Chelsea's Jose Mourinho. AP Images
Chelsea's Jose Mourinho. AP Images

Jose Mourinho signs a new four-year contract at Chelsea



LONDON // Jose Mourinho has signed a new four-year contract with Chelsea.

The club announced Mourinho’s new deal on the eve of the Premier League season opener with Swansea City.

The Portuguese, who is in his second spell at Stamford Bridge, won the League Cup and Premier League title last term for Chelsea.

The new deal ties Mourinho to Chelsea until June 2019.

The 52-year-old said on www.chelseafc.com: “If the club is happy, I am happy.

“I think this is a normal thing for me to sign a new contract. It is important we have this continuity and I hope we can enjoy more success in the future - for the fans, the players and the club.

“I said when I returned here two years ago that I have a special feeling for this club and nothing changed.

“It is the club closest to my heart and I am very happy to know I will be staying here for a long time.”

Mourinho had a highly successful first spell with Chelsea from June 2004 to September 2007, winning back-to-back Premier League titles in his first two seasons.

His third Premier League crown last term was Chelsea’s first championship in five years, since 2009/10.

Following his return to west London, the former Porto, Inter Milan and Real Madrid boss has often spoken of his desire to stay at Chelsea for as long as owner Roman Abramovich wants him. And it appears the feeling is mutual.

Chelsea director Marina Granovskaia said: “We are very happy that Jose has committed four more years to the club.

“Since his arrival two years ago he has carefully developed the playing squad and brought trophies to Stamford Bridge.

“We look forward to the next four years and the continued success of the team.”

Earlier, Mourinho made a veiled criticism of Roberto Martinez for the Everton manager’s outspoken rebuke of Chelsea for their pursuit of John Stones.

Martinez was unhappy with John Terry’s comments in praise of defender Stones, whom the Premier League champions have pursued this summer and been rebuffed.

“I’m not speaking about Everton or Stones. I’m just speaking in general,” Mourinho said.

“If I could, I would speak with you (the media) once in a month, and there are other people in football who, if they could, they would have a press conference every day, and I don’t want to say anything else.”

Chelsea have five first-team defenders and Mourinho is keen to recruit more, with a left-back high on the agenda, but he insists he is not preoccupied by the transfer window.

Another concern is up front. Mourinho is uncertain whether Diego Costa will be fit to begin the title defence after his troublesome hamstring injury flared up once more, forcing the striker out of last Sunday’s Community Shield loss to Arsenal.

“I promise you, I don’t know,” Mourinho said. “I think he’s going to train with the team (last night). His reaction after that and his decision to be confident to play is another story.” Mourinho dismissed the suggestion Chelsea need to buy another striker because of Costa being a continuing fitness concern.

“Three is the perfect number and we have three,” said Mourinho, who is prepared to field Loic Remy or Radamel Falcao against Swansea.

Put to him he has only two-and-a-half strikers because of the uncertainty surrounding Costa, Mourinho said: “The half when he plays is one and a half, so (that) compensates, because he’s a fantastic player. I cannot say I don’t need him. He’s such an important player for us.

“Not just for the goals he scores, but also for the football he produces and also for the mentality he helps to create in the team.”

Chelsea are bidding to be the first team since Manchester United in 2008/09 to win back-to-back Premier League titles, a feat Mourinho achieved in his first spell in 2004/05 and 2005/06.

Asked what would constitute success this term, Mourinho said: “I really don’t know, because it depends not just about you, it’s also about the others.

“You can have a good season and somebody was better than you, and I don’t consider that failure. I don’t consider that a bad season.

“If somebody was better than you, a little bit better, a couple of points more than you, one goal more than you in a knockout phase, then I don’t think it’s a failure.

“I just think credit to the others. Let’s try to be a good team and let’s try to be here in March, April speaking to you about the possibility of winning something.”

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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.”