This was the season in which things were supposed to be different.
Having emerged from a frugal period that was at least partly imposed by the move from Highbury to the Emirates Stadium, Arsenal splashed the cash by signing Mesut Ozil in 2013, Alexis Sanchez in 2014 and Petr Cech in 2015, all established players who had won league titles on multiple occasions in the past.
Two FA Cups were added to the Arsenal trophy cabinet in the last two years, successes that, it was opined, would imbue the squad with a winning mentality and help lift them into a position where they could compete for the biggest honours on an annual basis.
That feeling was strengthened at the start of the current season, which Arsenal headed into with one of the strongest squads in the division. As the campaign wore on, moreover, the path in front of them appeared to clear.
Chelsea completely imploded early on, Jose Mourinho’s sacking coming after a 2-1 defeat to Leicester City left the champions hovering above the relegation zone in mid-December.
Manchester United have gone backwards under Louis van Gaal, while Manchester City failed to deliver on their early promise and have latterly begun to turn their attention towards the Uefa Champions League.
With inexperienced Leicester City and Tottenham Hotspur the only other teams in contention at the top, Arsenal were expected to push on and claim their first league title since 2004.
More from Premier League:
The National debate: Can Tottenham catch Leicester City to win the Premier League title?
Richard Jolly on Merseyside derby: Jurgen Klopp expanding his influence on Liverpool, as he meets shrinking Everton
Predictions: Arsenal suffer shock defeat to West Brom; Rashford fires again as Man United gain ground
A dramatic 2-1 victory over Claudio Ranieri’s side moved them to within two points of first place in mid-February, but ahead of Thursday night’s clash with West Bromwich Albion, Arsenal have won only two of their last seven top-flight matches, and are now battling for a top-four spot, just as they have been for most of the last decade. Wenger’s side, indeed, are on course to finish third or fourth for the 11th consecutive campaign.
It is therefore difficult to argue against the assertion that the Frenchman has failed this term, a claim that has repeatedly been made by a growing number of frustrated Arsenal fans in recent weeks.
A number of those supporters have called for Wenger to be replaced in the summer, with many contending that a new manager is needed in order for Arsenal to progress.
Despite his undoubted shortcomings this season, though, the longest-serving manager in the club’s history deserves to see out the final year of his contract, even if he is not offered an extension to a deal that expires in June 2017.
Wenger may have failed to get his hands on a piece of silverware in nine of the last 11 seasons, but his role in guiding Arsenal to three Premier League titles — one of which came at the end of an unbeaten season — and six FA Cups should not be discarded.
Although the trophies have dried up somewhat, Arsenal have still shown great consistency by finishing in the top four and qualifying for the knockout stage of the Champions League year after year, an achievement that was particularly impressive between 2005 and 2013, when Wenger was continually forced to sell his best players and replace them with unproven prospects or second-rate players.
There has never been a complete collapse akin to Chelsea’s this season or Nottingham Forest’s in 1992/93, when Brian Clough was unable to prevent the former European champions from dropping into the second tier in his 18th and final year in charge.
Wenger’s power at the Emirates is such that he and he alone will decide when his time in North London has come to an end.
This season’s weak title challenge means it is looking increasingly likely that he may not be the man for Arsenal’s long-term future, but Wenger at least deserves the chance to exit with dignity at the end of his contract next summer.
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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.”
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett
“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche
“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox
“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite
“I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy
“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra
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