Carlo Ancelotti was full of praise for his players and the Real Madrid fans after another "inexplicable" Champions League semi-final victory sent the 14-time winners through to the final.
With the tie poised 2-2 after last week's first leg in Munich, Bayern put themselves in control when Alphonso Davies scored a stunning goal in the 68th minute, but Madrid produced a sensational comeback with Joselu netting in the 88th and 91st minutes for a 4-3 aggregate win.
Spanish champions Real Madrid face another German side, Borussia Dortmund, in the Wembley final on June 1, after they defeated Paris Saint-Germain in the other semi-final.
The last time Real Madrid won the Champions League, in 2021/22, their run to the title was filled with great escapes. They fought back from a 2-0 aggregate deficit against PSG in the last 16, needed extra time to get past Chelsea in the quarter-finals, then scored two late goals to force extra time in their semi-final with Manchester City.
So it was no surprise to see the competition's most successful team mount a late comeback against Bayern on Wednesday night. Real will now aim to complete the double after clinching La Liga last weekend.
“It's happened again. Something that has happened time after time, which is inexplicable, has happened again," Real manager Ancelotti said. "It's magical. We played well, it was a tough game but we had control, we didn't lose our heads when they scored and we got back into it.
"I'd like to thank the fans, the club and above all, the players, they've delivered a season nobody expected, myself included. I didn't imagine that this squad would be capable of what they've achieved."
Madrid had enjoyed the better of the match but it seemed Davies' superb strike had set up a repeat of the 2013 all-German final in London.
Instead, Joselu consigned Bayern to a first trophyless season since 2012, his first goal coming after a handling error from Bayern goalkeeper Manuel Neuer, who had superbly kept Madrid at bay until that point.
"There were world-class saves after world-class saves, but that can happen, it's football," said Bayern defender Matthijs de Ligt.
Neuer produced a superb double save to stop Madrid nosing in front, tipping the electric Vinicius Junior's effort on to the post and then saving Rodrygo's follow-up.
Bayern's Serge Gnabry limped off injured with Davies replacing him before England captain Harry Kane's first flash of danger, but Andriy Lunin pushed his vicious volley around the post.
Neuer palmed away a Vinicius free-kick as the teams ended a high-intensity, relentlessly frantic first half level.
The second period was just as fraught, with Davies' cross deflecting onto the roof of Lunin's goal.
Vinicius was unplayable down Madrid's left and Rodrygo prodded his low cross agonisingly wide of the far post.
Neuer, 38, made superb saves to deny both Brazilian forwards again before the hour mark as Madrid ratcheted up the pressure.
However, just as in Munich, when Los Blancos were at their strongest, Bayern pounced. Canada international Davies cut inside from the left and smashed a shot beyond Lunin into the far top corner after 68 minutes.
Madrid thought they had levelled moments later through Nacho but after a VAR review, the strike was ruled out as the defender had grabbed Joshua Kimmich's face before shooting.
Tuchel took off Kane, still chasing the first trophy of his career, in the final stages to try and hold on to victory but it slipped through his fingers as Madrid produced more indelible European memories.
Neuer, who had been sublime to this point, fumbled what appeared a simple Vinicius strike and substitute Joselu gratefully bundled home from close range.
With Bayern reeling Madrid struck again, decisively. It was Joselu once more, the striker on loan from second-division side Espanyol, turning home after Antonio Rudiger cut the ball back to him.
The goal was ruled offside but officials overturned the decision after review, and after nearly 15 minutes of stoppage time, Madrid earned the chance to go for their 15th Champions League trophy.
"There have been a lot of times we have looked dead and buried, but we have that mentality of never say die," said Real midfielder Jude Bellingham.
Bayern were left raging at full time after De Ligt netted but play had been stopped beforehand for an offside flag against Noussair Mazraoui.
"I think it's pretty clear and there is no doubt that is against the rules of modern football," said Bayern manager Thomas Tuchel, who will leave the club imminently.
"A disaster. An absolute disaster. With Real's second goal, they let the play continue. The clear rule is that the scene must continue. The first mistake was made by the linesman, the second by the referee."
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.”
SPECS
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Company%20Profile
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
COMPANY%20PROFILE%3A
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Envision%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2017%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EKarthik%20Mahadevan%20and%20Karthik%20Kannan%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20The%20Netherlands%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Technology%2FAssistive%20Technology%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%241.5%20million%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2020%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Seed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%204impact%2C%20ABN%20Amro%2C%20Impact%20Ventures%20and%20group%20of%20angels%3C%2Fp%3E%0A
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
PROFILE OF STARZPLAY
Date started: 2014
Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Race card
4pm Al Bastakiya Listed US$300,000 (Dirt) 1,900m
4.35pm Mahab Al Shimaal Group 3 $350,000 (D) 1,200m
5.10pm Nad Al Sheba Turf Group 3 $350,000 (Turf) 1,200m
5.45pm Burj Nahaar Group 3 $350,000 (D) 1,600m
6.20pm Jebel Hatta Group 1 $400,000 (T) 1,800m
6.55pm Al Maktoum Challenge Round-3 Group 1 $600,000 (D) 2,000m
7.30pm Dubai City Of Gold Group 2 $350,000 (T) 2,410m
The National selections:
4pm Zabardast
4.35pm Ibn Malik
5.10pm Space Blues
5.45pm Kimbear
6.20pm Barney Roy
6.55pm Matterhorn
7.30pm Defoe
More from Neighbourhood Watch:
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
