SAO PAULO // Argentina coach Alejandro Sabella celebrated taking his country to their first World Cup final in 24 years on Wednesday night, but stressed Germany will have the advantage when the two teams meet at the Maracana on Sunday afternoon.
Argentina achieved what their South American rivals Brazil had failed to do the previous evening: stifle a European opponent and squeeze through to the final in Rio de Janeiro. A stalemate with the Netherlands after 120 minutes resulted in a nerve-wracking penalty shootout and with Sergio Romero having saved from Ron Vlaar and Wesley Sneijder, Maxi Rodriguez stepped up to fire his side into the final.
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The 30 minutes of extra-time could play a part in Sunday’s outcome, said Sabella, who also noted that such was the comfort with which Germany dismantled Brazil 7-1 in their own semi-final on Tuesday, they could take their foot off the gas for the second half to retain energy.
“Germany are always a very difficult hurdle to overcome,” Sabella said. “It’ll be difficult playing them and it’s an additional hurdle that they’ve had the extra day. They could rein themselves in for the second half [against Brazil], whereas we’ve had to expend every drop of energy just to play in the World Cup final. So that is an advantage for them.”
A cagey first half at Arena Corinthians ended with the two teams managing just one shot on target between them – a free-kick from the subdued Lionel Messi that was held well by Jasper Cillessen. The second half, despite Dutch coach Louis van Gaal making two changes at the break, failed to improve. Gonzalo Higuain hit the side netting from a tight angle and the excellent Javier Mascherano blocked Arjen Robben near the end.
When the whistle blew for full-time, there was a sense that the Dutch had already decided they preferred their chances from the penalty spot and extra-time did little to disprove that theory. Rodrigo Palacio, a second-half substitute, headed tamely into the arms of Cillessen while Rodriguez failed to connect properly with a free volley inside the area.
Romero, the Argentine goalkeeper who had only one save to make across 120 minutes, produced two saves in the shootout, his flying block of Sneijder’s spotkick as good a penalty save as you are likely to see at a World Cup. Predictably, despite having done so little during the game, he was handed Fifa’s Man of the Match award. It is hoped he gave the trophy to Mascherano in the changing room.
“This was a very hard game and balanced from the point of view of possession,” Sabella said. “We had better opportunities and clearer possibilities, but the result is not everything. We must take into account the performance of my players, which I was absolutely thrilled with. We have a final to play now and with work, humility and seriousness we will do everything that we possibly can to make it to the top.”
Van Gaal, the Dutch coach, jokingly took the credit for Romero’s saves, claiming that he helped teach the goalkeeper when the two men worked together at AZ Alkmaar during the Argentine’s first year in Europe.
“Penalties are always a matter of luck,” Van Gaal said, adding: “I taught Romero how to stop penalties, so it hurts. Now, really, it is disappointment. It is the most terrible scenario, to lose on penalties because, at the very least, we were equal if not better in the match.”
The Netherlands will now face Brazil in the third-place play-off on Saturday, but Van Gaal was scathing of the prospect, dismissing it as an unwelcome way to end the tournament.
“This match should never be played; I have been saying this for 10 years,” he said. “We will have to play it, but it is unfair because we have one day less day to recover and the worst thing is there is a chance you lose twice in a row, so after playing marvellously well to get this far, you go home as a loser. It has nothing to do with sports, in my view. I said this 15 years ago. You shouldn’t have players play a match for third and fourth place because there is only one prize that counts and that’s becoming world champion.”
gmeenaghan@thenational.ae
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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.”
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Killing of Qassem Suleimani
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