ABU DHABI // An Internet search for the Australian football team turns up this cringe-worthy headline: “Australia becoming the joke of the soccer world.”
"We can rant and rave all we want, slag the coaching staff and howl into the early morning light as the humiliation unfolds on our television screens," senior sports writer Michael Lynch recently wrote in The Sydney Morning Herald. "The simple fact is that Australia are too old, too slow and simply not good enough."
Australia fans in Abu Dhabi did not put up much of a defence of their national team.
“I mean, I think Australians are effectively resigned to having our team come home on the first plane home from Brazil,” said Australian Tom Taylor, 22, who just graduated from NYU Abu Dhabi. “Our draw is terrible. We have Spain and Netherlands and Chile so, I’m not a huge soccer fan as it is, but I’m quite confident that there will be no progression beyond those three games for Australia.”
This will be the Socceroos’ third consecutive appearance in the World Cup, and fourth overall.
“It’s good to get there for the third World Cup in a row now,” said Connor Pearce, 19, an Australian who studies history at NYUAD.
The team’s greatest claim to Fifa fame came in 2006, at the World Cup in Germany, when they advanced to the Round of 16.
“We almost beat Italy who ended up winning the World Cup,” said Mr Taylor, who majored in social research and public policy. “That was probably the heyday of Australian soccer and probably that generation is now getting older and moving on.”
The Aussies are ranked 62nd in the world. The team face tough competition in Group B standings. If they are to advance to the Round of 16 this time around, they need to upset defending champions and top-ranked Spain, the South Africa 2010 runners-up Netherlands and Chile, who are ranked 13 in the world.
Given the strong teams they are up against, Mr Pearce said the likelihood of the team progressing beyond the group level was “kind of not really big”.
“They’ll come bottom of the group,” Mr Pearce predicted. “They’ll come bottom of the table. Spain won last time didn’t they? Spain and the Netherlands were in the final the last World Cup in 2010. And Chile are one of the up-and-coming teams in South America, and they’re really fast.”
Not even Australia’s underdog status is enough to persuade Mr Taylor to have hopes for a surprise upset.
“I think there’s underdog and there’s like, dead dog, and Australia might be more of a dead dog than an underdog,” he said. “On a good day, with a good draw, we would still probably struggle to perform. Under the circumstances, I think it will be almost a write-off.”
The best any Australian fan could hope for, he said, was a goal.
“A goal might be nice, if they could score a goal, I think that would make me pretty happy,” Mr Taylor said. “I think expecting anything more than that is really a bit presumptuous.”
Mohanned Hourani, 51, would also be satisfied if his team scored a single goal.
“We’ve got nothing to lose,” said Mr Hourani, who is flying to Brazil from Abu Dhabi to cheer on his team. “If we go out there and we score one goal, I think that would make my year.”
The fact that Australia have no star players may be to their benefit, said Mr Hourani.
“We play very well together as a team, as a collective,” he said. “Most of the teams in the World Cup, including Portugal and England and so on, they have like one or two star players, and they rely on them. But because Australia do not have a star player they have to play as a team, a collective, and that’s what we’re relying on, and I think that will be our strength.”
The UAE is home to about 16,000 Australians who maintain their cultural ties through social groups like Aussies Abroad in Abu Dhabi, the Australian and New Zealand Association in Dubai, the Australian Business Group and the Abu Dhabi Falcons, a local sports team who follow the rules of the Australian Football League.
“We run some major, major Australian events throughout the year,” said Aussies Abroad spokesman Tony Palladino, who has lived in Abu Dhabi off and on since 2007. “So we’ve got a business group, we’ve got our social group and a sports group.”
Mr Palladino said the venue for Aussie World Cup games will change for each game and the locations will be posted on www.aussiesabroad-abudhabi.com.
rpennington@thenational.ae
* Chile v Australia, (Saturday, 2am UAE time; Live on beIN Sport)
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.”
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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South Korea
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