Toninho Cerezo was delighted with Shabab's win.
Toninho Cerezo was delighted with Shabab's win.

Shabab back in with a shout



DUBAI // For Toninho Cerezo, getting the three points against Al Wahda was just a bonus. It was the way Al Shabab played that gave the coach the greatest pleasure. Shabab looked a different side to the one that lost 1-0 at Ajman in their last league game. They were high in energy and commitment and held off waves of Wahda assaults to win 2-1.

"This is the real Shabab team and they showed the real football they can play," said Cerezo, who guided his side to the league title last season. "I congratulate my boys. They showed a lot of initiative on the field and stayed focused until the final whistle. They were talking to each other and charging each other up. "In this game, we saw the team improve in many areas that we were lacking in; just small details that were affecting our performance in the last few games.

"This is our biggest gain from the game - the three points are just a bonus." The victory was Shabab's first in five games after having collected just a single point from the previous four matches. It takes their tally to 10 from eight games and improves their position slightly in the championship race, though they still dwell in the lower half. Issa Mohammed and Suroor Salem scored for Shabab, with Ismail Matar getting Wahda's goal.

But the real hero of the game was the Shabab goalkeeper Ismail Rabea, who produced a string of outstanding stops. He stood firm as the visitors went all out to breach the Shabab rearguard. "In the second half, the best player on the field was our goalkeeper and that proves Wahda were relentless in attack," said Cerezo. "They created a lot of chances, but our goalkeeper was outstanding and made the difference in the game."

As Cerezo toasted his keeper and team, the Wahda coach Ahmed Abdulhaleem was disappointed after a second consecutive league defeat. "We didn't deserve to lose," said the Egyptian. "We played really well. This was one of our best performances of the season, but luck was not on our side. I hope that will change in the upcoming games. "I don't think you can fault any player. They played very well and gave it their all. We had come here to win and created a lot more chances, but Shabab took the chances they got and scored two goals."

Abdulhaleem also believed his team were denied a penalty in the closing stages of the game when Alecsandro Barbosa's cross hit the outstretched arms of Abdullah Darwesh. "I was not very sure when the incident happened, but after seeing the television replays I have no doubt," he said. "The referee made a few poor decisions, which went against us and had a bearing on the final outcome of the game."

Wahda have now picked up just one point from their last three games, but still remain in the top four with 11 points and Abdulhaleem urged his fans not to give up hope. "We are still in the race for the championship," he said. "We should not give up. We need to continue working hard in training and not lose hope." arizvi@thenational.ae

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.”

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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In numbers

- Number of children under five will fall from 681 million in 2017 to 401m in 2100

- Over-80s will rise from 141m in 2017 to 866m in 2100

- Nigeria will become the world’s second most populous country with 791m by 2100, behind India

- China will fall dramatically from a peak of 2.4 billion in 2024 to 732 million by 2100

- an average of 2.1 children per woman is required to sustain population growth