Arsene Wenger cut a distraught figure after his Arsenal side were humiliated 4-0 by AC Milan in the Champions League second round, first leg at the San Siro Stadium.
The normally confident Frenchman even admitted that his side were as good as out ahead of the second leg in North London in three weeks time.
A Kevin-Prince Boateng blockbuster, a Robinho brace and a penalty from Zlatan Ibrahimovic gave the Italians their first win in seven Champions League clashes against English opposition while also ending a run of three straight home defeats against Premier League teams.
It was the Gunners' heaviest ever defeat in European competition and Wenger was not about to defend it.
"We were never in the game, we were very poor both offensively and defensively," he said.
"It was shocking to see how we were beaten everywhere, it was the worst performance in Europe by far.
"There was not one moment during the 90 when we were really in the game.
"What made it worse is that we had to chase the game and open up our game and they always caused the same problems with balls over the top.
"We were well beaten, it's difficult to analyse, it's better not to talk too much and to analyse it with a cooler head and regroup for the next game."
Massimiliano Allegri, the Milan coach, was understandably thrilled with his side's display.
"We played a perfect match, especially in defense," he said. "We played very well as a team, we didn't give them any goalscoring chances. We deserved this night, this win. It's the best game we've played this year."
With Arsenal's last chance of silverware the FA Cup and a tough away fifth round tie at Sunderland - albeit they beat them 2-1 last weekend in the Premier League match - and the North London derby to come afterwards at home to high-flying and in-form Tottenham Hotspur at the weekend, Wenger couldill afford such a performance.
"We will focus on our next games, the result is a disaster but the season is not finished," he insisted.
"We've a very big game on Saturday (against Sunderland) and a good opportunity to show we have the character and mental strength and can respond after such a shocking defeat."
However he refused to blame his players.
"They didn't let me down, we let our ambitions down as a unit. You could blame and blame and blame but we have to stick together and win the next game," he added.
"The players were very ambitious in this Champions League and they are the first to be very sad.
"We felt powerless today to get really into the game.
"I cannot say I did everything perfectly when we lose 4-0, I don't believe we did any big tactical mistakes, there were not many other choices.
"We were weak in some departments, we knew before the game that we could have some problems in some areas but I didn't feel we wouldn't score."
In the night's other game, Zenit St Petersburg defeated Benfica 3-2 as Roman Shirokov scored twice. Maxi Pereira put Benfica ahead in the 20th, tapping the ball in after backup goalkeeper Yuri Zhevnov spilled Oscar Cardozo's free kick, but Shirokov tied it seven minutes later. Substitute Sergei Semak made it 2-1 with a backheel in the 71st. Cardozo levelled things again in the 87th after Zhevnov again failed to hold a shot, before Shirokov won it at the death.
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
The stats: 2017 Jaguar XJ
Price, base / as tested Dh326,700 / Dh342,700
Engine 3.0L V6
Transmission Eight-speed automatic
Power 340hp @ 6,000pm
Torque 450Nm @ 3,500rpm
Fuel economy, combined 9.1L / 100km
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
MATCH INFO
Aston Villa 1 (Konsa 63')
Sheffield United 0
Red card: Jon Egan (Sheffield United)
The biog
Profession: Senior sports presenter and producer
Marital status: Single
Favourite book: Al Nabi by Jibran Khalil Jibran
Favourite food: Italian and Lebanese food
Favourite football player: Cristiano Ronaldo
Languages: Arabic, French, English, Portuguese and some Spanish
Website: www.liliane-tannoury.com
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.”
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
