France forward Kylian Mbappe has apologised for missing the decisive spot kick in Monday's 5-4 shootout loss to Switzerland that saw the world champions crash out of Euro 2020.
Two Swiss goals in the final 10 minutes levelled the match at 3-3 to force the last-16 clash in Bucharest to extra time.
Switzerland and France were perfect from 12 yards until the final kick when Yann Sommer saved from Mbappe.
Mbappe, 22, said France were "incredibly sad" after exiting the tournament and that his miss would keep him awake at night.
"I'm sorry about this penalty. I wanted to help the team but I failed," Mbappe wrote on Instagram.
"It's going to be hard to sleep after this, but unfortunately these are the ups and downs of this sport that I love so much.
"The most important [thing] will be to get back up again even stronger for future commitments. Congratulations and good luck to the Swiss team."
French coach Didier Deschamps backed Paris-Saint Germain striker Mbappe and the rest of the team to bounce back and learn from their tournament disappointment
"It will help everyone I think. Kylian, even if he didn't score a goal [at the Euros], he was decisive in many actions that we had, and he took responsibility to take this penalty," he told a news conference.
"No-one is really angry with him. I talked to our players, we know the strength of this team, we've had many magnificent moments together -- today it really hurts, there's lots of sadness," he added.
Deschamps, 52, dismissed suggestions none of Mbappe's teammates went to comfort him after his spot kick was saved.
"The whole group is united in the dressing room. No-one talks about 'you made this mistake' or 'you made that mistake', Kylian knows his responsibility," added Deschamps.
France were 3-1 up and cruising with 15 minutes to go after a superb goal by Paul Pogba, but the dogged Swiss scored twice to force extra time before eventually going through to face Spain in the quarter-finals in St Petersburg on Friday.
"Today we were against a strong Swiss team, they gave us some problems in the first half, and of course France is used to having compact opponents," Deschamps explained.
"We scored our second goal in the second half which changed everything and, if you want, 10 minutes before the end we could have managed our two-goal advantage better."
France v Switzerland ratings
Switzerland manager Vladimir Petkovic and captain Granit Xhaka hailed their achievement as they reached the last eight of a major tournament since they hosted the World Cup in 1954.
“No normal side would have come back from 3-1 down against the world champions,” said Petkovic, who equalled the record for the most matches in charge of the Switzerland team.
Xhaka said they had written a new chapter, which was particularly satisfying after the stinging criticism that followed their 3-0 loss to Italy in Rome on June 16 in their second Group A match.
“I’ve always said this team deserved a lot more than you can read," he told the post-match news conference.
"There was so much discussion about this team. They said we were arrogant but I can guarantee you one thing, we really wrote a history. All Swiss people can be really proud. We achieved something that is impossible to describe with words."
Trailing 1-0 at the break, after a disjointed and dispirited first-half display, France were staring at a 2-0 scoreline before goalkeeper Hugo Lloris saved Ricardo Rodriguez's penalty.
That reprieve prompted a blistering response with Karim Benzema scoring twice and then Paul Pogba scoring a 75th-minute screamer to make it 3-1.
Game over, many of those watching would have felt, but from the way they played, the French too made the fatal mistake of under-estimating the Swiss, who forced the game into extra time through Haris Seferovic's second and then a 90th minute equaliser from Mario Gavranovic.
"Nobody believed in us any more at that stage," said goalkeeper Sommer.
"We felt they had become a bit complacent and maybe thought they had already won it. So we used that to our advantage."
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.”
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
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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
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
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War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
COMPANY PROFILE
Name: Mamo
Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua
Based: Dubai, UAE
Number of employees: 28
Sector: Financial services
Investment: $9.5m
Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors.
The specs
Price, base / as tested Dh100,000 (estimate)
Engine 2.4L four-cylinder
Gearbox Nine-speed automatic
Power 184bhp at 6,400rpm
Torque 237Nm at 3,900rpm
Fuel economy, combined 9.4L/100km
Company%20Profile
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Heavily-sugared soft drinks slip through the tax net
Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.
Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.
A 680ml can of Arizona Iced Tea costs just Dh6.
Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.
UAE currency: the story behind the money in your pockets