UAE 0 // Jordan 0
Juma Rabee, the UAE coach, still hopes his team can make it to the quarter-finals of the Asian Under 19 Championship despite yesterday's scoreless draw with Jordan at the Zibo Sports Centre Stadium in China.
"It was a very difficult game as the two teams wanted to win after losing the first game but a draw is good for both teams because it means we both still have a chance to qualify," Rabee said on the AFC website.
"The chance is still there for us," he added. "We both have one more game and a win will mean qualifying."
Japan's 4-0 victory over Vietnam earlier may have brightened Rabee's hopes as his team face the Vietnamese tomorrow.
The UAE lost 2-1 to Japan after a bizarre goalkeeping blunder by Ahmed Mohammed in added time. Yesterday against Jordan they were disappointing in attack.
"In the first game, I accept we made mistakes in defence," Rabee said.
"We did well in attack but the chances did not come. This game, while there were some mistakes in defence, we had a lot of chances but could not finish."
Mohamed Abdeladhim, Jordan's coach, was satisfied with the result even though it means his side will need to beat Japan, one of the standout sides in the tournament, in their final game after their 2-1 loss to Vietnam.
"We played well today and fought well," Abdeladhim said.
"It was a big difference from our last game [against Vietnam] but the draw means we need to win the next game against Japan.
"Though it will not be easy we will do our best in the upcoming match to get the three points."
* Compiled by Amith Passela
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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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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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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