Al Ettifaq manager Steven Gerrard during the Saudi Pro League defeat against Al Qadisiyah. Getty Images
Al Ettifaq manager Steven Gerrard during the Saudi Pro League defeat against Al Qadisiyah. Getty Images
Al Ettifaq manager Steven Gerrard during the Saudi Pro League defeat against Al Qadisiyah. Getty Images
Al Ettifaq manager Steven Gerrard during the Saudi Pro League defeat against Al Qadisiyah. Getty Images

Pressure mounts on Steven Gerrard after Al Ettifaq suffer another defeat in SPL


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Steven Gerrard had another difficult outing as manager in the Saudi Pro League as Al Ettifaq suffered a demoralising defeat at home against Al Qadisiyah.

On Saturday, first-half goals from Gaston Alvarez and Julian Quinones handed Gerrard's team their fourth defeat in the league from nine games, pushing them down to 11th position in the standings.

Murmurs around Liverpool great Gerrard's future in Saudi football have been growing louder. Reports emerged of discontent over his team's performances which Gerrard recently addressed.

"On the back of recent results in my position you are always aware of disappointment from fans. I have to take that responsibility on my shoulders," Gerrard had said.

"That is what I will do and continue to fight and work to improve the recent results. I don't react, change or get overly concerned about social media or anyone on the outside of Ettifaq's opinion. My priority is this club."

"I meet (club chief) Mr Hatem (Al Misehal) after every game and we talk football, where it is a win, loss or draw. We have fantastic support, myself, the staff and the players from the management team.

"We did meet but we meet after every single game."

However, the latest result is sure to add pressure on Gerrard and team management. After the defeat to Al Qadisiyah, Gerrard was jeered by the home crowd.

Julian Quinones of Al Qadisiyah celebrates scoring his team's second goal against Al Ettifaq. Getty Images
Julian Quinones of Al Qadisiyah celebrates scoring his team's second goal against Al Ettifaq. Getty Images

Following the loss, Gerrard accepted blame for the latest setback.

"We conceded the first goal from a set piece. Previously, we used to defend better from set pieces. The second goal was scored by a young player. The player is young, and I bear responsibility for the second goal. I bear full responsibility for using a young player in defence, as he has little experience," Gerrard said after the match.

What has added to the drama is speculation about the possibility of an opening at Scottish club Rangers, where manager Philippe Clement is also under pressure after a poor start to the season. Gerrard had earlier agreed a contract extension at Al Ettifaq until at least 2027.

Also, Gerrard kicked up a storm recently on a podcast where he seemed to suggest that he arranged team training sessions in a way that allows him to watch Liverpool matches.

Gerrard issued a clarification saying that his loyalty remains with Ettifaq.

"I want to make it abundantly clear my priority is Ettifaq, I have a contract with Ettifaq and I am in a real privileged position," he said.

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

RESULTS

Welterweight

Tohir Zhuraev (TJK) beat Mostafa Radi (PAL)

(Unanimous points decision)

Catchweight 75kg

Anas Siraj Mounir (MAR) beat Leandro Martins (BRA)

(Second round knockout)

Flyweight (female)

Manon Fiorot (FRA) beat Corinne Laframboise (CAN)

(RSC in third round)

Featherweight

Bogdan Kirilenko (UZB) beat Ahmed Al Darmaki

(Disqualification)

Lightweight

Izzedine Al Derabani (JOR) beat Rey Nacionales (PHI)

(Unanimous points)

Featherweight

Yousef Al Housani (UAE) beat Mohamed Fargan (IND)

(TKO first round)

Catchweight 69kg

Jung Han-gook (KOR) beat Max Lima (BRA)

(First round submission by foot-lock)

Catchweight 71kg

Usman Nurmogamedov (RUS) beat Jerry Kvarnstrom (FIN)

(TKO round 1).

Featherweight title (5 rounds)

Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)

(TKO round 1).

Lightweight title (5 rounds)

Bruno Machado (BRA) beat Mike Santiago (USA)

(RSC round 2).

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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Updated: November 03, 2024, 5:31 AM