Fans vent fury as Egypt crash out



CAIRO // Angry fans hurled plastic water bottles at Egypt's Under 20 players after the host team crashed out of the World Cup with a shock 2-0 defeat to Costa Rica on Tuesday. Their Czech coach Miroslav Soukup said: "This is the first game where we couldn't score. We have been scoring well in all our other games. But today we attacked and had no luck."

Costa Rica captain Jose Mena scored the opening goal after 21 minutes with a diving header to silence more than 60,000 home fans at Cairo International Stadium. Esteban Alvarado then made some outstanding saves as his team spent most of the match defending before Marcos Urena added the second two minutes from time with a powerfully struck shot past Egyptian keeper Aly Lofti. "The first goal affected us and the changes we made failed to change the result," added Soukup. "They defended with six or seven players at the back and we couldn't get through. They were very fast on the break and it's the counter- attacks that cost us the game."

Egypt were the third of the fancied teams to suffer a shock exit after Italy ousted Spain on Monday, and the Czech Republic were beaten on penalties by Hungary. Adam Balajti struck the winning penalty - after Hungarian goalkeeper Peter Gulacsi saved three spot kicks, while the Czechs' Tomas Vaclik saved two. The game finished level at 2-2 after extra time. Costa Rica will play the UAE in the quarterfinals on Saturday.

"This was a great night for us, a magic atmosphere for the players," the Costa Rica coach Ronald Gonzalez said. "We have a team that is mentally strong." Also on Tuesday night, Dominic Adiyiah scored in extra time to give Ghana a 2-1 win over South Africa in Ismaila. Kermit Erasmus, the highly rated Feyenoord striker put South Africa ahead in the 58th minute, beating Ghana's defence and rounding goalkeeper Daniel Agyei to prompt wild celebrations on the team's bench and a somersault from Erasmus.

Andre Ayew equalised with a header in the in the 66th minute, and Adiyiah hit a brilliant dipping shot from 25 yards in the ninth minute of extra time to send Ghana through to the last eight. Most of the fans at Isamailia stadium were military conscripts dressing in brightly coloured overalls who unfurled giant flags of the two African nations in the stands. "I think overall, my team were the stronger side, but we didn't start very well," Ghana coach Sellas Tetteh said. "When you reach the knockout stage, the games become harder and South Africa certainly made it tough for us."

In the matches to be played tomorrow Ghana face South Korea, while Hungary play Italy. * AP

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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.”

The specs

Engine 60kwh FWD

Battery Rimac 120kwh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry

Power 204hp Torque 360Nm

Price, base / as tested Dh174,500 

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