Morocco manager Walid Regragui said the dramatic penalty-shootout victory against Spain vindicated his fight for foreign-born players to be included in their World Cup squad.
Spain-born Achraf Hakimi struck the winning spot-kick against the 2010 champions at Education City Stadium on Tuesday night, etching Morocco in history as the first Arab team to reach the quarter-finals of football’s showpiece tournament.
Hakimi, who plays for Paris Saint-Germain having begun his professional career with Real Madrid, is one of 14 players within Morocco’s 26-man squad born outside of the country.
Yassine Bounou, the goalkeeper better known as "Bono" who saved two penalties in the shootout after the match finished goalless, was born in Canada.
Regragui, born in France, said Morocco’s record run was proof that foreign-born players can help lift the national team to sustained success.
“For this I have fought,” he said. “Before this World Cup we had a lot of problems about the guys born in Europe and guys not born in Morocco and a lot of journalists said, ‘Why don’t we play with guys born in Morocco?’.
“Today we have shown that every Moroccan is Moroccan. When he comes to the national team he wants to die, he wants to fight. As the coach, I was born in France, and nobody can have my heart for my country.
“This is what I say to the players. Every time they come to the national team they give 100 per cent.
“What is good is that players are born in Germany, Italy, Spain, France, the Netherlands, Belgium – every country has a football culture and we have created a mixture and I’m very happy with that.”
Morocco v Spain ratings
On Tuesday, Regragui made his own slice of history, becoming the first African manager – he represented Morocco between 2001 and 2009 – to guide a team to the last eight of a World Cup.
“I don’t care because I fight to make it not about nationality, to make it not about passports," said Regragui, whose squad celebrated the win on the pitch by unfurling a Palestine flag. "You have the competence – you can do it, or not. For me it’s not about being Arabic or African.
“I am an ambitious coach and I try to give this to my players. Maybe when I am an old man, I will see behind me and be proud.”
On Morocco’s incredible support, both in Doha and around the world, Regragui said: "I think it is impossible to do this without these fans. A lot of fans come to Qatar to support the team and all countries, from America to Europe to Morocco. They love their country and I can tell them I need them for the quarter-final to make history.
"I am very proud of my fans, my people and Arabic people, because I think you have Qatari people, maybe Algerian people, Tunisian people, Arabic people and African people, you have a lot countries behind our backs to make history."
Meanwhile, Spain manager Luis Enrique would not be drawn on his future with the national team in the aftermath of another World Cup last-16 exit on penalties.
Spain were knocked out of the 2018 tournament in similar fashion by hosts Russia, while they were also eliminated from last year’s Euro 2020 on spot-kicks – in the semi-final by eventual champions Italy.
Speaking on Tuesday night, Luis Enrique, who is now out of contract, said: “This is not the right time. It’s not relevant and it’s not important.
“My contract is going to end, but as you know I am very happy with the national team and the federation. I’ve always had great support from [sporting director Jose] Molina.
“I would always carry on, but of course we need to think about what is best for me and what is best for the national team.”
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The Written World: How Literature Shaped History
Martin Puchner
Granta
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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: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
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Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”