Kevin De Bruyne, imagine, said they had been dulled by age. Reports alleged they were dented by in-fighting.
Whatever the reason, Belgium’s golden generation could not find the silver bullet to their World Cup woes, the game’s second-ranked side bowing out from Qatar at the group stage. Four years ago, they finished third in Russia.
Maybe time had caught up with them. Maybe there was mutiny in the ranks, albeit denied by manager Roberto Martinez – as he would be expected to do. Perhaps Martinez himself wasn’t the right hand to extract the team’s true potential. Immediately after Belgium's World Cup fate was sealed, he announced he would be steeping down. The Ahmad bin Ali Stadium could conceivably be the end of the line for many.
A goalless draw in the Group F decider with Croatia confirmed Belgium to the boot, consigning De Brunye and Romelu Lukaku – on as a second-half substitute, the striker wasted three glorious chances - and Dries Mertens and Jan Vertonghen, Toby Alderweireld and Thibaut Courtois, to an early, ignominious exit.
Croatia, runners-up last time out, are through to the knockouts. Morocco, granting the tournament one of its great storylines, join them - as group winners, no less. Belgium were gone.
Lucky against Canada, lacklustre against Morocco, they needed a win on Thursday to continue. Most likely determined to get off on the right foot, they created little in first half, their clearest chance coming when De Bruyne played in Mertens. But the Galatasaray forward fired well over.
Within two minutes, Croatia thought they had a penalty when Yannick Carrasco felled Andrej Kramaric in the Belgium area. However, as Luka Modric waited what felt an eternity to take the spot-kick, the Video Assistant Referee interjected. Referee Anthony Taylor returned from the pitch-side monitor to overturn the initial decision; apparently there had been an offside in the build-up. Replays showed it was fractions.
When a Mexican wave washed through the crowd shortly before half-time, it pointed to the lack of real action. The biggest cheer - it felt anyway - followed news filtering through of Morocco’s lead against Canada in the group’s other game. And again, when the big screen flashed the standings: Morocco were top, two clear of Croatia. As it stood, Belgium would be packing for home.
Requiring an injection of anything, really, Martinez sent on Lukaku for the second half. It nearly paid instant reward: the Inter Milan got his head to De Bruyne’s deep cross, but could not generate any real power.
At the other end, Mateo Kovacic tested Thibaut Courtois’ reflexes. Earning his 100th cap for Belgium, the giant goalkeeper tipped away for the corner. Soon after, Courtois was saving from Marcelo Brozovic and also from Modric. Croatia were turning the screw.
Yet Belgium were inches away from turning it around. Turning around their campaign. De Bruyne sent through Carrasco and, after goalkeeper Dominik Livakovic blocked, Lukaku thudded the rebound onto the inside of the post. The goal gaping, it appeared easier to score. The Belgium bench leapt in disbelief.
The sensation would soon return. A cross from the left was deflected over Livakovic and onto Lukaku’s head and, standing six yards out and unmarked, he headed over. Then, in the dying moments, he failed to react when the ball dropped to him right on the Croatia goalline.
There would be no final reprieve. Last weekend, in advance of their Morocco defeat, De Bruyne declared Belgium had “no chance” of winning the World Cup. Age, he said, meant their best opportunity had come in Russia. He was proved correct. Belgium, with their supposed golden generation, were bust.
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World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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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COMPANY PROFILE
Name: N2 Technology
Founded: 2018
Based: Dubai, UAE
Sector: Startups
Size: 14
Funding: $1.7m from HNIs
SHAITTAN
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Where to apply
Applicants should send their completed applications - CV, covering letter, sample(s) of your work, letter of recommendation - to Nick March, Assistant Editor in Chief at The National and UAE programme administrator for the Rosalynn Carter Fellowships for Mental Health Journalism, by 5pm on April 30, 2020.
Please send applications to nmarch@thenational.ae and please mark the subject line as “Rosalynn Carter Fellowship for Mental Health Journalism (UAE programme application)”.
The local advisory board will consider all applications and will interview a short list of candidates in Abu Dhabi in June 2020. Successful candidates will be informed before July 30, 2020.
UAE currency: the story behind the money in your pockets
PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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