Al Ain 0 Al Shabab 0
Man of the match Lee Myung-joo (Al Ain)
AL AIN // With more than a nod to the occasion, Zlatko Dalic emerged from the tunnel at the Hazza bin Zayed Stadium on Tuesday night sporting an altogether new guise.
The Al Ain manager, perennially kitted out in trainers, jeans and trusty purple polo shirt, took his usual spot on the touchline, but this time had spruced up significantly: black suit, white shirt, shiny black shoes. This was the Asian Champions League, after all.
The Croat returned to the stage that last year brought so much cheer – from where he began what until now has been a gleaming Al Ain career – but in truth his clothes were the only thing that sparkled.
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Semi-finalists as recently as five months ago, Al Ain started their latest continental campaign far from their best. A 0-0 draw against Al Shabab, the Saudi Arabian side, was not what they were after, but without key conductor Omar Abdulrahman, and with Asamoah Gyan only just back from African Cup of Nations duty, in reality there should be little to lament.
Nothing is won on Champions League opening night, but a point can at least provide the platform for another pop at the knockout stages. Although, understandably disappointed, dapper Dalic acknowledged as much.
“Our target is always to pass the group and it’s important to start with three points, but we didn’t lose at home to Al Shabab,” he said. “Last season we had 11 points, which was enough for first position. I believe in my players.”
Their performance may not have betrayed it, but that trust is well placed. In another contrast to last season, Al Ain embark on this Champions League in fine fettle domestically, sitting joint top of the Arabian Gulf League.
Here, though, Shabab simply proved too stubborn – too intent on departing with a share of the spoils – and other than a speculative effort in the 81st minute, they granted Khalid Essa a quiet evening in the Al Ain goal.
At the other end, Ibrahim Diaky spurned the hosts’ best opportunity, which arrived when the enthusiastic crowd, large in number and voice, had barely taken to their seats. Played in on goal in the fifth minute, the midfielder failed to supply enough of a finish to secure his side the perfect start.
Typically, Gyan led the line for Al Ain, but the Ghanaian is clearly still finding his feet after seven weeks away with his national side. Top scorer in this competition in 2014 – he managed 12 goals in all – this time Gyan contributed only two attempts on target. Given recent exertions, he obviously requires some patience.
“Gyan is not firing as before, but I hope he will become better from this game,” Dalic said. “He is our best scorer and one of our best players – our job is to back him. Hopefully, he will be ready soon, we need him.”
Dalic’s mood differed substantially to that of counterpart Jaime Pacheco. The Shabab coach left the stadium beaming broadly, club scarf around his shoulders, like the proverbial cat that got the cream.
“Al Ain is a very strong side, have good players and are one of the teams who can win the title,” he said. “That’s why I congratulate the players for their performance.”
Star performer
Lee Myung-joo (Al Ain) The South Korean was typically industrious at the heart of the host’s midfield. He provided a clear-cut chance in the opening exchanges, which Ibrahim Diaky could not convert.
Underperformer
John Antwi (Al Shabab) The bulking striker did nothing to disturb the Al Ain backline, although he was starved of decent service throughout. Still contributed little and was substituted on 67 minutes.
Key moment
Diaky’s chance in the fifth minute. Slipped through on goal by Lee, the midfielder attempted to flick the ball over the Shabab goalkeeper but failed to connect. It would have gifted Al Ain the perfect start.
Al Ain rating
6/10 Last year's semi-finalists huffed and puffed without ever really hurting their opponents. Created a few decent half-chances, but could not make the breakthrough.
Al Shabab rating
5/10 The visitors offered next-to-no threat and mustered only two shots on target. An away point in the group opener, though, was a fine return for their performance.
Our verdict
Al Ain were disappointed with the stalemate and rued their lack of a killer touch. Yet a predominantly rusty display suggested they have much room to improve. Expect them to get better as the group stage progresses.
jmcauley@thenational.ae
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Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
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The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
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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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Sector: Technology and home services
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Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
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