Marc-Andre ter Stegen saved twice from the spot to help Barcelona beat Real Betis 4-2 on penalties after a 2-2 draw on Thursday, setting up a clasico Spanish Super Cup final.
The Catalans will face their bitter rivals Real Madrid on Sunday after Carlo Ancelotti's side beat Valencia on penalties on Wednesday.
Barcelona needed spot-kicks to see off Betis after an entertaining draw over 120 minutes at Riyadh's King Fahd Stadium.
Robert Lewandowski put Barcelona ahead after 40 minutes but Betis playmaker Nabil Fekir levelled with 13 minutes remaining.
Ansu Fati smashed in a fine volley to put Barcelona ahead in extra-time but Loren Moron pulled Betis back level with a cunning back-heel flick.
Ter Stegen denied Juanmi and William Carvalho in the shootout and Pedri converted the decisive spot-kick.
"(The final) will be a very nice game, everyone wants to see these type of games and we'll be delighted to play it and win it," Ter Stegen told Movistar.
The goalkeeper made some fine saves even before the shootout, where he was key.
"I would like to have less work in games," Ter Stegen added, acknowledging that he was back to his best.
"For a year I've been at a very good level personally, physically, it's the work too - every day I have a spectacular team that helps me improve and think about how to get better."
Barcelona have not won the Spanish Super Cup since the change to a four-team format, with the first Saudi Arabia edition taking place in 2020.
After finishing last season without a single trophy and investing heavily in the summer despite the club's debts, Xavi and his team are desperate for silverware.
Although winning the Super Cup will not be enough in itself, it would be a step in the right direction and Xavi's first trophy since arriving in November 2021.
Pedri had an early strike disallowed for offside as the Catalans started well, but Betis soon found their comfort zone, inspired by the artistry of Fekir and dynamism of Luiz Henrique.
However, Lewandowski, who missed the win over Atletico Madrid in La Liga on Sunday through suspension and was far from his best, broke the deadlock shortly before the break.
The Polish forward's first effort was blocked but he brought the ball under control again and managed to beat Claudio Bravo at the near post.
Ter Stegen made saves from Rodri and Henrique to keep Barcelona ahead, on a busy night for the German goalkeeper.
Fekir eventually levelled in the 77th minute after clever footwork from Henrique, who set him up, and the French midfielder drilled past Ter Stegen at his near post to force extra-time.
Three minutes into the additional period, Fati produced a piece of magic to put Barcelona back in front with a volley from the edge of the box.
It didn't last long, with Betis striking through Moron's clever effort, backheeled past Ter Stegen despite close attention from Ronald Araujo.
Veteran Betis midfielder Andres Guardardo was sent off late in extra-time for two yellow cards, but Barcelona did not have long enough to capitalise before penalties.
UAE currency: the story behind the money in your pockets
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.”
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
