Netherlands' Stefanie van der Gragt celebrates scoring their first goal with teammates. Reuters
Netherlands' Stefanie van der Gragt celebrates scoring their first goal with teammates. Reuters
Netherlands' Stefanie van der Gragt celebrates scoring their first goal with teammates. Reuters
Netherlands' Stefanie van der Gragt celebrates scoring their first goal with teammates. Reuters

Women's World Cup 2023: Netherlands edge out debutants Portugal in opener


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Defender Stefanie van der Gragt scored the only goal as 2019 runners-up the Netherlands beat debutants Portugal 1-0 in their opening game at the Women's World Cup on Sunday.

Van der Gragt's early header was given following a VAR check after initially being disallowed for offside and the Dutch held on in a Group E contest played under a closed roof in Dunedin.

The win sets the Netherlands up nicely for a mouthwatering showdown on Thursday with holders the United States, who beat them 2-0 in the final in France four years ago.

The Dutch no longer appear to be the force they were in 2019, with influential coach Sarina Wiegman having departed to take the England job and prolific striker Vivianne Miedema missing the World Cup as she recovers from a knee injury.

However, new coach Andries Jonker named a line-up that featured seven players who started the 2019 final, plus new Manchester City recruit Jill Roord, who came off the bench in that match.

And it was one of their most experienced players who got the only goal in the 13th minute in front of a crowd of nearly 12,000.

Centre-back Van der Gragt, who has over 100 caps, got up to powerfully head a Sherida Spitse corner beyond Portugal goalkeeper Ines Pereira.

The assistant referee's flag came up for an offside against Roord, who was standing just in front of the line, but a review confirmed that she was not obstructing Pereira and the goal was given.

Portugal, who came through the play-offs to qualify for their first World Cup, struggled to create chances with substitute Telma Encarnacao producing their first shot on target in the 82nd minute.

The Netherlands saw Danielle van de Donk come close early in the second half.

But they suffered a blow as forward Lineth Beerensteyn came off with a knock late on.

They will hope she recovers in time to face the USA, while Portugal will hope to get their first World Cup victory when they play Vietnam – beaten 3-0 by the Americans on Saturday – next.

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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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Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

Updated: July 23, 2023, 10:24 AM