The Liverpool player Lucas Leiva, right, fights for the ball with Antonio Lopez of Atletico Madrid.
The Liverpool player Lucas Leiva, right, fights for the ball with Antonio Lopez of Atletico Madrid.

Atletico's home is where the heart is



After grizzly times and some unsavoury squabbles with authority, Atletico Madrid discovered a fistful of chances in their meet and greet with Liverpool. A chance to try, a chance to learn and a chance to atone. It also gave Simao Sabrosa the chance to equal Robbie Keane's opportunism by prodding Atletico level with a paltry seven minutes remaining. They deserved to take something out of a breathless evening after hounding Liverpool, who appeared pale without the injured former Atletico striker Fernando Torres, all over the pitch. After shipping nine goals in three games, coming amid the chaos of being informed they are soon to be evicted from their bouncing Vicente Calderon home on such nights, they showed they were men of good character. It should be acknowledged that Atletico have been suffering somewhat in Spain. A 1-0 loss to Sevilla was followed by a 6-1 thrashing in Barcelona. They also went down 2-1 in the Madrid derby after Gonzalo Higuain scored a penalty for Real in the 96th minute. They gathered their thoughts and went at this game with some relish. In whipping up a storm, they managed to get out of it with a draw. Their supporters were also quick on the draw to point their pistols at the Uefa president Michel Platini. Their fans booed the Champions League anthem, apparently in reference to the three-match stadium ban handed down to them by Uefa for alleged racist chanting and claims of baton-twirling police attacks on visiting fans during an earlier match with Marseille. Liverpool proved too slick in the opening period. Keane wriggled clear of the home defence to score on 14 minutes, but Simao crammed in a levelling goal. The Spanish side adopted the form of squatters for much of the first half but prompted by the introduction of the Argentina striker Sergio Aguero's invasive persona, came to life with all the spring of a posse of bloody-thirsty matadors. In their bristling, bullring of a ground, the home side should have restored parity at the outset of the second half. It all started to go off in a riotous period after the break when Maniche crumpled the net with a shot that was deemed offside. The visiting goalkeeper Jose Reina fingered another Simao shot on to a post, while the visiting attacker Ryan Babel almost scored in the closing moments. The bruising will have soothed considerably over the blistered body of Atletico, and the buffeted head of their head coach Javier Aguirre. Liverpool are full of bruises ahead of their match with fellow English Premier League leaders Chelsea on Sunday with doubts over the fitness of Keane, Xabi Alonso and Steven Gerrard. Liverpool and Atletico continue to lead Champions League Group D on seven points. A drawn match, but Atletico earned the right to draw breath. In trying moments, they learned that tepidness will not win the day. dkane@thenational.ae

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COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
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Credits

Produced by: Colour Yellow Productions and Eros Now
Director: Mudassar Aziz
Cast: Sonakshi Sinha, Jimmy Sheirgill, Jassi Gill, Piyush Mishra, Diana Penty, Aparshakti Khurrana
Star rating: 2.5/5

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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.”

The specs

Engine: 6.2-litre supercharged V8

Power: 712hp at 6,100rpm

Torque: 881Nm at 4,800rpm

Transmission: 8-speed auto

Fuel consumption: 19.6 l/100km

Price: Dh380,000

On sale: now