to produce the promised short-term loan may mean the £18m transfer deal could soon be dead. The debacle might play straight in to the hands of long-term suitors DIC who have let it be known they are still waiting in the wings with their own proposals for the club.

The investment group had a £400m offer for the Merseyside club turned down in March and a source close to DIC said: "Just because it is has been a quiet summer does not mean DIC have lost interest. They are happy that things have now become low key, and they are awaiting developments." There is also speculation a former prospective buyer, and several rich US-based fans, are ready to help the club out of their cash problems.

Observers believe plans for the new stadium have, as yet, not included confirmed building contracts or the lease being agreed with the local council. The club's owners are also going to have to find cash soon to fund the stadium as well as re-finance the current loans. But the delay over the Barry deal is beginning to embarrass Liverpool. As soon as it was suggested the owners were looking to borrow money to fund the deal, City sources - admittedly close to the DIC bid - insisted borrowing would be difficult in the current climate.

* Agencies

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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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Know before you go
  • Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
  • If you’re driving, make sure your insurance covers Oman.
  • By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
  • Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
  • Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.

 

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
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What are the regulations?
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