Sven Goran Eriksson shook his head regretfully.
The much-travelled Swedish coach was reminiscing about the closest he came to adding a European Cup to his various triumphs in a long career across various countries in Europe. “Baresi,” he sighed, “he was just too good for us that day.”
That was in 1990, when Eriksson took Benfica to a European Cup final. They gave the AC Milan of Franco Baresi, Paolo Maldini, Ruud Gullitt and Marco Van Basten all they could handle, but it would end the same way as Benfica’s previous six continental finals.
With silver medals.
The catalogue was extended again a year ago, with defeat in the Europa League final. Even Eriksson, as famous for his rational, cool approach to management as the current Benfica coach, Jorge Jesus, is known for his vivacious passion, must wonder if the so-called “curse” put on the club might be legitimate.
The curse? It dates back to the early 1960s, when Benfica held the status of Europe’s finest club team. Their coach was the charismatic Bela Guttman, a Hungarian who had signed the great Eusebio, the Mozambican striker, and brought an end to Real Madrid’s early dominance of the nascent European Cup.
After helping Benfica beat Madrid in Amsterdam in the 1962 final to retain the prize, Guttman fell out with his employers over the size of a salary increase he thought his achievements warranted. He was dismissed and reportedly announced on his way out of the job: “Not in a hundred years will Benfica win another European Cup.”
The following season, they led in the final against AC Milan, but lost 2-1. They would reach two more finals in the 1960s, losing both.
Portuguese club football would gradually lose its front-line status over the decades that followed, but Benfica remained competitive and are still among the best-supported clubs in the world, the most popular in their own country and avidly followed in the Portuguese-speaking parts of Africa and Asia.
Mention the Guttman curse as far away as Angola, and benfiquistas know exactly what it means.
Three generations have felt it. Between 1983 and 1990, three European finals were lost. Then there was 2013’s agonising series of collapses at the finishing line.
Leaders of the domestic league for the majority of the season, Benfica stumbled at the last to finish as runners-up to Porto. Finalists in the Portuguese Cup, they lost, startlingly, to underdog Vitoria Guimaraes. Benfica also made it to their first European final in 23 years, in the Europa League, versus Chelsea. After a 1-1 deadlock, extra time beckoned. Then Branislav Ivanovic broke hearts, just as Milan’s Baresi and many others over 50 years had done, converting Chelsea’s winner in injury time.
Three months ago, a statue of Guttman was erected outside Benfica’s Stadio da Luz. Part of the intention, besides honouring the coach who had delivered Benfica their greatest triumphs, was to address the so-called curse, or at least superstitious benfiquistas were encouraged to think in those terms.
It has been a big year of remembrance for Benfica. Not only of Guttman, but of Eusebio, whose statue has pride of place in front of the arena. He died in January. Mario Coluna, a colossus in midfield for the European Cup-winning sides and later the captain of Benfica, passed away in February.
The modern Benfica would never keep hold of players of their calibre as long as they did in the 1960s. The marketplace has changed. Benfica are now, essentially, a selling club, who maintain what standards they can through the canny acquisition of young talent, and their resale.
Jesus, the Benfica coach, knows that is how it must be. Benfica have earned hugely from those transfers, and Jesus’s task is to compensate the losses.
Nemanja Matic was the most recent, moving to Chelsea for €25 million (Dh125.8m); Jesus kept Benfica on course despite the large hole vacated in central midfield. He had them overcome the disappointment of elimination from the group stage of the Champions League, had them hold off sustained pressure from Sporting in the Primeira Liga, which they won with two matchdays to spare.
His job tonight is to cover other absences. Benfica’s Enzo Perez and Salvio are suspended following a feisty semi-final victory over Juventus.
“It’s a 50-50 game,” Jesus told uefa.com, “and really I respect Sevilla.” Benfica respect Jesus, too.
Win tonight and he keeps Benfica, serial silver medallists a year ago, on course for a quadruple, with the league and League Cup won and a Portuguese Cup final to follow tonight’s possible curse-breaker.
sports@thenational.ae
Follow us on Twitter at SprtNationalUAE
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%20PROFILE%20
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Civil%20War
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Alex%20Garland%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Kirsten%20Dunst%2C%20Cailee%20Spaeny%2C%20Wagner%20Moura%2C%20Nick%20Offerman%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Results:
5pm: Baynunah Conditions (UAE bred) Dh80,000 1,400m.
Winner: Al Tiryaq, Dane O’Neill (jockey), Abdullah Al Hammadi (trainer).
5.30pm: Al Zahra Handicap (rated 0-45) Dh 80,000 1,400m:
Winner: Fahadd, Richard Mullen, Ahmed Al Mehairbi.
6pm: Al Ras Al Akhdar Maiden Dh80,000 1,600m.
Winner: Jaahiz, Jesus Rosales, Eric Lemartinel.
6.30pm: Al Reem Island Handicap Dh90,000 1,600m.
Winner: AF Al Jahed, Antonio Fresu, Ernst Oertel.
7pm: Al Khubairah Handicap (TB) 100,000 2,200m.
Winner: Empoli, Pat Dobbs, Doug Watson.
7.30pm: Wathba Stallions Cup Handicap Dh80,000 2,200m.
Winner: Shivan OA, Patrick Cosgrave, Helal Al Alawi.
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
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The%20specs
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SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FLIP5
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The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
COMPANY%20PROFILE%3A
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
SPECS
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Bob%20Marley%3A%20One%20Love
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Red Joan
Director: Trevor Nunn
Starring: Judi Dench, Sophie Cookson, Tereza Srbova
Rating: 3/5 stars
Company%20profile
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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.
The design
The protective shell is covered in solar panels to make use of light and produce energy. This will drastically reduce energy loss.
More than 80 per cent of the energy consumed by the French pavilion will be produced by the sun.
The architecture will control light sources to provide a highly insulated and airtight building.
The forecourt is protected from the sun and the plants will refresh the inner spaces.
A micro water treatment plant will recycle used water to supply the irrigation for the plants and to flush the toilets. This will reduce the pavilion’s need for fresh water by 30 per cent.
Energy-saving equipment will be used for all lighting and projections.
Beyond its use for the expo, the pavilion will be easy to dismantle and reuse the material.
Some elements of the metal frame can be prefabricated in a factory.
From architects to sound technicians and construction companies, a group of experts from 10 companies have created the pavilion.
Work will begin in May; the first stone will be laid in Dubai in the second quarter of 2019.
Construction of the pavilion will take 17 months from May 2019 to September 2020.
Diriyah%20project%20at%20a%20glance
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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.”
Score
Third Test, Day 1
New Zealand 229-7 (90 ov)
Pakistan
New Zealand won the toss and elected to bat
Specs%20
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SPECS
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SPECS
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COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
DIVINE%20INTERVENTOIN
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Two-litre%20four-cylinder%20turbo%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E235hp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E350Nm%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20Nine-speed%20automatic%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh167%2C500%20(%2445%2C000)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A