Manager Arsene Wenger expects to add to Arsenal's "core" this summer, but believes if Francis Coquelin had cost £40 million (Dh227.8m) in January rather than coming back from loan at Charlton Athletic, there would be little criticism of his squad's depth.
Arsenal responded to last week’s disappointing home defeat against Swansea City to earn a 1-1 draw at Old Trafford on Sunday, keeping them two points ahead of Manchester United and they can secure third place by beating Sunderland at the Emirates Stadium on Wednesday night.
Against Man United, Wenger named an unchanged side for the sixth time in succession, which saw Coquelin retain his place as Arsenal’s defensive midfield enforcer.
It is a role in which the 24-year-old Frenchman has excelled since returning from The Valley at the end of 2014, with Coquelin notably praised for his stand-out efforts in the victory at Manchester City.
Coquelin came through the Arsenal youth ranks after being spotted as a raw teenager at Stade Lavallois in 2008, with loan spells away in Lorient and Freiburg before a brief stint at Charlton was cut short following injuries within Wenger’s squad.
Wenger feels had Coquelin, who recently agreed a contract extension, come with a hefty price tag, then his subsequent impressive performances would have not taken so many by surprise.
“The world has changed. The appreciation today of the quality of a player is just down with the money you spend,” said the Arsenal manager.
“If we had bought Coquelin at Christmas for £40m, everyone would say ‘what a signing’. I am sorry he didn’t cost any money, he is still a good player.”
Wenger added: “What is a player worth today? Nobody knows really.
“I just wanted to say that if we had bought (Coquelin), nobody would complain that he was a good player.”
Wenger believes Coquelin has the needed quality to become an Arsenal regular next season.
“Nobody would dispute that his performances have been convincing and that he is ready for a fight even if somebody comes in,” Wenger said.
“He has shown he has the capacity to play for us and play a big part in the success of the team.
“I extended his contract, that means I believe in him.”
Arsenal have been linked with the likes of unsettled Liverpool forward Raheem Sterling as well as Manchester City midfielder James Milner and Chelsea goalkeeper Petr Cech.
Wenger, however, insists his squad does not need a major summer overhaul, just some key additions.
“We have depth in the squad, and the rest will be decided in the summer. We need first to keep our players,” he said.
“I respect everybody’s opinion, but at the end of the day it’s important we keep the core of the team together and if we can add we will add, but we work on it and the less we talk the better it is.”
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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.”
Results
4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m; Winner: MM Al Balqaa, Bernardo Pinheiro (jockey), Qaiss Aboud (trainer)
5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m; Winner: AF Rasam, Tadhg O’Shea, Ernst Oertel
5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel
6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m; Winner: Mujeeb, Richard Mullen, Salem Al Ketbi
6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m; Winner: Jawal Al Reef, Antonio Fresu, Abubakar Daud
7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m; Winner: Ashton Tourettes, Pat Dobbs, Ibrahim Aseel
7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m; Winner: Nibraas, Richard Mullen, Nicholas Bachalard
SPECS
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Awar Qalb
Director: Jamal Salem
Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman
Two stars
Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
