Two would-be FIFA presidents stepped up campaigning on Friday after nominations closed to challenge Sepp Blatter for the most powerful job in world football.
Luis Figo identified the five national federations that formally nominated him, and FIFA Vice President Prince Ali bin al-Hussein of Jordan pledged not to “dodge my responsibility” if elected to lead the scandal-hit governing body.
Portugal great Figo said in a statement he received the endorsement of Denmark, Luxembourg, Macedonia, Montenegro, and Poland.
He was also backed by his own national federation before the entry deadline on Thursday.
Figo joined Netherlands federation president Michael van Praag in having nominations only from Europe, where opposition to Blatter is focused.
Blatter, who has headed FIFA for 17 years, has not said which five of FIFA’s 209 members nominated him for the May 29 election.
The 42-year-old Figo has little track record in football politics, and was a surprise entry this week.
“It has been a great start – my thanks to everyone concerned,” the former Barcelona and Real Madid playmaker said.
“I would like to thank my colleagues and friends from the nominating FAs and across the global football family who have already given their backing to my campaign, and sent messages encouraging me in this mission.”
Blatter is strongly favoured to win a fifth presidential term from members who show little desire for change, despite bribery and election scandals implicating several of his colleagues on the ruling executive committee.
On the 78-year-old Blatter’s watch, the World Cup has been a huge commercial success. FIFA has built a $1.5 billion cash reserve, and distributed around $200 million from 2014 World Cup profits in bonus payments to members and continental confederations.
UEFA is the only one of FIFA’s six continental bodies actively campaigning against Blatter.
Van Praag named the five European associations nominating him, at his campaign launch on Wednesday: Belgium, the Faroe Islands, Romania, Scotland and Sweden.
England has said it is formally backing Prince Ali, the FIFA vice president for Asia who shapes as the only non-European in the contest.
Prince Ali issued a statement on Friday saying he was prepared to “accept accountability at all times.”
“I will not attempt to shift blame or dodge my responsibility for the actions of FIFA,” said the 39-year-old prince, who is president of Jordan’s FA.
Prince Ali said he plans a news conference next week in London, and to spend time meeting federation leaders and hearing from football stakeholders before publishing his manifesto.
“This approach to my election campaign reflects my approach to the FIFA presidency – honest, open and collegiate,” he said.
Prince Ali’s campaign also has European roots. He has been encouraged to run by UEFA President Michel Platini, and his statement on Friday was issued by consultants also retained by UEFA.
Former FIFA official Jerome Champagne, a longtime Blatter ally from France, also sought to enter the race, though he has not confirmed if he submitted nomination papers.
It could be two weeks before the official field of candidates is confirmed.
FIFA has created an election oversight panel, led by its audit committee chairman Domenico Scala, which will validate nomination papers and receive vetting reports from FIFA’s ethics committee.
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Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Kanguva
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Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
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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.”
North Pole stats
Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
Nayanthara: Beyond The Fairy Tale
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Company name: Dharma
Date started: 2018
Founders: Charaf El Mansouri, Nisma Benani, Leah Howe
Based: Abu Dhabi
Sector: TravelTech
Funding stage: Pre-series A
Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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From Zero
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Disclaimer
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Stars: Cate Blanchett, Kevin Kline, Lesley Manville
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