After defeating Al Dhafra in their UAE League Cup match Saturday, Al Jazira were on a plane on Sunday to Iran for their Asian Championship League match on Tuesday against Esteghlal. Abdullateef Al Marzouqi / Al Ittihad
After defeating Al Dhafra in their UAE League Cup match Saturday, Al Jazira were on a plane on Sunday to Iran for their Asian Championship League match on Tuesday against Esteghlal. Abdullateef Al Marzouqi / Al Ittihad
After defeating Al Dhafra in their UAE League Cup match Saturday, Al Jazira were on a plane on Sunday to Iran for their Asian Championship League match on Tuesday against Esteghlal. Abdullateef Al Marzouqi / Al Ittihad
After defeating Al Dhafra in their UAE League Cup match Saturday, Al Jazira were on a plane on Sunday to Iran for their Asian Championship League match on Tuesday against Esteghlal. Abdullateef Al Mar

Zenga’s men rack up frequent traveller miles along with points


Amith Passela
  • English
  • Arabic

Al Jazira are in confident mood ahead of their clash with Esteghlal in Iran, despite the fact that it is their third away game in seven days.

Walter Zenga's men returned from Saudi Arabia after a 3-1 win over Al Shabab at Riyadh in their second Asian Champions League (ACL) tie last Tuesday.

They then travelled to Madinat Zayed on Saturday for a meeting with Al Dhafra in the League Cup, which they won to book their passage to the final.

The squad were back on the plane on Sunday and heading to Tehran for their game against Esteghlal.

"The win over Dhafra will do a world of good to the moral and confidence of the players," said goalkeeper Ali Kasheif, who played a key role in that victory with two excellent saves in the penalty shoot-out after a 2-2 draw.

Jazira’s record since December has been impressive. They have lost only two games (1-0 at Ajman in the Arabian Gulf League and 1-0 to Al Wahda in the President’s Cup) during this period.

They won 24 points from a possible 33 in the league, triumphed in two games in the League Cup and in both their matches in the ACL.

There is no rest after returning from Tehran as a derby match against Abu Dhabi rivals Al Wahda awaits in the Arabian Gulf League on Saturday followed by a game against Al Nasr, away, five days ­later.

“It is a bit tiring, particularly when you have to travel, but when you are on a winning run a lot of good things happen,” Kasheif said.

“The good results we have achieved over the last four days have provided the confidence and hunger for more success.

“We travel to Tehran full of hope. The mood in our camp is excellent. The players are happy and thinking positive.

“We want to make best use of the good start we have had in the ACL and consolidate our position in this group with another good result.”

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MATCH INFO

Scotland 59 (Tries: Hastings (2), G Horne (3), Turner, Seymour, Barclay, Kinghorn, McInally; Cons: Hastings 8)

Russia 0

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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Cry Macho

Director: Clint Eastwood

Stars: Clint Eastwood, Dwight Yoakam

Rating:**

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