Solari laments missed chance


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ABU DHABI // Santiago Solari played almost 200 times for Real Madrid and learned during his years at the Bernabeu - before that he was at neighbouring Atletico - what it takes to bring down mighty Barcelona. The midfield playmaker who is now the key member of Atlante's Mexican championship-winning team sensed that he and his colleagues would have had the best team in the world on the ropes and vulnerable to a Club World Cup knockout if they had converted an outstanding opportunity to take a two-goal advantage on Wednesday night.

"I have played against big teams in big matches and I know what it is like when you go two goals behind," said the artful Argentine. "It can make a big difference to the way you perform. "We scored a good opening goal against them and we had an excellent chance to score a second. At 2-0 you never know. It could have been a completely different story. But Barcelona are the best team in the world, so it is no disgrace to lose to them.

"They are favourites to add this trophy to all the others they have won recently even though Estudiantes [their final opponents in the final tomorrow] are an experienced, clever team who will make things difficult for them." Solari, 33, was lamenting the failure of his Atlante midfield partner Fernando Navarro to capitalise when his team split open what looks an alarmingly vulnerable Barca defence at a key stage of an enthralling contest, which eventually finished 3-1 in favour of the European champions.

Atlante's surprise early lead was secured by their Mexican striker Guillermo Rojas, who reflected: "One goal against the best team in the world is not enough. I was happy to score against them and I was pleased with my performance, but sad overall because we lost a match we had a good chance of winning." "We made a couple of mistakes in the second half and they took full advantage. [Lionel] Messi is the best player in the world and the way he took his goal to give them the lead only seconds after coming on to the pitch showed why.

"Barcelona keep the ball well once they get on top. It is very hard to get the ball off them. I think that is their main strength. You have to concentrate all the time when you play against them because in one movement they can change the game." Atlante, who operate on one of the smallest budgets in the Mexican league, thoroughly enjoyed their Abu Dhabi experience and want more of the same next year.

As Solari put it: "There is a lot of work that has to be done to make that happen, but we are keen to make it happen. If it does, I believe we can do better." wjohnson@thenational.ae

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The story of Edge

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.

It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.

Edge has an annual revenue of $5 billion and employs more than 12,000 people.

Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab

 

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.”