Chelsea manager Maurizio Sarri said he was satisfied but maintains there is plenty of work ahead after the Italian made a winning start at the Premier League club with a 1-0 victory over Perth Glory in a friendly on Monday.
Sarri, who replaced compatriot Antonio Conte earlier this month, was without his team's World Cup players in front of a sell-out crowd of 60,000 at the new Perth Stadium.
Chelsea were still far too good for the home side - themselves playing their first game under new manager Tony Popovic - just weeks out from their Premier League season opener on August 11 against Huddersfield Town.
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Chelsea asserted their dominance early when Spanish winger Pedro scored in the fifth minute, and totally dominated the match for the most part, likely leaving Sarri wondering how they did not find the back of the net many more times.
"The result was not the mirror of the game, but it’s more important in this period the performance," Sarri told the Chelsea website.
"I am satisfied by the performance in the first half and the first 15 minutes of the second half, not the last 30 minutes.
"We lost the distance between the defenders and the midfielders, but we know we have to work. We have to go back to Cobham and work very hard. We know we have to improve very quickly."
With both sides in different stages of their pre-season preparations, Perth were under siege for long periods of the game and Chelsea threatened most times they took possession. At one stage, the London club hit the upright three times in 10 minutes in the second half.
Perth goalkeeper Liam Reddy was the busiest man on the field for much of the night, making some fine saves and watching hopefully as other Chelsea shots sailed just wide of his goal.
Slippery conditions due to heavy rain before and during the match did not help either side. Chelsea's last touch was just slightly lacking, while Glory played their best football when the tempo slowed noticeably in the last 15 minutes.
Sarri would have been pleased with the brilliance of youngster Callum Hudson-Odoi in the first half, with the 17-year-old setting up the only goal of the match.
The teenager's pace and skill was on display as he broke down the wing and produced a superb left-foot cross for Pedro, who slotted it inside the far post with a crisp volley that proved to be the winner.
High-profile new signing Jorginho was also impressive in the midfield in the first half, a promising start to his time with Chelsea, while Cesc Fabregas dominated throughout.
The former Napoli midfielder only signed with Chelsea last week after negotiations lengthened by the departure of Conte, choosing the London side over Manchester City.
Sarri is now looking ahead to the next match against Italian side Inter Milan in Nice on Saturday, and he expects greater improvement from his players.
"I expect us to improve match by match. It’s not easy at this moment because we are without 12 players from the World Cup," he said.
"It has been a difficult week with a long flight, jetlag, but at the end of the week I can say we have worked well, and we have played a good match for 60 minutes."
Killing of Qassem Suleimani
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.”
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
ANALYSTS’ TOP PICKS OF SAUDI BANKS IN 2019
Analyst: Aqib Mehboob of Saudi Fransi Capital
Top pick: National Commercial Bank
Reason: It will be at the forefront of project financing for government-led projects
Analyst: Shabbir Malik of EFG-Hermes
Top pick: Al Rajhi Bank
Reason: Defensive balance sheet, well positioned in retail segment and positively geared for rising rates
Analyst: Chiradeep Ghosh of Sico Bank
Top pick: Arab National Bank
Reason: Attractive valuation and good growth potential in terms of both balance sheet and dividends
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
Mohammed bin Zayed Majlis
Mohammed bin Zayed Majlis
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
Zayed Sustainability Prize
The five pillars of Islam
