Chelsea's Frank Lampard, right, during the 1-1 draw with Bordeaux.
Chelsea's Frank Lampard, right, during the 1-1 draw with Bordeaux.

Chelsea still waiting to qualify



Frank Lampard was sent off and Big Phil Scolari's hard-boiled brow grows increasingly more furrowed by the match. The lamenting Chelsea manager appears to be struggling to fathom what is going on with his side in the Champions League after their latest botched attempt to get out of Group A. A 1-1 draw of feverish proportions at Bordeaux on Wednesday evening leaves it all up in the air. The winners and runners-up rosettes of the group, and even the Uefa Cup place that goes with third, will have to be ironed out on what could yet be an uncompromising final day. Chelsea have seen two chances to go forth drift away, and must confront a stomach-curdling home fixture with the have-a-go-heroes of CFR Cluj in a third and final game of chance. After departing Bordeaux, Chelsea were not even top of the group, relegated to second place by AS Roma's 3-1 away win over Cluj. Chelsea, of course, went to Bordeaux having hemorrhaged goals in a 3-1 loss to Roma, and were subjected to an often frantic night against the French side. More than 30,000 fans appeared to get at them as much the home players. Chelsea seemed to be running on fumes by the end. One could scarcely believe Chelsea walloped this side 4-0 in their opener at Stamford Bridge. If the Londoners somehow contrive to lose to Cluj, and Bordeaux manage a draw in Rome, they would still stumble on. The only foreseeable problem for Scolari's side would be a Bordeaux win at Roma and a draw with Cluj, which in this current state of uncertainty, is not farcical. Such a scenario would place Chelsea into a head-to-head with Roma, and would see the Italian side into the next phase. Unlikely one may think, but who would have guessed last season's beaten finalists would have found themselves gulping for air at such a late stage of proceedings. Cluj are out of Europe, but remain capable of providing a wicked little night having held Chelsea to a draw, and upsetting Roma away from Transylvania. This could yet all spiral out of control for Chelsea, despite knowing for some time they had the home comfort of facing the Romanians in their final outing. A win would do it, but a win in Bordeaux would have done it. As was the way in Cluj, Petr Cech rescued them with some sparkling saves. Before he departed late on for a second booking, Lampard played Nicolas Anelka in for the opening goal around the hour mark. Alou Diarra found a richly deserved equaliser with a header from a corner seven minutes from time that keeps Bordeaux in touch ahead of their trip to Rome. Hailing from France's wine region, the home coach Laurent Blanc spoke about a "vintage" effort from his men. A regretful Scolari saw it differently. "It is a bad goal, the first time we have conceded a goal from a corner kick. We should have won easily after we scored," he commented. Manchester United, Liverpool and Arsenal, who face Chelsea on Sunday, have reached the knockout stages with a bit to spare. In such wintery times, Luiz Felipe may be full of bluster, but Chelsea, top of the Premier League, are making heavy weather of it.

dkane@thenational.ae

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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

Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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Election pledges on migration

CDU: "Now is the time to control the German borders and enforce strict border rejections" 

SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom" 

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Info

What: 11th edition of the Mubadala World Tennis Championship

When: December 27-29, 2018

Confirmed: men: Novak Djokovic, Rafael Nadal, Kevin Anderson, Dominic Thiem, Hyeon Chung, Karen Khachanov; women: Venus Williams

Tickets: www.ticketmaster.ae, Virgin megastores or call 800 86 823

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Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind

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.”

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.

Generation Start-up: Awok company profile

Started: 2013

Founder: Ulugbek Yuldashev

Sector: e-commerce

Size: 600 plus

Stage: still in talks with VCs

Principal Investors: self-financed by founder

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

Kamindu Mendis bio

Full name: Pasqual Handi Kamindu Dilanka Mendis

Born: September 30, 1998

Age: 20 years and 26 days

Nationality: Sri Lankan

Major teams Sri Lanka's Under 19 team

Batting style: Left-hander

Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)

Analysis

Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more

THE SPECS

      

 

Engine: 1.5-litre

 

Transmission: 6-speed automatic

 

Power: 110 horsepower 

 

Torque: 147Nm 

 

Price: From Dh59,700 

 

On sale: now