The Serie A fixture schedule was always likely to load Sunday night’s Milan derby with extra weight. Lose it, and either AC Milan or Inter will see breathing space ahead for myriad of decisions.
For the vanquished, it will feel like a long wait for a chance to bounce back, regroup and erase the hurt. Between Match Day 17 and 18 of the calendar stretches the winter break, 14 days when the transfer window opens and, indeed, the capture of a new coach might be possible.
There is a restlessness in the blue and red corners of the city. On Thursday, AC Milan confirmed the appointment of Barbara Berlusconi as vice president, while the new majority shareholder at Inter, Erick Thohir, asserted his authority after a low-key two months since formally assuming the principal seat of power at the club. This will be Thohir’s first derby as Inter’s chief.
“Of course I will be there,” he said ahead of a strategy meeting, and he carefully referenced the passions one of the sport’s great collisions had long stirred in him. He had followed the Milan derby loyally in his native Indonesia, the media magnate said. “I have watched nearly all of them over the past few years, but being there in that atmosphere will be special.”
Thohir, who brought his 70 per cent stake in October, is undergoing a crash course in the idiosyncrasies of Italian football.
The “special atmosphere” he talked about was subject to yesterday’s decision, by a court in Lombardy, whether to uphold a ban on fans entering the part of the Giuseppe Meazza Stadium in San Siro that houses the noisiest Inter followers. The club had been ordered to close it after Inter fans were found to have directed abusive chants at Napoli supporters during the 4-2 defeat in Naples last weekend.
Inter appealed, and Thohir will have noted that AC Milan backed that appeal. The derby rivalry may be fierce, but within it, there is ample space for a fraternity that unites fans across the divide of local allegiance when a common foe, namely the authorities, can be identified.
The Inter-AC Milan enmity also softens, regularly, for a functioning business relationship between the clubs. The squad the Milan coach Max Allegri names today will include four players with an Inter past, two of whom, Sulley Muntari and Giampaolo Pazzini, were transferred directly from the blue half of the city to the red. Another player, the injured defender Matias Silvestre, is currently on loan from Inter, at Milan.
Such transactions are a sign of the times. Both Milan and Inter have been obliged to reduce costs in the period since they occupied the summit of club football – AC Milan with the Uefa Champions League win of 2007 and Inter seizing the same trophy in 2010 – so if one can help the other with a deal that saves on salaries, they will.
The Corriere dello Sport newspaper calls tomorrow’s game the Derby of Austerity. It may be the last match for Inter of the admired midfielder, Fredy Guarin, whom Thohir knows will fetch a good price from wealthy Chelsea.
But Thohir knows he needs to tread cautiously; he has been seen as bringer of hope, not cutbacks. His predecessor, Massimo Moratti, who retains the title of honorary president, invited the Indonesian billionaire, 43, to take over because the club needed a scale of investment which Moratti no longer felt able to supply.
To sustain Inter’s name among the world’s leading club brands, projects like a stadium of their own, or co-owned with AC Milan, must be a long-term target. Participation in the Champions League, which Inter missed out on this season, is also crucial, and Thohir will be pushed to bring in players next month to help achieve it. Inter sit fifth in the table this morning, seven points shy of third, which is the entry point for Europe’s best and most lucrative competition.
AC Milan lie 10th, nine points behind Inter. The restructuring of the club’s executive, and a higher-profile role for Barbara Berlusconi, daughter of the former prime minister Silvio, will not have soothed Allegri’s concerns over his future, a topic of fevered speculation.
He clings to the fact AC Milan are still involved in the 2013/14 Champions League, achieved a creditable draw against Roma last weekend and that he has steered the club with dignity and resourcefulness through the austerity era so far.
In recent history, one important distinction between AC Milan and Inter has been stability in the head coach’s office. Since 2010, Allegri has negotiated seven Milan derbies in charge of AC Milan; his eighth finds him facing, in Walter Mazzarri, the sixth Inter coach in that period.
For Thohir, that sort of turnover looks expensive and impractical. On Sunday night, though, he will see close up the sort of fervour, and pressure, that can make the richest, wisest investor react impulsively in pursuit of sporting success.
sports@thenational.ae
Fixtures
Saturday
Livorno v Udinese 9pm (UAE)
Cagliari v Napoli 11.45pm
Sunday
Bologna v Genoa 3.30pm
Roma v Catania 6pm
Torino v Chievo 6pm
Sassuolo v Fiorentina 6pm
Atalanta v Juventus 6pm
Verona v Lazio 6pm
Sampdoria v Parma 6pm
Inter Milan v AC Milan 11.45pm
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.”
OPINIONS ON PALESTINE & ISRAEL
Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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
India squads
Test squad against Afghanistan: Rahane (c), Dhawan, Vijay, Rahul, Pujara, Karun, Saha, Ashwin, Jadeja, Kuldeep, Umesh, Shami, Pandya, Ishant, Thakur.
T20 squad against Ireland and England: Kohli (c), Dhawan, Rohit, Rahul, Raina, Pandey, Dhoni, Karthik, Chahal, Kuldeep, Sundar, Bhuvneshwar, Bumrah, Pandya, Kaul, Umesh.
ODI squad against England: Kohli (c), Dhawan, Rohit, Rahul, Shreyas, Rayudu, Dhoni, Karthik, Chahal, Kuldeep, Sundar, Bhuvneshwar, Bumrah, Pandya, Kaul, Umesh
Leaderboard
63 - Mike Lorenzo-Vera (FRA)
64 - Rory McIlroy (NIR)
66 - Jon Rahm (ESP)
67 - Tom Lewis (ENG), Tommy Fleetwood (ENG)
68 - Rafael Cabrera-Bello (ESP), Marcus Kinhult (SWE)
69 - Justin Rose (ENG), Thomas Detry (BEL), Francesco Molinari (ITA), Danny Willett (ENG), Li Haotong (CHN), Matthias Schwab (AUT)
The specs
Engine: 5.0-litre V8
Power: 480hp at 7,250rpm
Torque: 566Nm at 4,600rpm
Transmission: 10-speed auto
Fuel consumption: L/100km
Price: Dh306,495
On sale: now
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
On racial profiling at airports
Scorecard:
England 458 & 119/1 (51.0 ov)
South Africa 361
England lead by 216 runs with 9 wickets remaining
%20Ramez%20Gab%20Min%20El%20Akher
%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now