Ahmed Khalil, left, and Omar Abdulrahman may still be young, but they have plenty of international experience. Fadi Al Assaad / Reuters
Ahmed Khalil, left, and Omar Abdulrahman may still be young, but they have plenty of international experience. Fadi Al Assaad / Reuters

Gulf Cup ideal dress rehearsal for UAE before Asian Cup



Abdulrahman Mohammed, the former UAE captain, claims Tuesday’s Gulf Cup draw in Riyadh will matter little to the defending champions, because coach Mahdi Ali’s side do not fear any team.

Mohammed will be representing the UAE at Tuesday’s draw in Riyadh, along with another former UAE star, Mohsin Misbah, national coach Mahdi Ali, team manager Mutrif Al Shamsi and Mohammed Abdullah Hazzam Al Dhahiri, the secretary general of the UAE Football Association.

The draw ceremony, set for 10.30pm in the UAE, will be held at Riyadh’s Masmak Fort, with hosts Saudi Arabia and defending champions UAE placed in Group A and B, respectively. The rest of the six teams will be drawn in batches of two relative to their Fifa rankings, with Oman (69) and Qatar (86) in the first lot, followed by Iraq (89) and Bahrain (105), and finally Kuwait (107) and Yemen (180).

Seven of the eight teams have qualified for January’s Asian Cup in Australia as well, and two of them – Bahrain and Qatar – are in the same group as the UAE, along with Iran.

The only Gulf team not going to Australia is Yemen and the Gulf Cup group featuring the minnows will certainly be the weaker of the two, but Mohammed insists the UAE, the highest-ranked team in the competition at No 65, will not be worried.

“We will go to Saudi Arabia without fearing for any team, well-prepared and as the defending champions,” he said. “This generation of players, led by Mahdi Ali, has gained considerable experience, though they are still young. They have grown up together and now have played a lot of international matches with the senior team, as well.

“So we will go to Saudi Arabia, not looking back but ahead, since we have a bigger challenge coming up in the shape of the Asian Cup. If we do well in the Gulf Cup, we will can go to Australia with our confidence high.”

The Gulf Cup will be played in Riyadh from November 13 to 26. The UAE, who won the tournament in Bahrain last year, will play their opening group match on November 14, followed by the second on November 17 and the last one on November 20.

The semi-finals are scheduled for November 23, while the third-place play-off will take place a day before the November 26 finale. Mohammed expects the UAE to be one of the two sides playing for the title, with hosts Saudi Arabia viewed as the most likely opponent.

“With all due respect to the rest of the teams taking part in the competition, I think the Saudi team will be the only threat to the UAE,” he said. “They will be playing at home, among their fans, and this will give them an advantage.”

The UAE team will be camping in Austria from August 13 to September 7, as part of their Gulf Cup preparations, and will play friendly matches against Norway in Oslo on August 27, before returning to Austria to take on Lithuania on September 3. The UAE play Paraguay on the final day of camp.

However, the six Al Ain players included in the 26-member squad for the camp – Khalid Essa, Mohammed Ahmed, Mohaned Salem, Ismail Ahmed, Mohammed Fawzi and Omar Abdulrahman – will not join the team until August 28.

Al Ain manager Zlatko Dalic’s men play Saudi club Al Ittihad in the two-legged AFC Champions League quarter-final on August 19 and August 26.

arizvi@thenational.ae

Follow our sports coverage on Twitter @SprtNationalUAE

Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

COMPANY%20PROFILE
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Director: Venkat Prabhu
Rating: 2/5
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A
The Penguin

Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz

Creator: Lauren LeFranc

Rating: 4/5

Student Of The Year 2

Director: Punit Malhotra

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

1.5 stars

The%20specs
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The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

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Jigra
Director: Vasan Bala
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Rated: 3.5/5
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
 
The specs

  Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now

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Mobile phone packages comparison
The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

End of free parking

- paid-for parking will be rolled across Abu Dhabi island on August 18

- drivers will have three working weeks leeway before fines are issued

- areas that are currently free to park - around Sheikh Zayed Bridge, Maqta Bridge, Mussaffah Bridge and the Corniche - will now require a ticket

- villa residents will need a permit to park outside their home. One vehicle is Dh800 and a second is Dh1,200. 

- The penalty for failing to pay for a ticket after 10 minutes will be Dh200

- Parking on a patch of sand will incur a fine of Dh300

The specs

Engine: 2.0-litre 4-cylinder turbo

Power: 240hp at 5,500rpm

Torque: 390Nm at 3,000rpm

Transmission: eight-speed auto

Price: from Dh122,745

On sale: now

UAE currency: the story behind the money in your pockets
Key changes

Commission caps

For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:

• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term). 

• On the protection component, there is a cap  of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).

• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated. 

• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.

• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.

Disclosure

Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.

“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”

Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.

Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.

“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.

Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.

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Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5