Gareth Bale and Wales players celebrate their team's 3-1 win after the UEFA EURO 2016 quarter final match between Wales and Belgium at Stade Pierre-Mauroy on July 1, 2016 in Lille, France. (Photo by Clive Rose/Getty Images)
Gareth Bale and Wales players celebrate their team's 3-1 win after the UEFA EURO 2016 quarter final match between Wales and Belgium at Stade Pierre-Mauroy on July 1, 2016 in Lille, France. (Photo by Clive Rose/Getty Images)
Gareth Bale and Wales players celebrate their team's 3-1 win after the UEFA EURO 2016 quarter final match between Wales and Belgium at Stade Pierre-Mauroy on July 1, 2016 in Lille, France. (Photo by Clive Rose/Getty Images)
Gareth Bale and Wales players celebrate their team's 3-1 win after the UEFA EURO 2016 quarter final match between Wales and Belgium at Stade Pierre-Mauroy on July 1, 2016 in Lille, France. (Photo by C

Tragedy has turned to triumph as Wales continues remarkable Euro 2016 run


  • English
  • Arabic

LILLE, France – The Welsh have a word for it: “Hwyl.” It means passion, in the emotional or spiritual sense, in their Celtic language.

And the Wales team has certainly been mining a rich seam of it at the European Championship. It beat a strongly-favoured Belgium side 3-1 on Friday to line up a semi-final against Portugal, the national team's biggest achievement since reaching the quarter-finals of the 1958 World Cup. However, it's a case of sporting success with a tragic backdrop.

Over the past five years, the Welsh squad and its supporters have been coping with the sudden death of its coach, Gary Speed, who was found hanged in his home in 2011 at the age of 42.

His childhood friend and fellow coach Chris Coleman took over the work that Speed had just begun with Welsh football, a sport constantly in the shadow of rugby – in which Wales has enjoyed global success – and in a country with a population of just over 3 million.

Speed’s progressive methods were starting to pay dividends when he died, a blow to Welsh football lovers who saw the young coach as a role model. He played 85 times for Wales and was its coach for less than a year.

At every major game, the Welsh fans still sing in memory of Speed. “There’s only one Speedo,” goes the chant.

At Euro 2016, excitement about the national team is clearly growing and tens of thousands of fans are expected to make the journey across the English Channel next week for the game against Portugal in Lyon.

That support has become crucial to Welsh success. From a country famed for its singing, the national anthem of Wales, the 1856 song “Hen Flad Fy Mhadau” – which translates into English as “Land of my Fathers” – seems to inspire the team.

“You only have to listen to the ‘hwyl’ (of the anthem) to know the effect it has on the boys,” spectator James Owen of Abertillery, southern Wales, said in Lille. “The national anthem brings tears to your eyes and makes your hair stand on end when it’s sung in a football or rugby stadium.”

Only the Welsh understand the power of their anthem, which translates as follows.

“The Land of my fathers is dear unto me

Land of Poets and singers and people of stature

Her brave warriors, fine patriots

Shed their blood for freedom.”

When Coleman took over in January 2012, Wales had recently been outside the top 100 in the world by Fifa rankings. Wales came into Euro 2016 in 26th position and will rise even further following its run to the semifinals. With 10 goals from five games, Wales is also among the top scoring teams in the competition.

From the qualifying competition to the final tournament, success has helped to make Wales a closely-knit squad – and that also includes their children. After the final whistle, as the crowd sings to the team, the players regularly bring their children onto the pitch and let them run around kicking footballs. About 10,000 fans cheered Gareth Bale’s three-year-old daughter in Paris when she managed to kick the ball into the net.

“We never forget our belief and our identity,” Coleman told a news conference after Friday’s victory.

Bale is the team’s undoubted star, but he is much more of a team player with Wales than he is with Real Madrid. As captain, he leads by example, working tirelessly. His relationship with Wales could not be more different than that of his club teammate Cristiano Ronaldo with the rest of the Portugal squad. Ronaldo often appears aloof from other players in the national side, and he can win games single-handedly.

There is also a contrast between the fortunes of the Welsh and their neighbour England, which still sees itself as a footballing giant despite a consistent record of tournament failure since winning the World Cup in 1966.

Welsh fans chanted, “Are You Watching England?” as Wales scored its third goal in the victory over Belgium. England failed to make it beyond the last 16, slumping to an embarrassing defeat to Iceland.

From watching Euro 2012 on TV to playing in the semifinals of Euro 2016, the turnaround for the Welsh is little short of remarkable.

“Four years ago we were as far away as you can be from where we are right now,” Coleman said. “We find ourselves in an incredible position.”

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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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Five hymns the crowds can join in

Papal Mass will begin at 10.30am at the Zayed Sports City Stadium on Tuesday

Some 17 hymns will be sung by a 120-strong UAE choir

Five hymns will be rehearsed with crowds on Tuesday morning before the Pope arrives at stadium

‘Christ be our Light’ as the entrance song

‘All that I am’ for the offertory or during the symbolic offering of gifts at the altar

‘Make me a Channel of your Peace’ and ‘Soul of my Saviour’ for the communion

‘Tell out my Soul’ as the final hymn after the blessings from the Pope

The choir will also sing the hymn ‘Legions of Heaven’ in Arabic as ‘Assakiroo Sama’

There are 15 Arabic speakers from Syria, Lebanon and Jordan in the choir that comprises residents from the Philippines, India, France, Italy, America, Netherlands, Armenia and Indonesia

The choir will be accompanied by a brass ensemble and an organ

They will practice for the first time at the stadium on the eve of the public mass on Monday evening