DUBAI // Habib Fardan says more Emiratis must seek to continue their careers outside the UAE in order to help the development of football within the country.
The Al Ahli midfielder, 24, was reacting to news this weekend that Omar Abdulrahman, his compatriot and close friend, signed a three-year contract extension with Al Ain, keeping him at the Garden City club until 2018, at least.
In agreeing to the deal, Abdulrahman appears for the moment to have closed the door on a high-profile transfer to Europe. He was tipped to make a move this summer to a prominent European league, having starred with the UAE at last month’s Asian Cup.
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Abdulrahman has previously been linked with several high-profile clubs in Europe, including Manchester City, Arsenal, Liverpool, Valencia and Hamburg.
No Emirati has represented a top-ranked club in Europe on a full-time basis – in 2012, Hamdan Al Kamali spent six months on loan at French side Lyon – but, with the recent success of the national team, it seems like an opportune time for a UAE player to break the mould.
Following the Asian Cup, Ali Mabkhout, who finished as the top scorer in Australia with five goals as the UAE secured third place, said he would welcome a switch to Europe. He said a German club had already been in contact with him.
Fardan said Mabkhout and Abdulrahman have the ability to prosper away from the Arabian Gulf League, and that such a transfer would be integral to the evolution of Emirati football.
“I think if one player goes there and everybody sees the talents of Emirati players, more will go in the future,” Fardan said on Monday, speaking at an event for sponsors Adidas.
“But the first step is the hardest. For example, if Omar or Ali goes to Europe, it will be great for not only us, but for the next generation, so they can start, too.
“We have a lot of players in the squad approaching 25 or 26, so it’s good for the next generation. It’s important for them and the future of the UAE.”
Fardan said he was not surprised that Abdulrahman, 23, renewed his contract with Al Ain, but he still expects his national-team colleague to eventually test himself outside the country.
“I think Omar can play in Europe or anywhere else,” Fardan said. “With his skills and his ability on the pitch, he can play in any league.
“I can’t predict what he’s going to do, but I’m happy he’s signed a good contract with Al Ain. I believe he can play in Europe and I think he will, even in five years’ time.
“I hope for all the best for him because he’s like my brother – more than my brother.”
Abdulrahman’s new deal is believed to be worth around Dh14 million per year, reportedly making him the best-paid Arab player in the region. This, coupled with his familiarity with the AGL, has been cited as a major reason in his decision to remain at Al Ain.
Fardan, though, said several factors contribute to a player’s chances of securing a move abroad. He has had offers in the past, chiefly from clubs based in Belgium and the Netherlands, yet at the time was contracted to Al Nasr, his previous employer.
“It depends on the clubs, but not only them,” said Fardan, who turns 25 next month. “Many things: the clubs, the players, the other clubs and the contracts. Lots of things decide it.
“I think one day I’m going to play in Europe. It’s my dream. I know 24 or 25 is seen as late, but I still have hope.”
jmcauley@thenational.ae
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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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