Years of achievement. Years of trophies. Years of regularly finishing in the top four but not actually winning a trophy until last year’s FA Cup.
Years – 15 of them – of qualifying for the last 16 of the Uefa Champions League. A move to a new stadium completed while Liverpool, Everton and, most relevantly, Tottenham Hotspur, looked on enviously. A club in robust financial health.
The plus column for Arsene Wenger looks pretty strong, certainly when viewed with perspective.
And yet, on a platform at Stoke railway station last Saturday, he was abused by Arsenal fans. Not a couple of distant jeers, but booing and snarling in his face. “Get out while you still can,” they shouted at the peripheral Costa Rican forward Joel Campbell.
It is true, of course, that this was a handful of Arsenal fans and that the vast majority would be appalled by the thought of a mob verbally attacking a 65-year-old man on a railway platform.
But it also is true that discontent is becoming ever more common at the Emirates and that, even if most Arsenal fans would express their frustration in a different way, they understand what led to that confrontation.
Arsenal are masters at doing just enough to release the pressure. Every time they reach what seems a critical point, they win a couple of games and tensions ease.
The Stoke City game was that process in microcosm. What if Bojan Krkic's second goal had not been ruled out? What if it had got to 4-0? What if it had got worse? Would that have been the tipping point? But it did not, Arsenal pulled it back to 3-2 and the defeat became an irritation rather than a humiliation.
A 4-1 win away to a Galatasaray side that cannot defend, including a brilliant goal from Aaron Ramsey, means Arsenal probably go into today's home game against Newcastle United in relatively good spirits – although in typical Arsenal fashion, optimism that Ramsey may be getting back to the sort of form he showed last season has been extinguished by news he will miss the game through injury, as will Laurent Koscielny and Nacho Monreal.
But the issue really is the bigger picture. Step back and it seems absurd that anybody could criticise Wenger.
If he walked away from the club today, he would leave it in an immeasurably stronger position than he found it in 1997. He may even, as he always promised he would, have seen the club through financial disadvantage.
With Financial Fair Play regulations, the stadium becomes a huge advantage, while the benefits enjoyed by Roman Abramovich’s Chelsea and other deep-pocket are negated.
Arsenal’s wage bill this season crept above Chelsea’s for the first time in a decade.
In that sense, his stewardship of the club has been masterful. And yet it may be that Wenger is not the best man to take advantage of the changed economic environment.
This week, he was again insisting that “if everybody is fit, then we don’t need to go into the transfer market”. Can he really believe that? Really believe that he does not need a holding midfielder? Really believe that six defenders is sufficient?
But even those issues do not really get to the heart of the matter, which is the way Arsenal are so habitually outclassed by good opponents – by Barcelona and Bayern Munich repeatedly in the Champions League, by other top four sides in the Premier League (last season, Arsenal’s record against the teams that finished above them was one victory, two draws and three defeats. They were outscored 17-6. Again and again, the aspect in which they fall down is their pressing.
Arsenal at their peak, in 1997/98 and 2003/04, did not press high up the field. They had elite holding midfielders who could protect the defence. They would absorb pressure and strike on the break through the pace of Nicolas Anelka, Marc Overmars, Thierry Henry, Fredrik Ljungberg and Robert Pires. Now they do neither. They do not press high and they do not absorb.
They have the team to press but not the coherence. And that is not a matter of money or budget, but one of coaching. And if that is accepted, perhaps the time has come to thank Wenger for an extraordinary body of work and look to a different future.
sports@thenational.ae
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Section 375
Cast: Akshaye Khanna, Richa Chadha, Meera Chopra & Rahul Bhat
Director: Ajay Bahl
Producers: Kumar Mangat Pathak, Abhishek Pathak & SCIPL
Rating: 3.5/5
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Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
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Price: From Dh590,000
Ukraine%20exports
%3Cp%3EPresident%20Volodymyr%20Zelenskyy%20has%20overseen%20grain%20being%20loaded%20for%20export%20onto%20a%20Turkish%20ship%20following%20a%20deal%20with%20Russia%20brokered%20by%20the%20UN%20and%20Turkey.%3Cbr%3E%22The%20first%20vessel%2C%20the%20first%20ship%20is%20being%20loaded%20since%20the%20beginning%20of%20the%20war.%20This%20is%20a%20Turkish%20vessel%2C%22%20Zelensky%20said%2C%20adding%20exports%20could%20start%20in%20%22the%20coming%20days%22%20under%20the%20plan%20aimed%20at%20getting%20millions%20of%20tonnes%20of%20Ukrainian%20grain%20stranded%20by%20Russia's%20naval%20blockade%20to%20world%20markets.%3Cbr%3E%22Our%20side%20is%20fully%20prepared%2C%22%20he%20said.%20%22We%20sent%20all%20the%20signals%20to%20our%20partners%20--%20the%20UN%20and%20Turkey%2C%20and%20our%20military%20guarantees%20the%20security%20situation.%22%3C%2Fp%3E%0A
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.”
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- Floor Standing - Dh495
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- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
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Company name: Play:Date
Launched: March 2017 on UAE Mother’s Day
Founder: Shamim Kassibawi
Based: Dubai with operations in the UAE and US
Sector: Tech
Size: 20 employees
Stage of funding: Seed
Investors: Three founders (two silent co-founders) and one venture capital fund
Teams
India (playing XI): Virat Kohli (c), Ajinkya Rahane, Rohit Sharma, Mayank Agarwal, Cheteshwar Pujara, Hanuma Vihari, Ravichandran Ashwin, Ravindra Jadeja, Wriddhiman Saha (wk), Ishant Sharma, Mohammed Shami
South Africa (squad): Faf du Plessis (c), Temba Bavuma, Theunis de Bruyn, Quinton de Kock, Dean Elgar, Zubayr Hamza, Keshav Maharaj, Aiden Markram, Senuran Muthusamy, Lungi Ngidi, Anrich Nortje, Vernon Philander, Dane Piedt, Kagiso Rabada, Rudi Second