West Africa's powerhouses to battle it out for final spot



BENGUELA// The "hate match" redux in Benguela may take most of the attention today, but the other semi-final, between Nigeria and Ghana, is a fixture of similar intrigue and history, if not quite the same sense of fevered bitterness. Neither, in truth, has been particularly impressive in this tournament: Ghana won their quarter-final against the hosts Angola partly because of a resolute defensive display, but they were fortunate that Manucho missed three straightforward chances. It took two clearances off the line from Yusuf Mohamed, meanwhile, to see Nigeria through to a penalty shoot-out victory over Zambia.

Sporting relations between what were to become the independent nations ofNigeria and Ghana began as earlyas the 1930s with "intercolonial" events in football, boxing and tennis. Gradually, as the Nkrumah leadership in Ghana (or the Gold Coast, as it was then) began to recognise the propaganda potential of sport and sought to establish Ghana at the forefront of black Africa, matches against Nigeria, who were still perceived as playing sport in "the effete English manner" - to quote an editorial in the Nigerian daily Vanguard - began to take on an edge.

Ghana quickly established themselves as the football power of west Africa and had won three African Cup of Nations titles before Nigeria, emerging from civil war, clinched their first continental title in 1980. Ghana responded by reclaiming the title two years later, but gradually Nigeria became the dominant power. They may have won only two Nations Cups to Ghana's four, but during a four-year exile prompted by the political ramifications of the execution of the dissident novelist Ken Saro-Wiwa, they became the first African side to take Olympic gold in 1994.

When Ghana beat Nigeria 4-1 in Brentford, England, in February 2006, it was their first victory over their west African rivals in 18 years. Since then, they have been in the ascendancy and victory in the Under 20 World Cup last year suggests that will continue. This Ghana side, though, has been severely undermined by injury, and features four members of that squad. They have become almost visibly more self-assured as the tournament has gone on; Kwadwo Asamoah in particular has caught the eye and may at last answer the call for a west African midfield creator. And their calm amid the tumult of Luanda on Sunday spoke of great maturity.

"To play a team in front of such a noisy crowd is not easy," said the defender Samuel Inkoom. "You need to concentrate for 90 minutes and that is what we did." This is a gnarled and experienced Nigeria side; a team engaged in a seemingly perpetual last stand. Their coach, Shaibu Amodu, who has adopted an increasingly resigned, almost fatalistic attitude as the tournament has progressed, was told he had to reach the semi-final if he wanted to keep his job through to the World Cup. It has taken a Rasputin-like gift for survival to do that, but still he clings on.

"Maybe this will silence my critics," he said, although he must know that even winning the tournament is unlikely to do that. @Email:sports@thenational.ae Ghana v Nigeria, 8pm, Aljazeera Sport +3 and +10

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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.”

BEETLEJUICE BEETLEJUICE

Starring: Winona Ryder, Michael Keaton, Jenny Ortega

Director: Tim Burton

Rating: 3/5

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants

23-man shortlist for next six Hall of Fame inductees

Tony Adams, David Beckham, Dennis Bergkamp, Sol Campbell, Eric Cantona, Andrew Cole, Ashley Cole, Didier Drogba, Les Ferdinand, Rio Ferdinand, Robbie Fowler, Steven Gerrard, Roy Keane, Frank Lampard, Matt Le Tissier, Michael Owen, Peter Schmeichel, Paul Scholes, John Terry, Robin van Persie, Nemanja Vidic, Patrick Viera, Ian Wright.

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Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics

 

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.


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