Al Wahda go through the motions



Al Wahda were fulfilling an obligation. For them the Asian Champions League was as good as over even before they boarded the flight to Jeddah for their away game with Al Ittihad, last year's finalist and two time-winner of the continental title. The Saudi giants had the game won past the half hour, racing to a 4-0 lead, a score that remained unchallenged until the end at the Prince Abdullah Al Faisal Stadium on Tuesday. A defeat was not beyond anybody's guess for a depleted Wahda but the manner in which they played, particularly in the first half, was disappointing, to say the least. Ittihad's victory took their tally to seven points, three behind Iran's Zobahan, who stunned the Uzbek club Bunyodkor 1-0. Wahda were left with no points from four games, thus leaving the Group B for the three teams to fight it out for the two spots in the last 16.

The Algerian Abdelmalik Ziaya opened the floodgates heading a left cross from Manaf Abu Shogair in the 12 minute. Saud Kariri scored twice in succession, the first a 35-yard low effort which Adel al Hosani fumbled and the next was a rocket from 40 yards. Sultan al Namri completed a superb half hour for the home side with a spectacular bicycle kick off a short cross from Rashed Raheeb. Wahda were more organised in the second half and could have scored twice. Saeed al Kathiri wasted a golden opportunity with a weak effort when setup by Ismail Matar inside the box and Matar's effort from six yards off a rebound crashed against the post. Wahda were without their top-scorer Fernando Baiano, the Brazilian sitting out a one-match ban for two bookings. They rested the Brazilian midfielders Pinga and Magrao, and the UAE internationals Mohammed al Shehhi and Abdulraheem Jumaa. apassela@thenational.ae

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
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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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