The UAE Under 19 team, in white, did well to force their quarter-final clash against Australia into extra time after trailing twice in the first 90 minutes but eventually lost out 4-2.
The UAE Under 19 team, in white, did well to force their quarter-final clash against Australia into extra time after trailing twice in the first 90 minutes but eventually lost out 4-2.

Sport

Brave UAE bow out as Australia gain revenge

The Asian Under 19 Championship defending champions twice came from behind, but lost 4-2 to the fitter side in extra time.

Australia 4 // UAE 2 aet

Australia Bulut 07', Amini 49', Leckie 95', Fletcher 103'
UAE Khalil (pen) 24', 84'
Man of the match Matthew Leckie (Australia)

The UAE's defence of their Asian Under 19 Championship title came to an end in China yesterday - along with their hopes of playing in the 2011 Under 20 World Cup - as Australia avenged their defeat of two years ago to storm in to the semi-finals of the continental tournament.

The defending champions twice came from behind to send the game into extra time, but a fitter Australian side scored two more goals to win 4-2 at the Linzi Stadium to set up a semi-final match against Saudi Arabia.

Abdulmajeed al Nemer, the UAE's assistant coach, was gracious in defeat and said the future of Emirati football was bright after a gallant showing from the youngsters. "Firstly, I congratulate Australia for getting to the semi-finals and the [U20] World Cup. They are a strong team," al Nemer told the Asian Football Confederation website. "We had chances but it was difficult and, in the end, I think Australia deserved to be at the World Cup and through to the next stage. Sometimes you prepare everything to qualify but sometimes you have to accept the other team is better.

"When we win we are happy but we can also accept it when we lose. This is a good team and we have not had long to prepare them. We have good players and I am sure they will get even better." The defeat means the UAE miss out on qualification for the U20 World Cup in Colombia next year, as one of Asia's four representatives - the last four teams in China. Ahmed Khalil, the UAE captain, was outstanding again. The top scorer when the UAE won the trophy two years ago scored twice to take his tally to six goals in four games, but his efforts proved to be in vain.

Khalil wiped out Kerem Bulut's sixth-minute opener with a penalty kick he himself earned and then fired a superbly taken second equaliser six minutes from time after Mustafa Amini's shot had put Australia 2-1 up three minutes into the second half. Matthew Leckie struck six minutes into extra time and Matthew Fletcher, the substitute, extended the lead to seal Australia's passage to the semi-finals.

Jan Versleijen, the Australia coach, who saw his team beaten 3-0 by the UAE in the semi-finals two years ago, praised his young players for the resolve they showed yesterday. "It was a very difficult match," said Versleijen, who was also the coach of the Pro League club Al Jazira during the 2006/2007 season. "You could see that it was like a final because both teams were very nervous at the start of the game. When we came into this tournament it was in the players' mind that we had a good group who could possibly win this tournament. But we are not the only ones who have this thought and in the semi-finals there are four good teams. If you win this tournament then you truly are the best team."

And the Dutchman is determined to ensure his side reach the final this year at the very least. "I am very happy with this result," he added. "Two years ago in Saudi Arabia we got to the semi-finals but lost to the UAE and I would like for us to better than that this time." Saudi Arabia, edged out Uzbekistan, the 2008 finalists, 2-1, in another game that went to extra time. In the second semi-final there will be a clash of neighbouring North and South Korea.

South Korea came from two goals down to beat Japan 3-2, while North Korea beat China 2-0. The semi-finals are to be played on Thursday.

* Compiled by Amith Passela

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While you're here

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.”