Esteban Cambiasso assisted in the draw for the Fifa Club World Cup UAE 2018 on Tuesday in Zurich. AP Photo
Esteban Cambiasso assisted in the draw for the Fifa Club World Cup UAE 2018 on Tuesday in Zurich. AP Photo
Esteban Cambiasso assisted in the draw for the Fifa Club World Cup UAE 2018 on Tuesday in Zurich. AP Photo
Esteban Cambiasso assisted in the draw for the Fifa Club World Cup UAE 2018 on Tuesday in Zurich. AP Photo

Esteban Cambiasso: Former Inter Milan and Real Madrid midfielder shares his Fifa Club World Cup memories


John McAuley
  • English
  • Arabic

For Esteban Cambiasso and Inter Milan, the joke proved prophetic.

At the end of 2009, the Italians travelled to Abu Dhabi, choosing the UAE capital as a training base during Serie A’s winter break. There, they honed their fitness in the Middle East sun, even contesting a couple of low-key friendlies.

Inter missed Barcelona by around one week, since the Spanish giants had just departed Abu Dhabi with the Fifa Club World Cup trophy, a record sixth title in a calendar year.

Touching down days later, and knowing the continental competition would return to the Emirates the following year, Inter's players quipped that they would be back 12 months from then, doing what Barcelona had done.

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Read more:

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When is the 2018 Club World Cup? All you need to know about the UAE tournament

Club World Cup: 100 days before kick off, Al Ain cannot wait to compete with likes of Real Madrid

Caio: Al Ain 'have nothing to fear' when world's best teams arrive for Fifa Club World Cup

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"We arrived in Abu Dhabi five or 10 days after Barcelona and Estudiantes played the final," Cambiasso tells The National in Zurich, where the draw was made on Tuesday for this year's Club World Cup, again staged in the UAE. "We joked that 'next year we will be here. But in the good date, not only for friendly matches'. And after one year we arrived. So it was a good situation."

It ended up being a good tournament for Inter, too. They won both their matches to lift the Club World Cup for the first time under its current guise - the Milan side had twice won the old Intercontinental Cup, in 1964 and 1965 - defeating South Korea’s Seongnam Ilhwa Chunma in the semis and then DR Congo’s TP Mazembe in the final.

Given previous iterations, Inter were expected to face Brazil’s Internacional for the title. But Mazembe shocked the Porto Alegre side in the last four to become the first team from outside Europe or South America to contest the showpiece.

“Nobody in that moment expected us to play an African team in the final," Cambiasso says. “It was strange because all the people usually arrive with the European and South American teams. And there were a lot of Internacional supporters, but they lost the semi-final.

"OK, we know a surprise in the final can happen, but everyone outside football thinks the matches are easy. So to win was one great memory for us, because nothing is done until you do it.”

Even though they were heavy favourites going into the match at Zayed Sports City, Inter still felt the pressure to perform.

“When you play in Inter Milan you have a lot of pressure always,” says Cambiasso, who signed from Real Madrid in 2004 and went on to represent the Italians for 10 years, collecting 15 major titles. “In any match - friendly, a final, the local championship, the European championship, the Club World Cup final - it’s the same.

“You have to live with and you have to embrace this pressure. It doesn’t depend on the opponent. When you play in one club like that, or like Real Madrid, you know the obligation is always to try and win. It doesn’t change depending on one or another opponent.”

Asked for his highlight of that Abu Dhabi run, Cambiasso smiles before offering a predictable answer: “The final. You have the best memory when you have the trophy in your hand. And I remember, one big friend of ours and teammate, Walter Samuel, was out of that moment because he ruptured his knee ligaments. So it wasn’t a very good moment for the team, but then our captain Javier Zanetti put on a Samuel t-shirt when he lifted the cup. So it was great.

“Also, our president Massimo Moratti took the trophy many, many years after his father [former Inter chairman Angelo] - 45 years before. There was a lot of memories.”

A return to Abu Dhabi in December will provide Cambiasso the chance to reminisce. The December 12-22 event features Madrid, the defending champions with whom he won the Intercontinental Cup in 2002, Mexico’s Guadalajara, Team Wellington of New Zealand and Al Ain, the UAE champions and host representatives.

Seeking a third consecutive crown, Madrid once again constitute the team to beat.

“In every competition Real Madrid play, automatically they are one of the favourites,” Cambiasso says. “But in football this is not important, or could be important before the ball starts to move. After the ball moves, there is not a favourite.

“You have to show if you are the best. Mazembe in 2010 was important for the whole competition, for everyone to understand all the clubs have the chance to arrive in the final and win the cup. I expect another strong tournament in the UAE.”

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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.”