The most successful national team of this century will on Thursday come under the orders of their fourth different manager in 15 months.
It is a startling turnover, its latest episode tinged with an awful sadness, for Spain, not least because they are Spain, a side whose potential makes them a coveted project for any manager, and whose most successful football is all about fidelity to a system, to a sense of well-oiled order.
What can be said of Robert Moreno, the new man in charge, and no longer officially a caretaker, is that, unlike Fernando Hierro - who took over from Julen Loptegui on the eve of last year’s World Cup, when Lopetegui was sacked after revealing he had committed his future to Real Madrid - he is the carefully considered "continuity" choice.
Moreno has for the last year been on the coaching staff, as assistant to Luis Enrique, who stepped down to be with his nine-year-old daughter, Xana, as she battled bone cancer. The child, tragically, lost that fight at the end of last month.
Enrique, the former Barcelona and Roma manager, may return to the job in the longer-term, and the most significant announcement made by Moreno, his close friend, ahead of Thursday’s Euro 2020 qualifier in Romania, is that he would immediately return to his previous role as a deputy in that scenario.
"I would be delighted to step aside if Luis wants to come back," he said. "Friendship comes before everything." Moreno has kept in close touch withEnrique during his grief.
He will also honour the principles Enrique brought to the job of lifting Spain back to the pre-eminence they held over a sustained period, as European champions in 2008 and 2012, and World Cup winners in 2010. That era was guided by two vastly experienced coaches, the late Luis Aragones and then Vicente Del Bosque, whose departure after eight years in the seat triggered the unforeseen instability.
The Lopetegui crisis of June 2018 undermined the World Cup irreparably and left confidence bruised. Spain were eliminated in the last 16 on penalties by Russia, their emergency stand-in manager, Hierro, unable to coax more than one goal out of a team that had almost 80 per cent of possession over the 120 minutes against the hosts.
Hierro can scarcely be held entirely responsible for that. He had been catapulted into the job because he was on site, in his position as general manager, and his experience as a first-team manager was limited to a single season in Spain's second division.
Moreno has an even shorter background taking charge of a senior team, having worked, after a modest playing career, mostly as an assistant to Enrique. He was in that role, though, at Barcelona for the treble of 2014/15. A man who has worked with Lionel Messi and Neymar, with Andres Iniesta and Luis Suarez comes with certain guarantees his instructions will be respected.
The squad picked for Romania, and for Sunday’s meeting with the Faroe Islands, gives off signals of a firm mind. There is no place for Diego Costa, the Atletico Madrid striker who has just completed a long club suspension, or Iago Aspas, the Celta Vigo forward. Both might have expected a call given that Alvaro Morata, who has three goals from his last three internationals, is out injured.
There will be no sentimental appearance for Santi Cazorla, either, in his native Asturias, where Spain are to host the Faroes this weekend. Cazorla, 34 and enjoying a remarkable comeback with Villarreal after his career had seemed ended by injury 18 months ago, played his first international for almost four years in June, finishing the game with the captain's armband. But he is not in Moreno's party, one that features a number of midfielders who have made significant transfers this summer: Dani Ceballos, now on loan at Arsenal; Pablo Sarabia, of Paris Saint-Germain; Manchester City's Rodri.
Moreno has also spelled out a new approach to the position of goalkeeper, where, since 2016, Del Bosque, Lopetegui, Hierro and Enrique have had Manchester United’s David de Gea as their established No 1.
Enrique backed De Gea to that effect after the keeper endured a difficult World Cup. But the message from Moreno is that Kepa Arrizabalaga, of Chelsea, and Pau Lopez, who has joined Roma from Real Betis, should now regard themselves as De Gea’s equals in the hierarchy.
“I don’t believe in having a fixed goalkeeper,” Moreno said. “Competition for places is good. My idea is that the competition for the goalkeeping place is an equal competition.”
De Gea can take that as a strong hint he is under scrutiny.
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.”
UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match
UAE currency: the story behind the money in your pockets
THE SPECS
Engine: 2.0-litre 4-cylinder turbo
Power: 275hp at 6,600rpm
Torque: 353Nm from 1,450-4,700rpm
Transmission: 8-speed dual-clutch auto
Top speed: 250kph
Fuel consumption: 6.8L/100km
On sale: Now
Price: Dh146,999
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Company%20profile
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The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
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
Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
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SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FLIP%204
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The specs
Engine: 3.5-litre twin-turbo V6
Power: 380hp at 5,800rpm
Torque: 530Nm at 1,300-4,500rpm
Transmission: Eight-speed auto
Price: From Dh299,000 ($81,415)
On sale: Now
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Mohammed bin Zayed Majlis
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
Price: from Dh136,521 VAT and Dh166,464 VAT
On sale: now