UPDATE - Nicolas Anelka's double guides Chelsea to first leg win in Copenhagen
In a sense, a Dane from Greenland is responsible for all this.
The £750 million (Dh4.425 billion) spent on one west London football club, the taciturn, quixotic Russian owner, his three Premier League titles, those seasons of near-things in the Champions League, the transfer and wage inflation that has changed the face of the English game. One upright Dane skidding the ball past Jerzy Dudek on the final day of the 2002/03 season started it all.
With Jesper Gronkjaer's winner against Liverpool came a Champions League place that staved off financial disaster at Chelsea. A month later, Roman Abramovich had bought the club, the investment secured by a direct entry into the competition he believed his prodigious wealth would soon also make his own.
Gronkjaer, the skittishly effective attacker, was to be a billionaire's employee for just one season. Edged towards the sidelines by the purchases of Joe Cole, Damien Duff and Arjen Robben, he initially departed for Birmingham City.
Rapidly moving on to Atletico Madrid and Stuttgart, by the summer of 2006 he was back in Denmark with Copenhagen - the club that will examine Chelsea's questionable health in Champions League competition on Tuesday evening.
The visitors might fear their former teammate's ability to choose his moments.
"If history is correct, that goal is said to have been enormously important," Gronkjaer said.
"We broke a long period in which Chelsea had not been in the Champions League. To score was a tremendous joy, partly because I did not get very many goals.
"Afterwards, there was a great atmosphere in the dressing room because now we were to play Champions League. It was among the most important matches I've played, though at the time we knew nothing about Abramovich."
That state of blissful ignorance was not to last for long. The £60m spent on Chelsea's shares was just the beginning, then followed the most spectacular outlay on players English football had ever seen.
"The summer was crazy," Gronkjaer said. "There were eight to 10 new players, and the same number left. I remember we were on a 12-day training camp in Malaysia. One day, Wayne Bridge arrived, a couple of days later Damien Duff showed up, while a third player went home. We were all thinking 'Are we going to have a squad of 30 players?'
"There was also questions about Claudio Ranieri from the day Abramovich arrived. Although we won matches and were top of the league, there was tremendous pressure on the coach.
"Abramovich sat in the dressing room sometimes and other times he stood on the sidelines. He could not speak English but was always surrounded by a crowd. There was a lot of mystery around him.
"The day before we played the Champions League match in Rome [a 4-0 defeat of Lazio], he stood out on the running track and watched. I cannot say whether he actually has any football savvy, but his presence meant that there was consistently a strong push to achieve and a lot of speculation."
Gronkjaer, who was born in Nuuk, the capital of Greenland, an autonomous country under the Kingdom of Denmark, had been at Chelsea since 2000, one of Ranieri's first acquisitions at a significant, £7.5m fee from Ajax. Arriving injured and fitful of form, he did not manage a 30-game season until his third year there.
He was amused by the paradoxes of a "huge club" that "trained on an old windblown pitch 250 metres from where Concorde aeroplanes took off from.
"Every day at 10.45am we had to make a break in the training, because we could hear nothing." Gronkjaer's exit from London coincided with a difficult period in which his mother died and he struggled to settle at three separate clubs. His four years at Copenhagen, however, have brought three League titles and a Danish Player of the Year award.
At 33, he remains central to the team's creativity operating on the wing or as a shadow striker and is as canny in his predictions for the Chelsea tie as in his play.
"If everything works for them and their players are in top form, they are scary to have to deal with," said Gronkjaer, whose team have been on a long winter break.
"But we must be close to the level we were at in the autumn, otherwise we've no chance.
"Nil-nil would be a brilliant result to take over there."
Asked which of his colleagues are most likely to follow his own path to the Premier League, Gronkjaer picked out the manager, Stale Solbakken.
Briefly a midfielder for Wimbledon in the late 1990s, Solbakken's playing career was ended by a heart attack in training, precipitating a coaching career of almost continuous success.
"Stale must be a hot name in Europe and I am sure he'll end up in one of the biggest clubs," Gronkjaer said of a coach who held Barcelona to a draw in the group stages, comfortably qualifying ahead of prodigiously financed Rubin Kazan and Panathinaikos.
"Stale is honest. Towards himself and towards the players. Where other coaches think too much about the reactions he'll get from the discarded player and outsider, Stale is consistent," said Gronkjaer.
Consistency. It's a trait Gronkjaer's former employer has always struggled with.
sports@thenational.ae
The specs
Engine: 5.2-litre V10
Power: 640hp at 8,000rpm
Torque: 565Nm at 6,500rpm
Transmission: 7-speed dual-clutch auto
Price: From Dh1 million
On sale: Q3 or Q4 2022
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
COMPANY PROFILE
Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar
Based: Dubai, UAE
Founded: 2014
Number of employees: 36
Sector: Logistics
Raised: $2.5 million
Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE
Safety 'top priority' for rival hyperloop company
The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.
He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.
“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.
“Only once the system has been certified and approved will it move people,” he said.
HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon.
With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.
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Race%20card
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More from Rashmee Roshan Lall
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
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.”
Monster
Directed by: Anthony Mandler
Starring: Kelvin Harrison Jr., John David Washington
3/5