Fernando Torres says Spain, after going 35 matches without a defeat, feel confident they have what it takes to stay at the top.
Fernando Torres says Spain, after going 35 matches without a defeat, feel confident they have what it takes to stay at the top.

Spain relish being team to beat



BLOEMFONTAIN // Spain's capacity to cope with the burden of being overwhelming favourites will be tested again in the Confederations Cup today as they face a revitalised but ultimately limited United States side in the semi-finals. After waiting so long for their first major trophy, the European champions are dealing with an altogether different type of pressure following a two-year run that has seen them go 35 matches unbeaten, winning the last 15 outright.

That time period has also seen the rise of Fernando Torres from promising young talent to probably the best striker in the world, and he remains confident Spain's players have enough humility to remain at the top despite the shower of accolades raining down on them. "We know things have changed for us and we have to deal with that," he said. "Everyone wants to beat us and they know how we play and what to expect. It's difficult for us to provide the surprise factor when we play teams any more so we just have to keep playing our own way.

"This will also be a tough match but I think it's important that we are patient, keep passing the ball and try to score goals. Then we'll be OK. We know everybody wants to win against Spain now and are more defensive, more organised, so we have to play as a team. We have felt what it is like to win a trophy we all want more." Spain have certainly come a long way since they ground down the US to beat them 1-0 in Santander in June 2008, just ahead of the European Championships, and today's match is expected to emphasise their progress.

The Americans are justifiably on a high after beating Egypt 3-0 to reach the semi-finals when everyone in football thought they were already out of the tournament, but that result cannot hide the reality that Bob Bradley's side, although enthusiastic and difficult to beat, are not yet at the level that will earn them the invitation they most crave - admission to the exclusive club of football's elite. "It is a massive challenge for us," Bradley admitted. "Spain are the best nation in football at the moment. For club teams, it's the same as playing Barcelona.

"We know the way they can move the ball and the way they can keep possession. Their ability to play in and out of little spaces is unbelievable, and they keep the ball moving. "They also have great players like Torres and Xavi. So we know we have our work cut out, but we are going to be up for this game." The realistic approach of their opponents, in essence, is the most tangible test facing Spain - and of course to prove they are favourites for good reason.

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How to get there

Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
 

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Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
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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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Favourite music: classical Arabic music such as Um Khalthoum and Abdul Wahab,

She loves the beach and advises her clients to go for meditation.

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Engine: Turbocharged four-cylinder 2.7-litre

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Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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