Arsenal did it. They beat a Barcelona team regarded by many as the best ever. A line-up packed with World Cup winners and Spanish champions, footballers who have been continually showered with the game's highest individual honours.
When David Villa put Barca ahead in London after 26 minutes, everything was going to plan for Pep Guardiola's dominant side. But two brilliantly taken goals in the final 12 minutes saw Arsenal triumph 2-1. Barca's Xavi claimed the difference was "Arsenal being effective in front of goal and we weren't" - but there was more to Arsenal's victory than that.
Counter attacking
"They position themselves well and they are very good on the counter attack," said a magnanimous Guardiola after the game. "They are very quick at using space."
When Barca lose the ball in most domestic matches, they bust a gut to win it back. Opponents are usually playing so deep that Barca regain possession in the half they are attacking.
Arsenal played a high defensive line and despite having less possession, they moved the ball quickly when they won it. The speed at which they did hurt Barca. And because Barca play such a high defensive line themselves, there was space to be exploited.
Messi's English drought
The world's best player burst into British consciousness at Stamford Bridge in 2006. He has had some good performances in England, but despite averaging more than a goal a game in Spain, Messi has not scored in seven games in England with Barca.
At the Emirates Stadium on Wednesday, he had a goal wrongly disallowed for offside. Arsenal needed luck to beat Barca and they got it there.
Respect
Barca's respect for Arsenal was genuine, but Arsenal appeared overawed by their big name visitors when the sides met last year. Not this time.
Arsenal's never-say-die attitude prevailed with two late goals to win the game - or "Six Fateful Minutes" according to the headline on one Catalan daily.
Intelligent substitutions
Having seen his side get outplayed and fall behind to Barca's incisive first-half passing, Arsene Wenger boldly introduced the attacking Andrey Arshavin and Nicklas Bendtner.
At the same time, Guardiola made the cautious introduction of Seydou Keita, the defensive midfielder, for Villa.
Fortune favoured the brave as Arsenal's more attacking formation created the opportunities which would lead to two goals - the winner from his Russian substitute Arshavin following Robin van Persie's equaliser. Suddenly a brilliant Barca looked vulnerable.
The tie is not over
Barca's away form in Europe is far from spectacular and they draw more Champions League away games than they win.
They drew away at Rubin Kazan and Copenhagen this season, before winning both home ties comfortably 2-0.
In the knockout stages last year, they drew in Stuttgart and at Arsenal, before putting four past both sides at Camp Nou to progress. Their away goal means that they only have to win 1-0.
"It will be a spectacular return match," Guardiola said. A 98,000 crowd and 300 million watching on television relish the prospect.
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
HAJJAN
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Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
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.”
The specs
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Wonka
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Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
