World

Who are the parties bidding to buy football club Manchester United?

The race to buy Manchester United is taking shape.

Based on the publicly declared bidsfor one of the world’s most iconic soccer teams, the frontrunners are Qatari banker Sheikh Jassim bin Hamad al-Thani and local boy-turned-billionaire Jim Ratcliffe.

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There is also the possibility that the current American owners, the Glazer family, could yet retain control of the team, despite raising hopes among supporters they would finally walk away after repeated attempts by fans to drive them out.

After a second round of bidding last week, Sheikh Jassim and Ratcliffe remain in contention for what is likely to be the biggest ever sale of a sports team, with the price estimated to reach up to $6 billion.

Sheikh Jassim’s latest offer was placed on Friday night, a person with knowledge of the bid said.

The person spoke on the condition of anonymity because they were not authorized to comment publicly.

American merchant bank Raine’s decision to extend the deadline for the rival bidders to fine-tune their second bids has added to the feeling that it is effectively a two-horse race if there is to be an outright takeover of the 20-time English league champions.

Raine is handling the proposed sale on behalf of the Glazers and is also exploring other “strategic alternatives” that may see the family remain in place by selling a minority stake or take up other funding options.

The Glazers, who also own the Tampa Bay Buccaneers, want the process to be completed in time for the start of the offseason transfer window, when prospective new owners would be expected to invest significantly in the team.

Finnish entrepreneur Thomas Zilliacus declared his interest over the past week. His plans include a 50 percent shared ownership scheme with fans.

But it is Sheikh Jassim and Ratcliffe who appear to be leading the way.

Qatari Sheikh

Sheikh Jassim is the chairman of Qatar Islamic Bank and he is the son of a former prime minister.

He has submitted an offer to buy out the Glazer family, with the bid said to be completely separate from Qatari-owned Paris Saint-Germain.

Sheikh Jassim, who is described as a United fan, plans to buy the club through his Nine Two Foundation, which was named after the club’s famed Class of ‘92 youth team that produced stars like David Beckham and Ryan Giggs. That was also the year he became a supporter.

While concerns have been raised, Sheikh Jassim’s plans will appeal to fans on a number of levels.

He has promised to rid the club of debt, invest in the stadium, training center and playing squads in a bid to “return the club to its former glories both on and off the pitch.”

Meanwhile, supporters would hope a Qatar-based owner would be able to compete with the exorbitant spending of Manchester City, which is owned by Abu Dhabi’s ruling family and has dominated English soccer for the past 10 years.

Jim Ratcliffe

The billionaire owner of petrochemicals giant INEOS is one of Britain’s richest people and a United fan since childhood.

Born in Failsworth, Greater Manchester, he says he is focused on United winning the Champions League for the first time since 2008 and making it the “number one club in the world once again.”

Ratcliffe has bid for the Glazers’ stake of about 69 percent, a person with knowledge of the offer said.

The person spoke on the condition of anonymity because details of the bid have not been made public.

INEOS says it is aiming for “a modern, progressive, fan-centered approach to ownership.”

Ratcliffe is said to be worth $15.1 billion and already owns French club Nice, cycling franchise Team INEOS, is one-third shareholder of the Mercedes-AMG Petronas Formula One team and competes in the America’s Cup with sailing team INEOS Britannia.

Last year, he failed in a bid to buy Premier League rival Chelsea.

Elliott Management

American investment firm Elliott Management is an interesting addition to the process, given it has not made a bid for a full takeover.

Elliott has, however, bid for a minority stake and is prepared to offer capital or finance to other potential buyers, a person with knowledge of the process said.

The person spoke on the condition of anonymity because they were not authorized to comment publicly about the bid.

A minority stake or capital investment could provide a way for the Glazers to remain in control, while carrying out necessary development of United’s iconic, but ageing, Old Trafford stadium.

Elliott took control of AC Milan in 2018, stabilized the storied Italian club’s finances and led it to its first league title in 11 years last season.

Milan was sold to RedBird Capital Partners for about $1.3 billion last year.

Qatari billionaire to make second bid for Manchester United: Reports

Jim Ratcliffe jets in for Manchester United buyout talks

World

Crown Prince of Abu Dhabi meets with CEOs of leading Norwegian companies

H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, has met with a group of CEOs from leading Norwegian companies, as part of their participation in the UAE-Norway Investment Forum, held alongside his official visit to the Kingdom of Norway.

During the meeting, H.H. Sheikh Khaled bin Mohamed bin Zayed underscored the UAE leadership’s commitment to strengthening economic cooperation with its international partners.

He highlighted that investment in innovation and knowledge is a cornerstone for achieving sustainable development, noting that enhancing collaboration with Norwegian companies across key sectors will open new avenues for mutual economic growth between the two countries.

The UAE-Norway Investment Forum, taking place in Oslo, aimed to highlight available investment opportunities and strengthen trade relations between the UAE and Norway, fostering shared interests and supporting innovation and knowledge-based economic visions.

-wam

World

At the Indonesia International Book Fair 2024, TRENDS inaugurates 10th global office, releases four books

As part of its Asian research tour, partnership with Aletihad News Center, and
primary sponsorship of the Indonesia International Book Fair 2024, TRENDS
Research & Advisory inaugurated its office in Jakarta, marking its 10th location
worldwide. It also released four books in Indonesian.
The inauguration event was attended by ambassadors of the UAE, Bahrain, and
Jordan to Indonesia, chairpersons of the UAE and Indonesian Publishers’
Associations, the Director of TRENDS’ Jakarta office, and a group of researchers
and academics.
Speaking at the event, Dr. Mohammed Abdullah Al-Ali, CEO of TRENDS
Research & Advisory, stated that TRENDS’ international offices—set to reach 15
by the end of 2024—aim to enhance the Center’s research efforts and deepen its
role in disseminating knowledge, thus serving as a global knowledge bridge.
He emphasized, “At TRENDS, we believe in the importance of cooperation
between think tanks and prioritize this endeavor. We believe the TRENDS office in
Jakarta will enhance the exchange of knowledge and ideas between think tanks in
Asia and the Middle East, opening new horizons for collaboration in various
fields.”

Four books in Indonesian
As part of the Jakarta office’s inaugural activities, four books were released in
Indonesian, including the 11th and 12th books of the Muslim Brotherhood
Encyclopedia and Global Trends in AI and Automation and the Future of
Competition between Man and Machine: An Analytical Forward-looking Vision.

Hostility to Arab states
The 11th book of the Muslim Brotherhood Encyclopedia, The Concept of the State
According to the Muslim Brotherhood, highlights its hostile stance toward Arab
states since its inception. The group views them as an obstacle to its ascent to
power. It opposed the modern principles upon which these states were built,
considering them incompatible with the group’s unique interpretation of Islam,
which it claimed to embody exclusively.

Exclusion of nonconformists
The 12th book, The Muslim Brotherhood: Rejection of Tolerance and Exclusion of
Nonconformists, examines the Muslim Brotherhood’s stance towards
nonconformists, individuals, and entities. The book reveals the group’s binary view
of the world, categorizing others as allies or adversaries. It ties these relationships
to the Brotherhood’s internal power struggles and self-serving interests.

Global Trends in AI
The third book, Global Trends in AI, explores significant developments in AI and
its impact on various aspects of life, including the economy, society, and
governance. It also offers a comprehensive analysis of technological advancements
in AI, its applications across sectors, the ethical and social challenges it presents,
and its future trajectory.

Automation

The fourth book, Automation and the Future of Competition between Man and
Machine: An Analytical Forward-looking Vision, addresses the growing challenges
faced by the human workforce in the face of widespread automation and AI
applications. The book concludes that while automation presents a significant
challenge to the labor market, it simultaneously creates new opportunities. It
emphasizes the importance of preparing for this shift through skills development,
continuous education, and adopting economic and social policies that support the
workforce.

Prominent pavilion and active presence
The TRENDS’ pavilion at the Indonesia International Book Fair has attracted
numerous visitors, including academic researchers and officials, such as the
ambassadors of the UAE, Bahrain, Qatar, Jordan, and Turkey. Additionally,
chairpersons of Arab and Indonesian publishers’ associations, authors, publishers,
and students visited the pavilion. All were impressed with and praised TRENDS’ diverse, valuable publications. They also commended TRENDS’ active
international presence and ability to address global developments with rigorous
analytical research.
Dr. Mohammed Abdullah Al-Ali honored the esteemed guests, including
ambassadors of the UAE and Bahrain to Indonesia, Wedha Startesti Yudha,
Chairperson of the Indonesia International Book Fair Committee, Arys Hilman
Nugraha, Chairman of the Indonesian Publishers Association, and others,
presenting them with TRENDS’ publications and commemorative shields.
Additionally, he awarded TRENDS’ Research Medal to Ni Made Ayu Martini
Indonesian Deputy Minister of Marketing, Tourism and Creative Economy
It is worth noting that during its current Asian research tour, TRENDS announced
the launch of the TRENDS Research Medal, awarded to individuals who make
significant contributions to the development of scientific research and promote collaboration with TRENDS in strengthening a culture of research across various fields.

World

US determined to prevent full-scale war in Middle East, Joe Biden tells UNGA79

US President Joe Biden highlighted the US Administration’s determination to prevent a wider war that engulfs the entire Middle East region, noting that a diplomatic solution “remains the only path to lasting security to allow the residents from both countries to return to their homes on the border safely”.

In remarks he made today before the 79th Session of the United Nations General Assembly (UNGA79), the US President said, “Full-scale war is not in anyone’s interest,” adding that a diplomatic solution is still possible.

He also touched on “the rise of violence against innocent Palestinians on the West Bank”, and the need to “set the conditions for a better future”, which he said featured “a two-state solution, where the world — where Israel enjoys security and peace and full recognition and normalised relations with all its neighbours, where Palestinians live in security, dignity, and self-determination in a state of their own”.

President Biden underscored the ceasefire and hostage deal put forth by Qatar and Egypt, which the UN Security Council endorsed. He said, “Now is the time for the parties to finalise its terms, bring the hostages home,” adding that this would help ease the suffering in Gaza, and end the war.

-WAM