Jose Mourinho began his reign at Roma by insisting he will deliver trophies to the Serie A club and defended his record at previous clubs Tottenham Hotspur and Manchester United.
The Portuguese manager is back in the Italian top-flight for the first time since leading Inter Milan to a remarkable Champions League, Serie A title and Italian Cup treble in 2010.
But Mourinho, 58, will have a point to prove after being sacked from his previous two jobs at English Premier League sides United and Spurs.
“You talk of the title and we talk of time, a project, work. Titles are words, easy promises. Titles will come,” Mourinho said at his official unveiling on Thursday.
“We talk about the project and about improving. The owners don’t want an isolated success, they want to get there and stay there, which is more difficult.
“It’s easy to win and have no money to pay salaries, but we want to be sustainable and the club and I share the same view.”
Mourinho was also bullish about his record in England. “In my last three clubs, I won the title at Chelsea, three cups at United, and I reached a [League Cup] final at Tottenham, where we arrived sixth starting from 12th, reaching the Europa League. What’s considered a disaster for me it’s something that others have never achieved, it’s my fault,” he said.
“I won three trophies at Manchester United and that was seen as a disaster. I reached a cup final which I was not allowed to play at Tottenham, and that was seen as a disaster too. What’s a disaster for me is considered a great success for others.”
Roma, whose last major honour was an Italian Cup in 2008, have pinned their faith on Mourinho on restoring the club to distant former glories. They have lifted the Scudetto or league crown only twice in the postwar era — in 1983 and 2001, the latter triumph under Fabio Capello.
Mourinho is the 10th man to take the reins at the underachieving club in a decade stretching back to Claudio Ranieri, who had a two-year spell in charge from 2009.
He replaces another Portuguese in Paulo Fonseca who guided the club to a seventh-place finish in Serie A last season.
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
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Monday, Oct 6 – Second T20I
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Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
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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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Sceptre
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MATCH INFO
Champions League quarter-final, first leg
Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)
Matches can be watched on BeIN Sports
Manchester United v Liverpool
Premier League, kick off 7.30pm (UAE)
