Jose Mourinho insists he will finally be prepared to label Chelsea as title challengers if they “work in a successful way” in this close-season transfer market.
After watching his team come from behind at Cardiff to bring down the curtain on their campaign with a 2-1 victory on Sunday, Mourinho denied being hurt by missing out on the Premier League title in his first campaign back in England, saying Manchester City were worthy champions.
Evolution and transition have been buzz words for the Portuguese this season and he claimed that the Chelsea’s third-placed finish “is not a drama” despite Roman Abramovich, the Chelsea owner, not being a man renowned for his patience.
However, there appeared a distinct shift in rhetoric from the former Real Madrid boss as far as Chelsea’s title ambitions for 2014/15 are concerned if they attain their transfer targets, of whom Atletico Madrid striker Diego Costa is thought to be one.
“Next season if we do our work in a successful way in the summer market, which I know the club is trying to do everything to make that a successful period for us, then if we do that I want to start day one saying we are going to fight for the title,” Mourinho said.
“We don’t need a new spine, a new structure. It is there.
“The fundamental for us now is a couple of players of a certain level to help the team immediately go to a different level.
“After that the additional is if someone has to leave then someone has to come. Our work in the summer is not a big amount of work, it is just the right choice.”
Mourinho already largely has the tools required.
It is forging the mentality required to win matches like those against Aston Villa and Sunderland – he referred to these games six times in his press conference – which is where he will be looking for his transitional team to step up next year after some damaging defeats to sides in the bottom half.
“Manchester City are champions and they deserve it,” he said.
“They have four more points than us and two more than Liverpool. They are not guilty of defeats like ours to Aston Villa and Sunderland. It has nothing to do with them.
“Am I hurt (by City winning)? No, because it is part of the process.
“One thing is to play clearly to win the title. Another is to be in a transition phase.
“It was an easier job for me to get a team ready to win (not Chelsea) and I promise you I had chances to do that not just in this country but others.
“My decision was this and I am happy with that. It is part of a process in a dangerous league where you can finish fifth and be out of the Champions League.
“Third is not a drama, it is a position you have to accept in this transitional period.
“We are not asking for eight, nine, 10 years to achieve success but you can’t just click your fingers and success arrives, this season it almost happened.”
Substitute Andre Schurrle’s introduction proved decisive as Chelsea came from behind to defeat relegated Cardiff with two goals in three second-half minutes.
The Germany international scored one and made the other for Fernando Torres shortly after coming on as Mourinho’s team ended a trophyless season on a winning note.
Cardiff, in their final game before returning to the Championship, had led beyond the hour mark courtesy of Craig Bellamy’s early deflected strike in what seems likely to be his final game as a professional.
Manager Ole Gunnar Solskjaer said: “I think everyone can see signs that there are players there that have got the quality.
“There will probably be a few changes, in my view it is important to keep hold of the most important players.”
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BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
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McLaren GT specs
Engine: 4-litre twin-turbo V8
Transmission: seven-speed
Power: 620bhp
Torque: 630Nm
Price: Dh875,000
On sale: now
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
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UAE currency: the story behind the money in your pockets
Key developments in maritime dispute
2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier.
2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus
2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.
2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.
2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.
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Australia World Cup squad
Aaron Finch (capt), Usman Khawaja, David Warner, Steve Smith, Shaun Marsh, Glenn Maxwell, Marcus Stoinis, Alex Carey, Pat Cummins, Mitchell Starc, Jhye Richardson, Nathan Coulter-Nile, Jason Behrendorff, Nathan Lyon, Adam Zampa
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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