Portugal survive late scare to set up World Cup showdown with North Macedonia

Portugal survived a nervous ending to move one step closer to reaching the World Cup with a 3-1 win over Turkey in their playoff semi-final on Thursday.

Roared on by a sold-out Dragao Stadium in Porto, Portugal dominated from the start and went 2-0 up in the first half after Otavio scored one goal and created another for Diogo Jota.

But Fernando Santos's side were pegged back by a Burak Yilmaz goal in 65th minute that put the Portuguese fans on the edge of their seats as Turkey started to threaten.

Defender Jose Fonte then fouled Enes Unal inside the area in the 85th minute to concede a penalty but Yilmaz fired his effort high over the bar.

Portugal substitute Matheus Nunes then relieved the pressure on the hosts in added time with their third goal from a counter attack.

"I wasn't upset with the team but we played with fire today," Santos said.

"We had the game under control but slowed down. Obviously the players are not machines, we didn't manage to score for 3-0 and those things can happen in football. But I'm glad we reacted very well. That moment (the penalty) could have been difficult for us."

After missing out on automatic qualification in November, Portugal will now host North Macedonia on Tuesday with the winner qualifying for the 2022 World Cup in Qatar.

Portugal would have been expecting to face Italy, but they were shocked in a 1-0 defeat to North Macedonia in the other semi-final in Palermo, depriving fans of a highly anticipated face-off between the last two European champions.

Portugal started strongly, scoring twice in the first half with the result looking like a foregone conclusion going into the break.

Brazilian-born Porto midfielder Otavio, a surprise inclusion in the starting team, provided Portugal’s main attacking threat.

He scored from a rebound in the 15th minute after a Bernardo Silva shot came back off the post and just before halftime, he crossed from the right flank for Jota to aim an unstoppable header into the net.

But Portugal took their foot off the gas in the second half and allowed the visitors to get into the game.

Yilmaz scored following a one-two with Cengiz Under and had the chance to equalise from the spot after the video assistant referee spotted a foul in the penalty area, but sent his effort soaring high over the bar.

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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.”