The Liverpool manager Rafa Benitez's decision to leave Fernando Torres on the bench proved successful, but the margin of error was tested to the limit.
The Liverpool manager Rafa Benitez's decision to leave Fernando Torres on the bench proved successful, but the margin of error was tested to the limit.

Benitez gets balancing act right with late show



Rafa Benitez. Mad or masterful? There will be divided opinions after Liverpool's last-gasp 3-2 win at Portsmouth on Saturday night. With his captain Steven Gerrard out injured, the Reds manager started with five at the back, and started with Xabi Alonso, Dirk Kuyt and Fernando Torres on the bench, and David Ngog and Ryan Babel up front.

It seemed crazy or confident; perhaps a defiant message to the critics that he will continue to do things his way regardless of what is said or written abut him. At 2-1 down with five minutes to go and another blow to his side's floundering title hopes ensuing, his gamble looked to have backfired badly. But super subs Kuyt and then Torres, with a powerful close-range header, came to the rescue and made Benitez appear a tactical genius.

Kuyt said: "Everyone wants to play, but the manager makes the decisions. He showed once again he was right." A smile from the Spaniard at the end of the game and, no doubt, a sigh of relief. The pressure on him would have risen considerably had Liverpool faltered against a Portsmouth side battling for their Premier League lives. He claimed his big names were tired after the midweek extra-time FA Cup defeat to Everton, but with two weeks before their next league game against Manchester City, surely they were worth a risk?

Ngog is not ready to lead the line yet, no matter how much Benitez tries to justify his decision to choose the French youngster ahead of the departed Robbie Keane. With a new shape at the back, they dithered defensively. But Fabio Aurelio, who scored Liverpool's first goal, said the victory will spur them in the battle for the championship. "To win a game like this will help us for the rest of the season to keep fighting right until the end," he said.

"We have a winning mentality and it gives us a lot of confidence. We will keep fighting hard and keep the pressure on Manchester United." To do that Benitez will be hoping Torres and his teammates avoid injury in the forthcoming midweek internationals. But he added: "The team's mentality is very good and confidence is high, and these things will be very important for the rest of the season." Tony Adams may not see out the season, though, as Portsmouth made it nine games without a win as poor defending negated second half goals from David Nugent and Hermann Hreidarsson.

Adams believes he is still the right man for the manager's job and said: "It's hard to take, but you have to be constructive. We've got to play all the sides around us [at the bottom] so it's still in our hands." akhan@thenational.ae

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The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

THE BIO

Favourite book: ‘Purpose Driven Life’ by Rick Warren

Favourite travel destination: Switzerland

Hobbies: Travelling and following motivational speeches and speakers

Favourite place in UAE: Dubai Museum

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.”

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now