Real Madrid manager Carlo Ancelotti lent his support to Chelsea's interim manager Frank Lampard and said he was sad to see the Blues struggle this season, ahead of their Champions League quarter-final clash on Wednesday.
Ancelotti, who guided Chelsea to the Premier League and FA Cup double in 2009-10, faces his former player Frank Lampard at the Santiago Bernabeu after the Englishman was appointed Chelsea's interim manager.
Chelsea have dropped to 11th in the Premier League after a run of poor results, and have also been knocked out of the FA Cup and League Cup. This despite spending well over $300 million on new players in January.
Now, the Champions League is the English club's last chance for silverware this season.
The outcome of the match could potentially help Lampard reclaim a permanent job with the English club, or influence Ancelotti’s decision on his future amid rumours of him taking over Brazil’s national team.
"I am sad, yes," Ancelotti said on Tuesday ahead of the first leg.
"I have a fantastic memory of this club, of the people that are still working there. I'm a supporter of Chelsea, of course, because I spent two really nice years there."
Ancelotti, who has a year left in his contract with Madrid, said he does not see himself returning to Stamford Bridge for a second stint.
"Be back? No, I hope that Lampard is able to do a fantastic job with them," added Ancelotti.
The Real Madrid coach did not think his extra years of experience compared to Lampard would make the difference in the tie.
"He has 20 years less experience, but that will not change what will happen in the game," continued Ancelotti.
"He was a fantastic player, extraordinary, he knows very well what can happen in these games but experience, in these matches, I don't think counts for much.
"He arrived at the club a week ago, with a lot of players that he already knew, I think he'll do well in the time that he's at Chelsea."
Madrid, who won the Champions League last season, are looking to lift the trophy for the sixth time in 10 seasons.
Despite Chelsea's poor run of form, Ancelotti urged his side to be wary of the English club, who have faced Real in the knockout stages of the last two Champions League seasons and beaten them twice in four games.
"We suffered a lot last year," the Italian manager said.
"We have to respect the team and the club, they have very good players and even if they are not in a good moment they have great motivation and will bring out the best. It's a squad of a very high level.
"The team is excited and motivated to return to the Champions League and experience another magical night at the Bernabeu. We have to take advantage of the fact that we play the first game at home."
For Chelsea, Raheem Sterling has scored just seven times this term. But he did grab a crucial goal in the Champions League last-16 second leg win against Borussia Dortmund and Lampard believes he can still have a positive impact on Chelsea's fortunes.
"Raheem has been there and done it and there's history of producing," Lampard had said earlier. "He's been one of the best wingers in the world for a long time, at times, maybe in some people's opinion, the best.
"He's risen to games like that before in the past so that's something we'll obviously rely on in terms of this because some elements of the squad are maybe a bit younger.
"This game won't faze him. I can't remember how many times I've told young wingers; 'watch Raheem Sterling and see why he scores 20 goals a season'. I just think he's a top player."
La Mer lowdown
La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.
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BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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.”
Read more about the coronavirus
Dunki
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Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
Ferrari
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
