Xabi Alonso celebrates scoring for Spain against France in the Euro 2012 quarter-finals - his 100th game for his country.
Xabi Alonso celebrates scoring for Spain against France in the Euro 2012 quarter-finals - his 100th game for his country.
Xabi Alonso celebrates scoring for Spain against France in the Euro 2012 quarter-finals - his 100th game for his country.
Xabi Alonso celebrates scoring for Spain against France in the Euro 2012 quarter-finals - his 100th game for his country.

Euro 2012: Spain 2 France 0


Paul Radley
  • English
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Click here for Paul Radley's Euro 2012 blog

DONETSK, UKRAINE // Lionel Messi would have approved. And not just because many of his Barcelona colleagues, playing the tiki-taka football of legend, were the architects of the win.

Far more importantly for the Argentina forward and fellow lovers of the Beautiful Game, the victors were the ones who pursued the win, not those who were content merely on destruction and anti-football.

"Today, teams are playing more statically, more for the final score than producing good football," Messi was quoted as saying yesterday before the third quarter-final of the European Championship kicked off. He may as well have been writing France's game plan for them.

It seems the default setting for teams playing against Barcelona/Spain at present. Happily, the team which plays its football with sleight of foot and smiles on their faces are still a step ahead of the rest.

For all Spain's trademark, precision excellence, however, this game could have done with a Messi himself to provide some spark into proceedings.

It was mostly featureless, as the French were happy to allow Spain the ball, and the holders were happy not to do anything overly spectacular with it.

Laurent Blanc, the elegant France manager, had stated explicitly that his side would have to blunt the world champions by any means necessary, and if that meant playing boring football, then so be it.

His team selection said as much, loaded as it was with defensively minded players. Samir Nasri and Hatem Ben Arfa, two players said to be at the root of the post-game bust-up in France's previous outing - a 2-0 defeat to Sweden in their final group match, were both conspicuous by their absence from the starting XI.

However, given that Vicente Del Bosque, Blanc's opposite number, had again decided to eschew the use of a recognised centre-forward, it seemed as though neither team really much fancied winning.

The irony was, when the first goal did arrive, it was like a classic centre-forward's strike. Xabi Alonso, the archetypal midfield schemer, drifted into the box and became a makeshift No 9 as he headed in from a cross by Jordi Alba, Spain's brilliant raiding left-back.

It had been tepid fare until then, so much so that just before the goal went in a chant of "Ukraine, Ukraine" was being bellowed from the stands of the Donbass Arena.

Not long after, play lulled again and the songs were in favour of Russia this time. This city is only 60kms from the border, and many people who live here are native Russians.

The periods of restlessness were frequent. Spain's fans passed the time by doing a conga. The Mexican waves did more laps than Lewis Hamilton.

At one point in the second half, Spain's players were whistled and jeered for keeping the ball for so long and not letting France have a go.

Del Bosque did not take long to tire of the stasis. He was gesticulating to them to attack more as the whistle blew for half time, and as the second half drifted he went for more thrust by introducing Fernando Torres, the striker, and Pedro Rodriguez, the winger.

They immediately looked more potent, with Torres twice being denied almost certain goals by the brilliance of Hugo Lloris, France's goalkeeper and captain.

The defending champions were always in control of the game, but a 1-0 lead was always a precarious one.

However, France did not appear to believe they could win it.

The morale seemed low all throughout and, despite the protestations to the contrary all week, the waters still appeared to be muddy after the row following the Sweden match.

It was clear there was a fragile peace within the French ranks. When Blanc understandably swapped Yann M'Vila for a striker, Olivier Giroud, his ineffective defensive midfielder left the scene in a petulant rage. They can change their coach, but old habits die hard for Les Bleus.

Spain are in a habit, too. The eminently more preferable one of winning football matches, and this one was settled when Alonso, the outstanding player on display, beat Lloris from the penalty spot after Pedro was fouled in the penalty area.

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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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Dubai Rugby Sevens
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Runners up: Bahrain

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Runners up: UAE Premiership

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