Paulo Sousa's dream debut season at the helm of Shabab Al Ahli got even better on Friday as his side clinched a 2-1 win over Sharjah to lift the President's Cup.
Yuri Cesar scored either side of half time for Shabab Al Ahli after Marcos Meloni had put Sharjah in front with a 14th minute strike.
It was the Dubai club's fourth title under the Portuguese this season having already won the Super Cup, UAE-Qatar Super Cup and the Adnoc Pro League in which they have taken an unassailable 11-point lead with three games left.
Sousa’s men fell short of a clean sweep of domestic trophies when they lost to Al Jazira in the ADIB League Cup final last month.
“I mentioned this team was the best this season at the pre-match conference and now it got better with the President’s Cup triumph,” the former Fiorentina and Poland manager said.
“It was a tough game against Sharjah but that’s expected in a final. We deserved this win as we were the better side on the night with better possession and more chances created.”
Friday's victory in Abu Dhabi also saw Shabab Al Ahli move out on their own as the President's Cup's most successful team with 11 titles, one more than Sharjah.
“It really was a momentous moment for the club, fans, players and also for me in my first season,” Sousa added.
“Personally, I couldn’t have wished for a better first season here. Full credit to my staff and the players who gave everything on the pitch and for the fans who stood behind us at every game.”
Cesar’s equaliser two minutes into first half added time - a superb free kick - was crucial. The Brazilian struck again on 64 minutes to put Shabab Al Ahli ahead, a lead they would not relinquish.
“That equaliser indeed was the game changer,” Sousa said. “That goal set the platform for us to get back in the game. It wasn’t that we were not in the game with a goal down but going into half time provided us that extra bit of energy and motivation.”
Bogdan Planic, Shabab Al Ahli’s Serbian centre-back, said facing Sharjah was always tough.
“Like every game we played against them this season they have proved a very hard team to beat, and it was a very good game again,” he said.
“Like it was one of our big days, they too were waiting for this moment. They used their counter-attacks to good effect but I think we had good control against their play.
“We had the good fortune to score the equaliser just before the half time and then take the lead soon after the break. I think we deserved this win, as we have been playing extremely well throughout the season.”
Planic said there was no panic in the Shabab Al Ahli ranks after Sharjah took the lead.
“We have done that on many occasions throughout the season,” he said. “We were one or two goals down in some games but we came back strongly to win them. It was similar when Sharjah took the lead. We bid our time and were confident.
“The only disappointment this season was losing the ADIB League Cup in which we couldn’t raise our game.”
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Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
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
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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.”
2019 ASIA CUP POTS
Pot 1
UAE, Iran, Australia, Japan, South Korea, Saudi Arabia
Pot 2
China, Syria, Uzbekistan, Iraq, Qatar, Thailand
Pot 3
Kyrgyzstan, Lebanon, Palestine, Oman, India, Vietnam
Pot 4
North Korea, Philippines, Bahrain, Jordan, Yemen, Turkmenistan
Who is Allegra Stratton?
- Previously worked at The Guardian, BBC’s Newsnight programme and ITV News
- Took up a public relations role for Chancellor Rishi Sunak in April 2020
- In October 2020 she was hired to lead No 10’s planned daily televised press briefings
- The idea was later scrapped and she was appointed spokeswoman for Cop26
- Ms Stratton, 41, is married to James Forsyth, the political editor of The Spectator
- She has strong connections to the Conservative establishment
- Mr Sunak served as best man at her 2011 wedding to Mr Forsyth
Sholto Byrnes on Myanmar politics
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Uefa Nations League: How it Works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
