On Saturday: joy.
On Thursday: despair.
Penalty shootouts can provoke either ecstasy or anguish, and Poland have now experienced both sets of emotions in the past few days. While Switzerland were overcome on spot-kicks in the last 16 of the European Championship last weekend, Portugal proved more clinical from 12 yards in the pair's quarter-final five days later.
It was a heartbreaking way for the Poles to depart, but when the dust has settled Adam Nawalka and his players can look back on their time in France with pride.
Four years ago, Poland co-hosted Euro 2012 but failed to make it beyond the first stage. Things had started so well, Robert Lewandowski giving his side the lead against Greece 17 minutes into the opening game of the competition, but Poland got progressively worse and finished fourth in a favourable group that also included Russia and Czech Republic.
The next hurdle also proved insurmountable as Poland ended their 2014 World Cup qualifying campaign nine points adrift of group winners England and eight behind runners-up Ukraine. Manager Waldemar Fornalik was disposed of just days after their final match, with his replacement Adam Nawalka tasked with guiding Poland to this summer’s expanded tournament over the next two years.
The former Wisla Krakow midfielder did exactly that and more, leading Poland to their first appearance in the last eight of a competition since the 1982 World Cup in Spain, when Zbigniew Boniek starred as the Poles finished third.
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They may not have always been the easiest on the eye, but Poland were well drilled, solid and effective throughout this year’s tournament in France.
There was an excellent balance to the side, with each member of it fully aware of his role and responsibilities.
Centre-halves Kamil Glik and Michal Pazdan were combative and uncompromising, while Grzegorz Krychowiak – perhaps one of the most underrated midfielders on the continent – demonstrated his all-round skillset in the engine room.
Kamil Grosicki and Jakub Blaszczykowski added speed and directness on the flanks, with younger deputies Bartosz Kapustka and Piotr Zielinski offering a little more guile and creativity when called upon, and Arek Milik linked the play well as a second striker despite some erratic finishing.
The key contributions of the above players meant Poland were able to progress to the quarter-finals without relying on Robert Lewandowski for goals or moments of magic, with the Bayern Munich man only opening his account in the 1-1 draw with Portugal that ended with Ricardo Quaresma sealing the latter’s passage to the final four by scoring the ninth penalty of the night.
Lewandowski was much improved after quiet showings against Northern Ireland, Germany, Ukraine and Switzerland, with Poland more threatening in attacking areas as a result. Nawalka’s charges were easily the better team in the opening 25 minutes at the Stade Velodrome, defending stoutly and counter-attacking quickly as they got in behind the Portugal backline on a number of occasions.
Their opponents soon took control, though, and it was Fernando Santos’s men who were pushing for the winning goal for much of the second half after Renato Sanches had levelled the scores before the break.
Poland managed to hold out as Portugal spurned a handful of golden opportunities, and by the time penalties came around the underdogs were probably confident of pulling off an upset.
It simply was not to be, however, with Rui Patricio’s save from Blaszczykowski proving decisive. It was a horrible way to lose and it might take Poland’s players the rest of the summer to get over it, but they can exit with their heads held high and look forward to a future that looks far brighter than it did just two years ago.
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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.”
China and the UAE agree comprehensive strategic partnership
China and the UAE forged even closer links between the two countries during the landmark state visit after finalising a ten-point agreement on a range of issues, from international affairs to the economy and trade and renewable energy.
1. Politics: The two countries agreed to support each other on issues of security and to work together on regional and international challenges. The nations also confirmed that the number of high-level state visits between China and the UAE will increase.
2. Economy: The UAE offers its full support to China's Belt and Road Initiative, which will combine a land 'economic belt" and a "maritime silk road" that will link China with the Arabian Gulf as well as Southeast, South and Central China, North Africa and, eventually, Europe.
3. Business and innovation: The two nations are committed to exploring new partnerships in sectors such as Artificial Intelligence, energy, the aviation and transport industries and have vowed to build economic co-operation through the UAE-China Business Committee.
4. Education, science and technology: The Partnership Programme between Arab countries in Science and Technology will encourage young Emirati scientists to conduct research in China, while the nations will work together on the peaceful use of nuclear energy, renewable energy and space projects.
5. Renewable energy and water: The two countries will partner to develop renewable energy schemes and work to reduce climate change. The nations have also reiterated their support for the Abu Dhabi-based International Renewable Energy Agency.
6. Oil and gas: The UAE and China will work in partnership in the crude oil trade and the exploration and development of oil and natural gas resources.
7. Military and law enforcement and security fields: Joint training will take place between the Chinese and UAE armed forces, while the two nations will step up efforts to combat terrorism and organised crime.
8. Culture and humanitarian issues: Joint cultural projects will be developed and partnerships will be cultivated on the preservation of heritage, contemporary art and tourism.
9. Movement between countries: China and the UAE made clear their intent to encourage travel between the countries through a wide-ranging visa waiver agreement.
10. Implementing the strategic partnership: The Intergovernmental Co-operation Committee, established last year, will be used to ensure the objectives of the partnership are implemented.
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