Thousands turn out as Real Madrid celebrate Champions League triumph with bus parade

Four weeks after the Cibeles square was packed out to celebrate Real Madrid's La Liga triumph, thousands of fans once again descended on Madrid's city centre landmark on Monday night to welcome another open top bus parade.

This time, the Spanish Liga trophy had company in the form of Real Madrid's 14th European Cup, secured with a 1-0 win over Liverpool in the Champions League final at the Stade de France on Saturday.

The festivities began in a ceremony at Catedral de la Almudena, then the squad met with local authorities before parading through the city’s streets with the Champions League trophy on an open bus. They headed to the Cibeles square, where tens of thousands of fans were waiting to celebrate with them.

Thousands of fans had already spent the early hours of Sunday at Cibeles square, lighting flares, waving flag, and chanting the club’s songs and anthem throughout the night.

As he had done earlier this month, Real Madrid captain Marcelo draped the statue of the goddess Cybele with a Madrid flag and scarf, then lifted the trophy again as fans cheered. It was also an emotional farewell to the Brazilian defender, who is leaving Real as the club’s most decorated player with 25 trophies.

The 34-year-old fullback is leaving 16 years after he joined Madrid from Brazilian club Fluminense in 2006. He cried as he addressed the crowd but said there was no reason to be sad.

“I am very happy,” he said. “I’m saying goodbye after winning another Champions League title.”

After the open top bus parade at Cibeles square, Real Madrid made their way to the Santiago Bernabeu as players addressed the crowd and once again lifted the trophy as confetti and fireworks were set off. Manager Carlo Ancelotti sang some of the team’s songs along with the players and the crowd.

Champions League final player ratings

“What a season, what a season,” said Ancelotti, who won a record fourth Champions League title as a manager. “We had a good time at this stadium this season.”

Nearly 55,000 fans had packed the Bernabeu to watch the final on Saturday. A big screen was set up on the halfway line so fans could watch the match, and the crowd erupted when Vinícius Jr scored the winner and then cheered loudly as Marcelo lifted the trophy in France.

“I haven’t slept much, there was too much adrenaline,” said Madrid goalkeeper Thibaut Courtois, who was man of the match on Saturday. “I still can’t believe it. This is incredible.”

Check out the photo gallery above to view the best pictures from Real Madrid's Champions League trophy celebrations. To move on to the next photo, click on the arrows or if using a mobile device, simply swipe.

How our nine-month-old has made the Canadian winter a little bit warmer for us

Canadians rallying around a targeted Syrian restaurant is telling about attitudes to migrants

Don Cherry and the real issue with being one of 'you people'

DUBAI WORLD CUP RACE CARD

6.30pm Meydan Classic Trial US$100,000 (Turf) 1,400m

7.05pm Handicap $135,000 (T) 1,400m

7.40pm UAE 2000 Guineas Group Three $250,000 (Dirt) 1,600m

8.15pm Dubai Sprint Listed Handicap $175,000 (T) 1,200m

8.50pm Al Maktoum Challenge Round-2 Group Two $450,000 (D) 1,900m

9.25pm Handicap $135,000 (T) 1,800m

10pm Handicap $135,000 (T) 1,400m

The National selections

6.30pm Well Of Wisdom

7.05pm Summrghand

7.40pm Laser Show

8.15pm Angel Alexander

8.50pm Benbatl

9.25pm Art Du Val

10pm: Beyond Reason

MATCH RESULT

Liverpool 4 Brighton and Hove Albion 0
Liverpool: Salah (26'), Lovren (40'), Solanke (53'), Robertson (85')

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km

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.”