ABU DHABI // Baniyas left it late but made sure they snuck into the final of the President's Cup with an enervating 3-1 semi-final win over Al Wahda at the Mohammad bin Zayed Stadium last night.
They were trailing until the 87th minute, when a fortunate equaliser took the game into extra-time. They then had a usual suspect to thank for settling it, a brace from the Senegalese Andre Senghor taking them through. That double from Senghor spoilt the birthday gift Wahda had promised their influential and popular forward Ismail Matar, who turned 28 on Saturday.
In truth, though Baniyas left it late they were worthy winners and now have a chance to put some sheen on a disappointing season when they take on Al Jazira in the final on April 23 at Zayed Sports City, where they will face Al Jazira, who beat Sharjah 4-1 in the earlier last-four encounter. Baniyas have won the President's Cup just once before, twenty years ago in 1992.
Baniyas had shown initiative and drive throughout and effective as Matar was, Haboush Saleh, Baniyas' effervescent prompter, was an equal counterfoil. All of Baniyas' ingenuity came through Saleh, patrolling in an inside left position.
He linked up well with Ahmed Ali throughout the game and only a lack of precision in his finishing prevented Baniyas from scoring. He could have had two in the first half alone, his movement and wit buying him space inside the penalty area but both times he shot weakly at the goalkeeper.
He had set up Senghor in the 70th minute with a lovely through ball but Senghor, not at his sharpest then, could not put it away. Saleh was not to be denied.
He had scored the winning goal in the UAE Olympic team's win over Uzbekistan last month and it was a foul on him that led to the equaliser.
The Spaniard Francisco Yeste took the free kick, wide on the right and from the narrow angle, Moataz Abdullah should not have allowed it to slip in at his near post.
Matar did not deserve to lose and as belated birthday gifts go, winning a cup semi-final would not have been a bad one.
It was his deep, curving corner from the left seven minutes before the break that led to Wahda's goal. Mohammad Khalaf came out but failed to cleanly punch the ball away and the ball fell to the Brazilian midfielder Hugo who shot clean through a scramble of defenders.
And that was only Matar's most obvious contribution. The national team forward was ubiquitous in Wahda's best moments, floating around the opposition half, dropping deep, moving out wide on both flanks and slipping through the centre.
A wonderful turn after the hour, having brought a high ball down expertly, should have led to a second. But Mahmood Khamis, put through from Matar's pass, could only shoot over the crossbar with only the goalkeeper to beat.
They would come to rue that chance in extra time when a wonderful cross from the substitute Nawaf Mubarak on the right saw Senghor rise magnificently to head home.
Then, two minutes from the end he was put through by playmaker Yeste and this time he made no mistake, for his 14th goal of the season. Few have been as vital.
Hugo was sent off on the final whistle to compund Wahda's misery.
osamiuddin@thenational.ae
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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.”
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UAE’s revised Cricket World Cup League Two schedule
August, 2021: Host - United States; Teams - UAE, United States and Scotland
Between September and November, 2021 (dates TBC): Host - Namibia; Teams - Namibia, Oman, UAE
December, 2021: Host - UAE; Teams - UAE, Namibia, Oman
February, 2022: Hosts - Nepal; Teams - UAE, Nepal, PNG
June, 2022: Hosts - Scotland; Teams - UAE, United States, Scotland
September, 2022: Hosts - PNG; Teams - UAE, PNG, Nepal
February, 2023: Hosts - UAE; Teams - UAE, PNG, Nepal
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