Finishing first in the group stage of this season’s Uefa Champions League may not bring the usual benefits.
With one matchday still to go, Manchester City, Bayern Munich and Real Madrid are three of the sides currently occupying second spot in their respective segments, which makes them potential opponents for the eight table-toppers in the round of 16.
Arsenal are another of the outfits who look set to advance as runners-up, but the fact that they are likely to avoid Bayern and either Madrid or Borussia Dortmund – the pair will meet at the Santiago Bernabeu in two weeks’ time – is not necessarily cause for celebration.
Atletico Madrid and Barcelona have already made sewn up leadership of their sections, while Juventus are almost certain to do the same next month. Add in Madrid or Dortmund and the cast of group winners who Arsenal could face in the next round – they will finish second as long as Paris Saint-Germain defeat Ludogorets as expected – does not make for particularly positive reading.
There is no great shame in Arsene Wenger's men being behind PSG by virtue of an inferior head-to-head record after two draws between the sides – 1-1 in the French capital in September and 2-2 at the Emirates Stadium on Wednesday night.
There should, however, be a sense of regret at what could have been. After being comprehensively outplayed by Unai Emery’s charges at the Parc des Princes, Arsenal made life far too easy for their opponents this time around. Wenger had called on his players to make a “statement” against the Ligue 1 champions, but this performance was anything but.
A wayward Laurent Koscielny pass within 18 seconds set the tone for Arsenal’s first-half showing, which was sloppy in the extreme. There was a lack of intensity to the hosts’ play both in and out of possession, with opposition midfielders Thiago Motta, Marco Verratti and Grzegorz Krychowiak afforded ample time and space to go about their business.
The first goal was a perfect example of Arsenal’s puzzling passivity: after 19 previous PSG passes, Motta was allowed to amble through the centre of the pitch and deliver a fine through-ball into the path of Blaise Matuidi, whose low cross was converted by Edinson Cavani at the back post.
There was a clear improvement after the break as the visitors were made to work for the first time, but Wenger’s side became rather flat again after an unfortunate Verratti own goal had given them a 2-1 lead. They were later made to pay for such a lacklustre approach, Lucas Moura heading past David Ospina to level the scores in the 77th minute and condemn the Premier League side to second place with one game to go.
Other Champions League reactions:
Guardiola: 'I'm glad we won't play [Bayern Munich]'
Enrique: 'Great to finish first with a game to spare'
“You have to consider two things: the intensity we put in and the result,” Wenger said. “Tonight my concern is that we were 2-1 up and allowed them to come back at us. It’s difficult to understand how easy we gave away a goal at a corner.
“We had good spells in the game but we could not dominate. We lack something in our creativity but we got a point. It might not be enough but you never know.”
It is understandable that the 67-year-old was keen to seek out the positives and Arsenal have at least shown resilience in recent draws with Tottenham Hotspur, Manchester United and PSG despite being nowhere near their best on each occasion.
Ultimately, though, they did not do enough against the type of European heavyweight who they will have to beat if Group A’s probable runners-up are to go all the way in the Champions League this year.
Arsenal’s fate is now in the hands of Uefa’s draw-makers. It could go either way.
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'How To Build A Boat'
Jonathan Gornall, Simon & Schuster
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.”
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
The specs
Price, base / as tested Dh1,470,000 (est)
Engine 6.9-litre twin-turbo W12
Gearbox eight-speed automatic
Power 626bhp @ 6,000rpm
Torque: 900Nm @ 1,350rpm
Fuel economy, combined 14.0L / 100km
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
