■ FA Cup: Arsenal v Manchester City, Sunday at 6pm UAE time on BeIN Sports
“That shows you that at even at my age you can change,” smiled Arsene Wenger on Monday.
It felt a message to Arsenal’s chief executive, Ivan Gazidis, who had said, amid the calls for the manager’s departure, that the great constant had to be a “catalyst for change.”
As Wenger selected a side with a back three for the first time in 20 years, the dinosaur showed he could be a chameleon.
Beating Middlesbrough was accomplished with the aid of an unexpected switch. Facing Manchester City brings questions about the nature of change, whether it is sustainable and meaningful.
Even Wenger’s sternest critics ought to concede that the FA Cup, a competition he has won twice in three seasons and a joint record six in total, offers few reasons for regime change.
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■ Europa League: Expect Manchester United to meet Lyon in the final
■ Uefa Champions League: Atletico out for Real Madrid revenge
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Meanwhile Wenger’s newfound fondness for the fashionable 3-4-2-1 formation should be tested on Sunday.
More than any other Premier League manager, Pep Guardiola likes quick wingers who he uses high up the pitch and close to the touchline.
He engineered Manchester City’s December win over Arsenal by deploying Raheem Sterling and Leroy Sane as such in the second half.
Wenger chose Alex Oxlade-Chamberlain as a wingback on Monday and, quick as the midfielder is, it would represent a risk to pit him against Sane, a scorer in both league games against Arsenal, at Wembley.
Change is most required on such stages: in the major matches the implication for securing silverware is greatest and where Arsenal are judged against their peers.
It is here that Wenger has tended to fall short in the second half of his reign in charge of the London club.
His record against Guardiola is a case in point. They have met in five different seasons, when the Catalan was at three clubs.
In each case, Wenger has secured one positive result, while emerging a loser on aggregate. He has two wins and three draws to Guardiola’s five victories.
The younger man has served to stifle ambitions, eliminating the Frenchman from the Uefa Champions League three times.
Even as Wenger’s side came from behind twice to draw 2-2 in the Premier League earlier this month, the comeback came in oddly chaotic fashion and the result did Arsenal few favours.
The change Arsenal require involves proof they can win on such defining days, along with evidence that Wenger can outwit managers of Guardiola’s ilk.
The City man’s half-time switch in December, when he shifted Sterling to the flank and played without a specialist striker, confounded Arsenal.
It was a triumph of imagination and execution of the sort Wenger, who switches tactics mid-match rather less often, rarely enjoys.
The change of the last week brings a challenge to Guardiola. If Wenger persists in playing both Mesut Ozil and Alexis Sanchez between the lines, does the City manager require two out-and-out defensive midfielders? If so, it may come at a cost to Yaya Toure.
But the summer threatens the wrong sort of change for Arsenal with the catalytic Sanchez seeming likely to depart, potentially to City. Arsenal have had an unwanted status as City’s feeder club in recent years.
It is a reputation they want to shed. Wenger is losing part of his, for forever keeping Arsenal in the top four while resisting change.
That era seems to be ending. It means there is a greater onus on the guarantee of predictability reinventing himself.
He has to offer evidence he could change the balance of power among the elite clubs. Springing further surprises may be essential if he is to change fortunes that seem to be on the wane.
The personification of the ancient regime may have to be a revolutionary force again if he is to change minds.
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UAE currency: the story behind the money in your pockets
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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.”
Mohammed bin Zayed Majlis
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
READ MORE ABOUT CORONAVIRUS
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
CREW
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Favourite things
Luxury: Enjoys window shopping for high-end bags and jewellery
Discount: She works in luxury retail, but is careful about spending, waits for sales, festivals and only buys on discount
University: The only person in her family to go to college, Jiang secured a bachelor’s degree in business management in China
Masters: Studying part-time for a master’s degree in international business marketing in Dubai
Vacation: Heads back home to see family in China
Community work: Member of the Chinese Business Women’s Association of the UAE to encourage other women entrepreneurs
Seemar’s top six for the Dubai World Cup Carnival:
1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition
The%20specs
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Blonde
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The Light of the Moon
Director: Jessica M Thompson
Starring: Stephanie Beatriz, Michael Stahl-David
Three stars