Fernando Torres, centre, scored the winning goal for Spain in the final of Euro 2008, after beating German’s Philipp Lahm, right, to a through ball. Michael Probst / AP Photo
Fernando Torres, centre, scored the winning goal for Spain in the final of Euro 2008, after beating German’s Philipp Lahm, right, to a through ball. Michael Probst / AP Photo

Philipp Lahm ready for Fernando Torres in Champions League final



Philipp Lahm always reckoned he had the beating of Fernando Torres for speed.

He still thinks so. After all, he maintains, he showed he could be as quick a sprinter, for all Torres's longer stride, in the final of Euro 2008 in Vienna.

The decisive moment of that game, an era-defining Torres goal, was not down to Lahm being outpaced, Lahm says, but to other factors.

Nearly four years after the last European championship final between Spain and Germany, Bayern Munich's Lahm can still recollect his fateful duel with Chelsea's Torres with great clarity, something that provides a fascinating subplot to tomorrow's Champions League final.

"It started off with a free kick to Spain, in their own half," Lahm said, "and while we were sorting ourselves out, they did exactly what we had wanted to prevent. They played a simple pass into the centre circle, and Marcos Senna, who was under no pressure, played the ball on to Xavi."

From his position at left-back, Lahm readied himself for what Spain's metronomic pass-master, Xavi, would do next. Torres was preparing a run; Lahm already felt annoyed that Spain had encountered so little resistance up to that point.

"Our shielding midfielders did not confront Xavi," Lahm said, "and so Xavi played the ball between Christoph Metzelder and me. I was still in front of Torres and he is not faster than me, but then I saw Jens Lehmann coming out of his goal and intuitively held back for a split second."

The predator in Torres had been aroused. He sensed an advantage in the duel and seized it. The Spaniard leaned into Lahm; the German momentarily lost balance.

"Suddenly Torres had got in front of me, got the ball ahead of Jens and chipped it over him," said Lahm, who then watched the ball continue its precise, almost gentle course on to the inside of the far post and over the goal line. One-nil to Spain.

The strike would be probably the most important in the history of Spain's national team.

It delivered the European championship to a country that had been without a major senior international prize for 44 years.

What Torres set in motion, when he slipped past Lahm and chipped over Lehmann, was a juggernaut. Two years later Spain won the World Cup, their first.

But the key figures in that duel have travelled very distinct individual paths since that 32nd minute in Vienna.

Torres was 24 then, had just completed his first, impressive season in English football. He had scored 24 goals in 33 league games for Liverpool.

The boy who had been known as El Nino, the kid, at Atletico Madrid had matured superbly in the Premier League. He had become an idol on Liverpool's Kop. Now he was a national hero for Spain.

Lahm's error in the final – or, by his detailed account, his small part in a series of errors by German players, including Lehmann and the midfield in the lead up to the Torres goal – hardly tarnished his reputation as one of the game's best full-backs, admired for his attacking instincts and two-footed versatility.

Barcelona were interested in signing Lahm after Euro 2008, but he stayed with Bayern.

There he would become an increasingly confident leader of the dressing room. He was demanding of his coaches, and would soon take the view that one of them, Jurgen Klinsmann, fell short of the standards Bayern should be setting.

Later Lahm would mistrust Louis Van Gaal, who followed Klinsmann into the club, because of Van Gaal's reckless leanings towards attacking football.

Lahm is opinionated, feisty. Torres has strong views, too, and, gradually, in two further seasons with Liverpool after winning the European championship with Spain, he began to believe Anfield might not, after all, be the place where he could fulfil his ambitions, answer his desire to achieve at club level what he had achieved internationally.

Torres would never be as prolific again in the Premier League as he had been in his first English campaign, although injuries also disrupted his progress.

And by the time Spain were at the their next major tournament, he was no longer secure of his place in the first XI.

When he next came up against Lahm, as Germany took on Spain in the semi-final, it was only for nine minutes, as a late replacement for David Villa. Torres also started the World Cup final on the substitutes' bench.

By then Lahm was captain of Germany, and of Bayern. The first armband came to him with Michael Ballack's unfortunate injury; criticism then swirled around Lahm when, ambitiously, he said he wanted to keep the status of captain even if Ballack returned to the squad.

That never happened, and Lahm is now a forceful national captain, opining not just on team matters but topics such as human rights abuses in Ukraine, where Euro 2012 will be jointly hosted next month.

As for Torres, he will simply be very relieved if he spends any time on the pitches of Poland or Ukraine in June. His status with Spain has fallen drastically because of his horribly patchy club form since Chelsea, by paying Liverpool a soaring £50 million (Dh292m) for him 16 months ago, made him the most expensive player ever to move between two British clubs.

Seldom, these days, does the former star Torres show the sort of confidence that let him slip past the now-developed superstar, Lahm, on that night in Vienna.

Seldom does Lahm make errors. But he will still be vigilant, just in case, of giving Torres even a split-second of advantage should a famous duel be repeated tomorrow.

Follow us

WHEN TO GO:

September to November or March to May; this is when visitors are most likely to see what they’ve come for.

WHERE TO STAY:

Meghauli Serai, A Taj Safari - Chitwan National Park resort (tajhotels.com) is a one-hour drive from Bharatpur Airport with stays costing from Dh1,396 per night, including taxes and breakfast. Return airport transfers cost from Dh661.

HOW TO GET THERE:

Etihad Airways regularly flies from Abu Dhabi to Kathmandu from around Dh1,500 per person return, including taxes. Buddha Air (buddhaair.com) and Yeti Airlines (yetiairlines.com) fly from Kathmandu to Bharatpur several times a day from about Dh660 return and the flight takes just 20 minutes. Driving is possible but the roads are hilly which means it will take you five or six hours to travel 148 kilometres.

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.”

VEZEETA PROFILE

Date started: 2012

Founder: Amir Barsoum

Based: Dubai, UAE

Sector: HealthTech / MedTech

Size: 300 employees

Funding: $22.6 million (as of September 2018)

Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC

Griselda
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%C2%A0Andr%C3%A9s%20Baiz%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%C2%A0%3C%2Fstrong%3ESof%C3%ADa%20Vergara%2C%20Alberto%20Guerra%2C%20Juliana%20Aiden%20Martinez%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
5 of the most-popular Airbnb locations in Dubai

Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:

• Dubai Marina

The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.

Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739 
Two bedroom: Dh627 to Dh960 
Three bedroom: Dh721 to Dh1,104

• Downtown

Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure.  “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."

Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154

• City Walk

The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena.  “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”

Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809 
Two bedroom: Dh682 to Dh1,052 
Three bedroom: Dh784 to Dh1,210 

• Jumeirah Lake Towers

Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.

Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629 
Two bedroom: Dh549 to Dh818 
Three bedroom: Dh631 to Dh941

• Palm Jumeirah

Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.

Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770 
Two bedroom: Dh654 to Dh1,002 
Three bedroom: Dh752 to Dh1,152 

Itcan profile

Founders: Mansour Althani and Abdullah Althani

Based: Business Bay, with offices in Saudi Arabia, Egypt and India

Sector: Technology, digital marketing and e-commerce

Size: 70 employees 

Revenue: On track to make Dh100 million in revenue this year since its 2015 launch

Funding: Self-funded to date